Cryptocurrency market capitalization soared to $26.4 trillion, with extreme b...

Kabir903

As of March 30, 2024, the total global cryptocurrency market capitalization reached $26.4 trillion, with Bitcoin and Ethereum accounting for 52.04% and 15.93% respectively. Bitcoin's price was $69,900 per coin, with a 7-day change of +9.59%; Ethereum's price was $3,500 per coin, with a 7-day change of +5.3%. Regarding market sentiment, the CMC Cryptocurrency Fear & Greed Index stood at 80.43, indicating extreme bullish sentiment in the market.

Trading Activity

Since the beginning of 2024, the total global cryptocurrency trading volume reached $7.98 trillion, representing a 70.0% year-on-year increase. According to Coinbase data, the total trading volume from March 23 to 29, 2024, was $261.22 billion, a decrease of 34.3% compared to the previous week. Additionally, the BTC contract open interest reached $78.259 billion, indicating a continued increase in trading activity for BTC contracts.

External Liquidity and Stablecoins

In February 2024, the M2 of central banks in China, the US, Japan, and Europe increased by 1.4% year-on-year, with a 2.12% increase compared to the previous month, indicating no significant release of external liquidity. The US dollar index was 104.51, showing strength compared to the previous weekend; the 10-year US Treasury yield was 4.20%, down 0.02 percentage points from the previous weekend. In terms of stablecoin market capitalization, USDT, USDC, and DAI reached a total of $142.3 billion, reaching a new high since the second half of 2022.

Mining Costs and Staking Rates

From March 23 to 28, 2024, the average hash rate of the entire BTC network was 598.10 EH/s, up 1.08% from the previous week; the average mining difficulty of BTC was 83.95, remaining unchanged from the previous week. Regarding Ethereum, the ETH 2.0 staking rate reached 35.47%, with an annualized yield of 2.11%, remaining relatively stable compared to the previous period.

Industry Dynamics

Ahead of the quarterly large-scale delivery, $15 billion in options await settlement, prompting the market to intensify position adjustments. The US SEC has demanded Ripple to pay a $1.9 billion fine. Polymarket predicts a 19% probability of SEC approval for Ethereum spot ETF. SWIFT plans to launch a CBDC interconnect system within the next two years. The cryptocurrency industry in Taiwan has been approved to establish a commercial interbank association.

Risk Factors

Noteworthy risks include compliance risks in the cryptocurrency industry, volatile fluctuations in the US federal funds rate, and cybersecurity risks.

Jiger955

USDT is pretty good, it's quite stable for me.