On March 5, 2024, the market value of Bitcoin has reached new heights amounting to $68,000 surpassing early records. It is believed that Bitcoin reached a session high of $68,828, which is about 2% away from the all-time peak of $68,999.99 it set in November 2021.
There has been a 5% year-to-date increase, holding at least 1,000 Bitcoins. Furthermore, it is believed that about 97% of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by hodlers who have maintained their positions for over a year, reflecting a growing long-term investment sentiment. Bitcoin is believed to be on track to surpass its all-time high anytime now, as per insights from IntoTheBlock, a market analytics platform. “ Bitcoin hovered above the $68,300 threshold in the last 24 hours, achieving yet another significant milestone. The market sentiment can be positive, driven by institutional demand, the growth of spot Bitcoin ETFs, and the anticipation of the upcoming halving event,” Edul Patel, CEO, Mudrex, a cryptocurrency exchange, explained.
Reportedly, after the rise in Bitcoin, Ethereum (6.6%), Dogecoin (15%), Shiba Inu (70%), Internet Computer (17%), and Uniswap (6%) also saw a rise. Over the last 24 hours the total cryptocurrency market volume amounted to $186.23 billion, which is about 69.26% increase. The total volume in decentralised finance (DeFi) is currently $11.85 billion, which is around 6.37% of the total cryptocurrency market. The volume of all stablecoins stands at $165.36 billion, which is 88.8% of the total cryptocurrency market 24-hour volume, as per insights from CoinMaketCap, a market research firm.
