Bitcoin Whales Continue to Collect, Crypto is mostly in the Green Zone

Posted by – The crypto market strengthened today (27/3/2024) followed by the increasing share of bitcoin breaks.

Referring to CoinMarketCap on Wednesday (27/3/2024) at 06:46 WIB, the crypto market tends to move stronger. Bitcoin rose 0.28% to US$70,011.27 and was in the positive zone of 12.82% on a weekly basis.

Ethereum was in the green zone 0.23% in the last 24 hours and in a week rose 13.41%

Solana rose 1.16% daily and weekly experienced an appreciation of 12.53%.

Likewise, Dogecoin started to rise 4% in the last 24 hours and in the last seven days jumped 41.43%.

Crypto Performance (27/3/2024)
The CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 0.21% to 2,909.75. Open interest appreciated by 2.22% at US$77.55 billion.

Meanwhile, the fear & greed index reported by shows the number 83, which shows that the market is in a very optimistic phase with the current economic conditions and crypto industry.

Reported from cointurk news, bitcoin halving is getting closer and the price of bitcoin is experiencing appreciation again. This increase occurred on the back of demand exceeding US$11 billion via the spot bitcoin ETF channel.

The spot bitcoin ETF has seen inflows of US$15.4 million after massive outflows in recent weeks. Fidelity and BlackRock ETFs are on the rise.

The Ethereum spot ETF hype is widespread, and there are estimates that it may get a green signal from regulators in May 2024. According to market observers, the inflow of funds is directed by the current burgeoning price of bitcoin.

Additionally, BTC’s pause seems certain of further increases in bitcoin prices in particular.

In the last 24 hours, the IBIT spot ETF by BlackRock generated intraday volume of US$2.62B, Grayscale (GBTC) US$1.34B, and FBTC (Fidelity) US$1.26B. Grayscale (GBTC) has US$27.68 Billion in assets under management, and IBT has US$15.58 Billion in AUM.

According to data provided by Santiment, the proportion of bitcoin breaks (wallets holding between 1,000 and 10,000 BTC) increased from 23% on January 1 to 25.17% today. The percentage of those holding rokokbet between 10,000 and 100,000 BTC increased very quickly from 11.68% on March 2 to 12.42% on March 21.

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