Euphoria In Crypto Sphere; Bitcoin Breaches $47k

March 28, 2022

Cryptocurrencies extended rallies early on Monday amidst the lead cryptocurrency, Bitcoin regaining the $47k level after a gap of almost 84 days. Bullish momentum returned to the market pushing the 24-hour trading volume beyond $114 billion and the aggregate market capitalization beyond $2.13 trillion.

The rally is despite the Dollar’s remarkable strength which caused the Dollar Index to surge to 99.35, versus the 52-week high of 99.42.

Bitcoin which had touched a high of $46,827.55 on March 27 is currently trading at $47,263.24, after rising more than 6 percent in the past 24 hours. Almost 76 percent of the holders are in profits at current prices, a jump from 66 percent on Thursday. Bitcoin’s remarkable rally attributed to the liquidation of short positions across exchanges amidst a return of buying interest. Bitcoin’s 24-hour trading volume touched close to $38 billion.

Open Interest in the Chicago Mercantile Exchange’s Bitcoin Futures has been steadily increasing in the past week, closing at 12260 on Friday, versus 12010 on Thursday, 11759 on Wednesday, 11274 on Tuesday and 10829 on Monday.

ProShares Bitcoin Strategy ETF (BITO) is currently trading in pre-market at $29.73, up $1.79 or 6.41 percent from the previous close.

Ethereum too surged by 6.7 percent overnight to trade at $3,350.23. ETH had touched a 24-hour high of $3,351.07. In the money ETH holders surged to 81 percent, from 73 percent on Thursday. Trading volume in the leading Altcoin is close to $18 billion in the past 24 hours.

Open Interest in the Chicago Mercantile Exchange’s Ether Futures has been steadily increasing in the past week, closing at 3913 on Friday, versus 4003 on Thursday, 3592 on Wednesday, 3358 on Tuesday and 3210 on Monday.

4th ranked BNB(BNB) rallied by 5.61 percent, XRP (XRP) surged 6.86 percent while 7th ranked Cardano (ADA) leaped 10.41 percent.

Solana (SOL) surged past Terra (LUNA) to the 8th spot with a 10 percent rally.
11th ranked Polkadot (DOT), 34th ranked VeChain (VET), 35th ranked Internet Computer (ICP), 37th ranked Filecoin (FIL), 38th ranked Elrond (EGLD), 43rd ranked Theta Network (THETA) and 49th ranked EOS (EOS) are the cryptocurrencies with the top 50 ranks that made noteworthy gains of more than 10 percent in the past 24 hours.

The recent surge in cryptocurrencies is welcome relief for crypto enthusiasts. The expectation surrounding 2nd ranked Ethereum’s transition to the Proof of Stake consensus, and news that reserves for the stablecoin TerraUSD (UST) is going to accumulated in up to $10 billion worth of Bitcoin has charged up crypto sphere.

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