Bitcoin's early 2024 rally stokes anticipation for potential ETF green light – CryptoSlate
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The global crypto market cap is $1.73 trillion with a 24-hour volume of $72.21 billion. The price of Bitcoin is $45,190.70 and BTC market dominance is 51.0%. The price of Ethereum is $2,370.82 and ETH market dominance is 16.4%. The best performing cryptoasset sector is Computing, which gained 6%.
Bitcoin nears 2023 high with an 8% rise in Q1, indicating increased futures interest and potential for ETF approval.
The opening of 2024 has seen Bitcoin demonstrating a robust performance, with an 8% increase already recorded. A notable milestone was achieved when Bitcoin hit the $45,900 mark, which, interestingly, would be a high in 2023.
Despite a minor sell-off towards the end of 2023, recent data shows a significant surge in the total amount of funds allocated in open futures contracts, indicating a growing interest in the leading digital asset, which is a potential spot for ETF approval on the horizon.
In the last 24 hours, there has been a 10% increase in the total open interest, with the top two exchanges, CME and Binance, recording an increase of 8% and 14%, respectively, according to Coinglass.
In conjunction with this, the total digital asset market has experienced a substantial $160 million liquidation in the past 24 hours, with $130 million being shorts. Specifically, Bitcoin has seen $80 million shorts liquidated, according to Coinglass.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
CryptoSlate’s latest market report dives deep into Bitcoin’s performance over the past year, analyzing a range of metrics to provide a more objective and comprehensive perspective of its YTD growth.
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