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Bitcoin kicked off the week with a significant surge, reaching a remarkable high of $71,000

Bitcoin roars back to life, surging past the $70,000 mark with an impressive rally. After a brief downturn last week, the flagship cryptocurrency displayed its resilience by catapulting from around $67,000 to a soaring $71,000 on March 25. As of press time, Bitcoin stands tall at $70,335, boasting a remarkable 9% surge over the past 24 hours. It’s a comeback that speaks volumes!

The recent rollercoaster ride of Bitcoin’s price has been nothing short of dramatic. Just when skeptics like Jim Cramer were ready to gloat, Bitcoin proved them wrong yet again. Following a dip to $60,771 triggered by lukewarm response to spot BTC ETFs, it swiftly rebounded, silencing critics with its 9% surge. Last week saw a somber mood in the market as investors pulled a staggering $942 million out of crypto, leaving a void faster than you could say “Satoshi.”

CoinShares attributed Bitcoin’s price dip, which resulted in a $10 billion reduction in total assets under management (though still standing strong at $88 billion), to this withdrawal frenzy. Amidst this turmoil, Bitcoin bore the brunt, shedding a hefty $904 million. On the flip side, short-bitcoin positions also eased slightly, with a net withdrawal of approximately $3.7 million. Genesis, meanwhile, aggressively offloaded GBTC shares, adding to the pressure on Bitcoin amid the ETF exodus.

Delving into the metrics, a notable spike in the “Age Consumed” metric stood out, reaching 162.89 million on March 23, its highest level in two years. This surge indicates renewed activity and potential for further uptrends in the Bitcoin network.

Altcoins, too, saw a surge in activity, with a $16 million influx last week. Polkadot, Avalanche, and Litecoin led the pack, outshining Bitcoin in the weekly charts. BNB, Dogecoin, and Toncoin also posted impressive gains, overshadowing Bitcoin’s relatively modest rise. However, the total crypto market cap remains subdued at $1.19 trillion, still a distance away from its peak.

While experts anticipate a potential altseason on the horizon, Bitcoin’s dominance at 51.77% and a lukewarm Altcoin Season Index score suggest it may not be imminent. Nonetheless, Bitcoin continues to defy skeptics, showcasing its resilience and strength in the face of market volatility.

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