With the slowdown of the GBTC sell-off, Bitcoin has once again restarted its upward trend and returned to the $42,000 mark. With the push of the Bitcoin spot ETF, Bitcoin has been increasingly dominant in the overall cryptocurrency market. Its market share has risen from 38.9% in November 2022 during the FTX crash to the current 49.8%.
(Previous summary:
GBTC sell-off is over, Bitcoin ETF funds flow exceeds $756 million! Analysts predict that $525 million will be transferred when the US stock market opens on Monday.)
(Background information:
CFTC Chairman expresses concern about “Bitcoin spot ETF” misleading the public: the digital asset market is still opaque and easily manipulable.)
Table of Contents:
Top ten cryptocurrencies rise together
Less than $100 million in total liquidation amount in the past 24 hours
Bitcoin’s market share climbs to nearly 50%
After four consecutive days of net outflows of Bitcoin spot ETF funds, it saw net inflows again on Friday. The daily outflow amount of Grayscale GBTC funds also decreased to $255 million. After reaching a peak of $640 million on the 22nd, it has been declining for four consecutive days, indicating that the GBTC sell-off may have slowed down.
In this context, Bitcoin (BTC) has restarted its upward trend since Friday, breaking through the $40,000 mark and continuing to rise. It reached a high of $42,842 this morning and was reported at $42,398 before the deadline, a 1.5% increase in the past 24 hours and a more than 5% increase in the past three days.
BTC Binance spot price
On the other hand, Ethereum (ETH) has also made a significant recovery. It has been rising since its low point of $2,170 on the 26th and was reported at $2,285 before the deadline, a 0.93% increase in the past 24 hours and a more than 5% increase in the past three days.
ETH Binance spot price
CoinMarketCap data shows that the top ten cryptocurrencies have all risen today. AVAX has the largest increase, with a 10.58% increase in the past 24 hours. In addition, in the past 24 hours, BNB increased by 1.14%, SOL increased by 4.55%, XRP increased by 0.27%, ADA increased by 2.72%, and DOGE increased by 1.31%.
Top ten cryptocurrency prices
According to Coinglass data, in the past 24 hours, the total amount of liquidations in the cryptocurrency market reached $75.36 million, and 32,127 investors were liquidated. The amount of liquidations was relatively low. Among the liquidated cryptocurrencies, BTC ranked first with $24.6 million, followed by ETH with $88.33 million, and SOL with $5.26 million.
Total amount of liquidations in the cryptocurrency market
It is worth noting that Glassnode data shows that with the promotion of the Bitcoin spot ETF, Bitcoin has been increasingly dominant. Since the FTX crash in November 2022, Bitcoin’s market share in the overall cryptocurrency market has increased from 38.9% to 49.8%.
On the other hand, ETH has also maintained its dominance. In November 2022, its market share was 18.9%, which is now 18.2%, remaining relatively stable. The cryptocurrency that lost the most market share in the cryptocurrency market is altcoins, whose market share has dropped from 28.3% to 24.2%, and stablecoins have also decreased from 13.9% to 7.8%.
Changes in cryptocurrency market share. Source: Glassnode
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