Bitcoin and Ethereum lead the trend.

Iravan774

Surge! Cryptocurrency market capitalization surpasses $2.64 trillion, Bitcoin and Ethereum lead the trend.

Cryptocurrency Market Overview

As of March 30, 2024, the total global cryptocurrency market capitalization reached $2.64 trillion. Bitcoin and Ethereum accounted for 52.04% and 15.93% of the market respectively. The price of Bitcoin was $69,900 per coin, with a 7-day change of +9.59%; Ethereum was priced at $3,500 per coin, with a 7-day price change of +5.3%. In terms of market sentiment, the CMC Crypto Fear & Greed Index stood at 80.43, indicating an extremely bullish market sentiment.

Trading Analysis

The total global cryptocurrency trading volume from the beginning of the year until now amounted to $7.98 trillion, a year-on-year increase of 70.0%. Coinbase's total trading volume from March 23 to 29, 2024, was $26.122 billion, although it decreased by 34.3% compared to the previous week, the total trading volume from the beginning of the year to March 30 amounted to $302.297 billion, a year-on-year increase of 114.1%. The BTC futures contract open interest reached $78.259 billion, indicating continued active trading of BTC futures contracts in the market.

External Liquidity and Stablecoin Situation

In February 2024, the M2 year-on-year growth rates of central banks in China, the United States, Japan, and Europe increased by 1.4%, with a month-on-month increase of 2.12%. The US Dollar Index was 104.51, and the 10-year US Treasury yield was 4.20%. The market capitalization of stablecoins reached $142.3 billion, hitting a new high since the second half of 2022. The total net inflow of US Bitcoin spot ETFs amounted to $12.106 billion, with a net inflow of $836 million this week.

Mining Costs and Staking Rates

The average network hash rate of BTC was 598.10 EH/s, up by 1.08% compared to the previous period; the average mining difficulty of BTC was 83.95. The staking rate of Ethereum 2.0 reached 35.47%, with an annualized yield of 2.11%, remaining relatively stable compared to the previous period.

Industry Dynamics

Ahead of the quarterly major settlement, there were $15 billion options awaiting settlement. The US SEC demanded Ripple to pay a $1.9 billion fine. Polymarket predicted a 19% probability of SEC approval for an Ethereum spot ETF. SWIFT plans to launch a CBDC interconnect system. The Taiwan cryptocurrency industry was approved to establish a commercial interbank association. Kerrisdale Capital proposed related investment strategies. Bitdeer plans to raise $500 million to expand its Bitcoin mining business.

Risk Warning

Attention should be paid to compliance risks in the cryptocurrency industry, volatile fluctuations in the US federal funds rate, and cybersecurity risks.

Shri

Bitcoin is something worth keeping an eye on.

Jiger955

The crypto market is still very hot indeed.