Market Watch on March 24: Bitcoin mining difficulty hits new record high amidst rising BTC price

In today’s overview of the cryptocurrency market, Arbitrum stands out as the top trending search on CoinMarketCap. As of March 24th, 2023, the price of Bitcoin (BTC) is $28,250, while Ethereum (ETH) is at $1,813.

The market capitalization of cryptocurrencies has increased by 3.51%, with a current value of $1184 billion. However, the 24-hour spot volume has decreased by 19.32%, with a value of $55.23 billion. The BTC dominance has increased by 0.03% to 46.15%, while the ETH dominance is at 18.7%.

Total liquidations in the last 24 hours have amounted to over $197 million, with 45,856 traders being affected. The largest liquidation order was on Bitfinex, with a value of $9.08 million.

On another note, the mining difficulty of Bitcoin has increased by 7.56% to 46.84T at block height 782208, setting a new record high. The current average hashrate is 340.23 EH/s. Bitcoin’s price has risen by 70% since January, while the mining difficulty has increased by 30% this year.

Source: btc.com

According to data by Santiment, roughly 310,000 ETH has been taken out of known crypto exchange wallets in the last 48 hours, amounting to $558 million.

Source: Santiment

In terms of top gainers in the past 24 hours, OAX (OAX) is up by 62.4%, followed by sETH (SETH) with a 56.7% increase. Other top gainers include Rook (Rook) at 38.8%, SPACE ID (ID) with a 36.6% increase, and Stride (STRD) at 33.1%.

The greed and fear index is currently at 61 (Greed). In other news, Do Kwon is facing allegations of fraud from US prosecutors a few hours after being arrested. Meanwhile, Google is striving to innovate for the needs of web3.

The cryptocurrency market remains volatile, with constant changes and developments. Investors and enthusiasts must stay up to date with the latest news and trends to make informed decisions.

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