Crypto market update
Bitcoin (BTC) achieved a new three-month high this week, marking the culmination of a swift and steep price rise that has characterized the past couple of weeks. The cryptocurrency hit $48,070 on Tuesday, March 29, before sliding back below the $47,800 mark, but it is still nearly 35% higher than $33,496 where it traded on January 24. Other altcoins are mostly following the leader.
Bitcoin (BTC) is now trading at 47,510 USD up by 0.9% in 24h
Ethereum (ETH) is now for 3,4219 USD up by 2.5% in 24h
PlatonCoin (PLTC) is now for 0,749 USD no change in 24h
Total marketcap is currently at 2.245 trillion USD up by 1.5% in 24h
(all data valid at the time of publishing, from Coingecko.com)
Daily news update
Bitcoin and liquidations: Yesterday, Bitcoin and the wider market started on a sharp uptrend, taking the total market cap to around $2.13 trillion today, an increase of 6% over the past day. Over the past four hours alone, around $54 million in crypto futures liquidations has occurred. In the last twelve hours, more than $137 million in futures has liquidated. Overall, the figure reached $455 million over the span of the last twenty-four hours.
Institutions and cryptocurrencies: Institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million. The Digital Asset Fund Flows Weekly Report revealed that investment products for digital assets saw total inflows of $193 million last week, a level not seen since early December 2021.
Metaverse and the future: A recent report by U.S. based market research and consulting company, Grand View Research now projects that 2021’s metaverse market share of $38.85 billion could surge at a compound annual growth rate (CAGR) of 39.4% bringing the total market size to just over $670 billion from 2022 to 2030. This growth will be fostered by several factors including the ‘growing focus on integrating digital and physical worlds using the Internet’. The metaverse, which denotes a highly immersive 3D virtual world experience has recorded tremendous growth, especially in the backdrop of the pandemic which paralyzed almost every aspect of physical interactions.
Ukraine and crypto donations: Ukraine continues to receive a substantial influx of cryptocurrency contributions, with the value now reaching over $100 million, as more well-wishers show solidarity in the face of the escalating Russian invasion. Despite the fact that Russian and Ukrainian negotiators are restarting peace talks in Istanbul after earlier rounds failed to make significant headway, contributions to the cause continue to flow in. The value of all donations currently stands at $103.81 million (as of March 28).