Crypto Watch on March 25: BTC and ETH prices drop, long-term holders spend their profits
On March 25, 2023, the cryptocurrency market experienced a slight dip as Bitcoin (BTC) and Ethereum (ETH) saw their prices drop to $27,634 and $1,759, respectively.
The market capitalization also decreased by 2.82% to $1,152 billion, while the volume spot for 24 hours dropped by 1.27% to $54.52 billion. The BTC dominance decreased by 0.05% to 46.11%, while the ETH dominance was 18.6%, according to the latest CoinMarketCap data.
The data also shows that long-term holders (LTHs) are spending at a profit for the first time since May 2022. LTHs, who are defined as holding Bitcoin for six months or longer, have a spending cost basis of approximately $28,600, which is why profits are being taken due to the current bear market. The LTHs have spent around 100,000 Bitcoin in the past few days, and a similar pattern can be seen in 2019 when emerging from the bear market.
In terms of total liquidations, more than $147.6 million was liquidated within 24 hours, with 43,766 traders being affected. The largest liquidation order occurred on Bitmex, with a value of $9.90 million, according to Coinglass data.
In the top gainers’ category, XEN Crypto (XEN) was the most significant gainer with a 55.7% increase, followed by tomiNet (TOMI) with 42.7%, OAX (OAX) with 39.8%, MANGOMAN INTELLIGENT (MMIT) with 39.0%, and Presearch (PRE) with 33.1%.
The market sentiment seems to be driven by greed as the greed and fear index stands at 64 (greed).
In other news, the US Congress has proposed a new bill regarding Bitcoin mining, while Mysten Labs has submitted a proposal to buy back 96 million shares of FTX to invest in the Sui Network. Moreover, data suggests that the market capitalization of stablecoin has dropped to its lowest level in 18 months.
Overall, the cryptocurrency market seems to be experiencing a slight dip, and long-term holders are taking profits due to the current bear market. However, the top gainers’ category saw impressive gains, and the market sentiment remains optimistic with a slight tilt towards greed.
Read more:
- Market Watch On March 24: Bitcoin Mining Difficulty Hits New Record High Amidst Rising BTC Price
- Will The Bitcoin Sell-Off Begin? Short Term Holder SOPR Reaches Highest Level Since November 2021
- As Much As 72% Of Bitcoin Holders Are Making A Profit While Only 26% Are In A Loss