BTC Surpassed $72K, ETH Crossed $4K
Bitget2024/03/13 06:04
coin_news.by:Bitget
At the beginning of March 2024, Bitcoin surged past its previous record high set in November 2021, reaching over $68,500. Despite a subsequent correction to around $62,300 within 12 hours, the bullish sentiment persisted, with
funding rates remaining high and
BTC prices rebounding to $69,170 the following day. This pattern of reaching new all-time highs followed by sharp corrections continued throughout the week, with BTC experiencing fluctuations between $59,324 and $70,083.
Amidst this volatility, BTC surpassed the significant milestone of $72,000, pushing even higher to reach $72,850. These price movements were accompanied by sustained bullish sentiment, as evidenced by funding rates well above 0.01%. The surge in BTC prices coincided with anticipation surrounding the CPI data release, which could influence the Fed's rate cut decisions. This anticipation contributed to the modest returns of crypto stocks compared to previous weeks.
Meanwhile, ETH also experienced signific
ant price movements, surpassing the $4,000 mark ahead of the
Ethereum Dencun upgrade. This upgrade, expected to benefit Layer 2 solutions built on Ethereum, contributed to the bullish sentiment surrounding ETH. The surge in
ETH prices was accompanied by increased gas fees, partly driven by the popularity of meme coins like DOGE and SHIB, as well as the rise of AI and GameFi tokens.
The broader
cryptocurrency market saw notable performances from meme coins, AI tokens, and GameFi tokens, with the latter two categories experiencing significant gains. Despite fluctuations in the broader tech market, demand for spot
Bitcoin ETFs remained strong, with significant trading volumes recorded for vehicles like IBIT. Overall, BTC and ETH led the market with their price surges, setting new records and driving investor interest amidst ongoing market volatility.
Source:
Bitget Academy
Futures Market Updates
Bitcoin futures saw a slight increase in open interest, alongside a surge in 24-hour trading volume. Meanwhile, Ether futures experienced a similar uptick, with open interest and a 24-hour trading volume going up. Both have relatively balanced long/short ratios, and liquidations for long positions surpassed those for short positions.
Bitcoin Futures Updates
Total BTC Open Interest: $36.28B (+1.25%)
BTC Volume (24H): $119.96B (+5.76%)
BTC Liquidations (24H): $63.27M (Long)/$40.75M (Short)
Long/Short Ratio: 50.56%/49.44%
Funding Rate: 0.0447%
Ether Futures Updates
Total ETH Open Interest: $13.97B (+3.08%)
ETH Volume (24H): $48.08B (+3.56%)
ETH Liquidations (24H): $42.29M (Long)/$30.49M (Short)
Long/Short Ratio: 50.82%/49.18%
Funding Rate: 0.0489%
Top 3 OI Surges
HIFI: $16.12K (+141.46%)
JOE: $121.31M (+92.89%)
FORTH: $46.79M (+85.42%)
0
0
coin_news.disclaimer
PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!
coin_news.may_like
XRP Prints Additional Bullish Signals Indicating Highly Significant Pumps Ahead for the Popular Altcoin
Cryptonewsland•2024/11/01 16:00
Move Over ETH and SOL — 4 Altcoins Under $1 Poised for 100x Gains in the Imminent Bull Market
Cryptonewsland•2024/11/01 16:00
Turn $500 Into a $1.3 Million Crypto Fortune by December 2024 — Top Altcoins Under $100 to Buy Now
Cryptonewsland•2024/11/01 16:00
Bitcoin ETF Investments Reach New Heights in Q4, Signaling Bullish Sentiment
Cryptonewsland•2024/11/01 16:00
coin_news.trending_news
coin_news.morecoin_news.crypto_prices
coin_news.more
Bitcoin
BTC
$69,521.91
-1.19%
Ethereum
ETH
$2,515.44
-0.22%
Tether USDt
USDT
$0.9996
+0.00%
BNB
BNB
$573.49
-0.14%
Solana
SOL
$166.73
-1.44%
USDC
USDC
$0.9999
-0.05%
XRP
XRP
$0.5156
+2.31%
Dogecoin
DOGE
$0.1605
-1.78%
TRON
TRX
$0.1670
-0.61%
Cardano
ADA
$0.3566
+4.40%
Bitget pre-market
Buy or sell coins before they are listed, including PGC, MAJOR, OGC, MEMEFI, and more.
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up now