The digital currency market has surged to a valuation of $1.74 trillion in the past 24 hours, with bitcoin climbing above the $45K threshold. Over the recent day, the market experienced a 4.65% increase in comparison to the U.S. dollar, and global trading volume saw a substantial 20% rise from Monday.
Crypto Economy Climbs to $1.74 Trillion; Bitcoin Hits $45K in ETF Speculation and Pre-Halving Optimism
Fueled by the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week, the crypto sector has seen a 4.65% growth in the last 24 hours. Bitcoin (BTC) achieved a peak of $45,922 during the day but has since receded to the vicinity of the $45,500 range after reaching that peak. The entire lot of top ten crypto assets have witnessed gains with solana (SOL) leading the pack by more than 8%.
Bitcoin has risen 6.4% while ethereum (ETH) spiked 4% higher on Tuesday at 8 a.m. Eastern Time (ET). Bitcoin’s market valuation dominates the market by 50.8%, while ether’s market cap accounts for 16.5% of the $1.74 trillion crypto economy. Bitcoin’s rise above the $45K range caused a tidal wave of nearly $84 million in short liquidations according to coinglass.com statistics.
Ethereum shorts saw $25.96 million wiped out and solana (SOL) short positions witnessed $10 million erased. Tuesday’s jump further saw double-digit gains from sei (SEI), astar (ASTR) and ordi (ORDI) recording gains between 15% to 22% over the past day. All three are also up between 24% to 55% against the greenback over the past seven days.
The three biggest losers today, despite the broad market rise, were bitcoinsv (BSV), helium (HNT), and maker (MKR) shedding between 2.8% to 6.3%. As the market awaits the anticipated approval of a spot bitcoin ETF in the United States, optimism fuels the recent market surge. With bitcoin breaching the $45K mark, the upcoming halving in April looms, promising to bolster its value further. This event, coupled with regulatory and technological advancements, paints a bullish picture for crypto’s future.
What do you think about the crypto economy’s market action this week? Share your thoughts and opinions about this subject in the comments section below.