Boom! Bitcoin just exploded back over the $70,000 mark, recovering from a week’s slump with a swagger only Bitcoin can pull off. The king of cryptocurrencies, not quite comfortable below seven-oh, made a jump from around $67,000 all the way to a $71,000 on March 25. And just like that, at press time, it’s priced at $71,009, flexing a 9% gain in the past 24 hours. Talk about making a comeback!
The Rollercoaster Ride: Bitcoin’s Recent Ups and Downs
Just when skeptics like Jim Cramer and his buddies started showing off their “I told you so” banners, my girl Bitcoin flipped the script. After a dizzying dive to $60,771, caused by a frosty reception to spot BTC ETFs, she bounced back, shushing naysayers with a 9% surge. Last week was kind of bleak, what with investors pulling a whole $942 million out of the crypto market faster than you can say “Satoshi.”
CoinShares blamed Bitcoin’s price dip, which shaved $10 billion off total assets under management, though they still remained at $88 billion. Amid this withdrawal drama, Bitcoin bore the brunt and bled like $904 million. Meanwhile, the short-bitcoin crowd also backed off slightly, withdrawing about $3.7 million all in all. But it didn’t end there. Genesis was aggressively offloading GBTC shares as if they were going out of style, hinting at the pressure points behind Bitcoin’s ETF exodus.
The Metrics: A Tale of Resurgence
Meanwhile as I dug deeper, a sudden spike in the “Age Consumed” metric caught my eye. This measure of how long BTC that has been stored quickly went up to 162.89 million on March 23, the highest level in two years. Transaction volumes spiked, showing us a network with renewed energy and potential for further surges.
On the altcoin front, things have heated up too. Last week saw a $16 million influx into altcoins, with Polkadot, Avalanche, and Litecoin on the top of the list. This much increase in activity hasn’t gone unnoticed, because the altcoins outshone Bitcoin in the weekly charts. BNB, Dogecoin, and Toncoin also had impressive gains, outpacing Bitcoin’s relatively modest rise. Despite this, the total crypto market cap is still nursing its wounds, lingering at $1.19 trillion, far away from its peak.
Experts foresee a potential altseason happening any time now, though Bitcoin’s dominance at 51.77% and a lukewarm Altcoin Season Index score suggest we’re not quite there yet. So, there you have it. Bitcoin is thriving, flipping the script on skeptics.
