The cryptocurrency market is experiencing a mixed day on March 29, 2023, with Bitcoin (BTC) and Ethereum (ETH) prices showing little change. As of the time of writing, BTC is trading at $27,425 and ETH is trading at $1,780.
The market capitalization has increased by 2.46%, reaching $1,155 billion. However, the 24-hour spot volume has decreased by 6.55%, totaling $40.07 billion. The BTC dominance has risen by 0.42%, currently standing at 45.14%, while the ETH dominance is at 18.9%. The ETH gas is at 22 Gwei.
In the last 24 hours, more than $91.33 million have been liquidated with 27,413 traders being affected. The largest liquidation order was at the Huobi exchange for $1.44 million.
Based on CryptoQuant’s data, the market’s real value and holders’ behavior can be measured using the holders’ realized price. Currently, the price is being tested around the 6-12 month realized price bands at the 27k level. The next important price levels are 21k (1-3 month realized price) and 17k (3-6 month realized price). Short-term holders (1-6 months) are more valuable for predicting the price bottom and a potential bull market based on this metric.
In the past Bitcoin price cycles, when the realized price of short-term holders (1-3 months, 3-6 months) surpasses the 6-12 month realized price band, it becomes profitable for them. This leads to an increase in their realized price compared to long-term holders, more profit for them, and less pressure to sell their Bitcoins, thus holding on to them for a longer period. However, this condition has not occurred yet.
The top gainers in the last 24 hours include Gamma Strategies (GAMMA) with a 33.4% increase, followed by Stride (STRD) with a 30.7% increase, Mute (MUTE) with a 29.2% increase, Rook (ROOK) with a 27.3% increase, and SXP (SXP) with a 22.1% increase.
The greed and fear index is currently at 57, indicating a level of greed in the market.
In other news, the recent collapse of SVB has been a topic of discussion during a hearing in the US Senate Banking Committee. The Vice Chairman of the FDIC, Martin Gruenberg, spoke about the role of crypto companies in the collapse. Although the reason for the collapse is the weak management of the SVB, he highlighted the focus of Silvergate Bank and SVB on risky tech investments.
Signature Bank is more diversified than Silvergate Bank or SVB. However, it still faced a mass withdrawal of funds from customers after the FTX bankruptcy.
In a recent development, BUSD of Binance witnessed a $500 million outflow following the CFTC lawsuit. Meanwhile, XRP has reached its highest price in five months. The reason behind the increase is not clear.
Overall, the cryptocurrency market remains volatile with investors keeping a close eye on the various factors affecting the prices of different cryptocurrencies.
Read more:
- Bitcoin Fees Hit New Highs: Is It Time To Reconsider Cryptocurrency Investment?
- Bitcoin Price Will Reach $1 Million Within 90 Days Due To U.S. Economy Entering Hyperinflation
- Crypto Market Highlights From March 19th To March 25th
- Crypto Market Experiences Slight Decline In Market Capitalization On March 27th, 2023