Bitcoin Reclaims $70,000 Level, $257 Million Liquidated Across Exchanges, xAI Valuation Soars to $400 BillionCoinGecko data shows the current total cryptocurrency market capitalization at $2.549 trillion, up 1
Bitcoin Reclaims $70,000 Level, $257 Million Liquidated Across Exchanges, xAI Valuation Soars to $400 Billion
CoinGecko data shows the current total cryptocurrency market capitalization at $2.549 trillion, up 1.5% in the past 24 hours. Bitcoin's market dominance stands at 56.3%, while Ethereum accounts for 12.4%. While the overall market exhibits relative stability, some cryptocurrencies are experiencing significant momentum. For instance, BTC surged 4.33% in the past 24 hours, briefly breaking through $73,650, only $130 away from its all-time high.
Simultaneously, liquidations across exchanges reached $257 million in the past 24 hours, with $191 million stemming from short positions and $65.88 million from long positions. This indicates volatile market sentiment, emphasizing the need for risk management among investors.
Beyond Bitcoin's strong performance, other sectors are witnessing notable developments. Elon Musk's artificial intelligence startup, xAI, is currently pursuing a new funding round, with an estimated valuation of $400 billion. This surpasses its previous valuation of $240 billion just a few months ago. xAI plans to raise billions of dollars in this round, and it intends to increase the number of graphics processing units (GPUs) in its Memphis data center from 100,000 to 200,000.
BlackRock's enthusiasm for cryptocurrency investments continues to grow. The firm purchased 4,528 BTC yesterday, equivalent to approximately $322.68 million. As of October 28, BlackRock holds 408,253 BTC, valued at around $29.09 billion.
Metaplanet is also joining the ranks of Bitcoin accumulators. The company raised approximately $66 million through a stock warrant issuance and has bolstered its Bitcoin reserves, recently surpassing 1,000 BTC, solidifying its position as one of Asia's largest corporate Bitcoin holders.
SUI has been demonstrating strong performance recently, breaking through $2 and experiencing a 21.69% increase in the past 24 hours. Bitcoin re-staking protocol PumpBTC announced the completion of its $10 million seed funding round and launched its new BTC-Fi product, which combines the strengths of CeFi and DeFi, aiming to maximize returns for Bitcoin holders.
Solana's recent surge in trading volume has drawn attention, however, analyses reveal its low liquidity, preventing it from surpassing Ethereum. Ethereum remains the dominant player in DeFi, while Base is emerging as a potentially significant contender.
The persistent increase in Bitcoin's market dominance has sparked anticipation for an altcoin rally. Historical data suggests that the crypto market often experiences a "Bitcoin-altcoin rotation," where Bitcoin rallies first, followed by a surge in altcoins. However, factors like market trust issues, lagging technological advancements, and increased regulatory pressure have led to a continuous decline in the market share of altcoins.
Web3 gaming platform Matr1x has secured over $20 million in funding and introduced several Web3 games and esports platforms, showcasing its innovative capabilities in tokenomics and ecosystem development.
The crypto market has witnessed a frenzy of upward movement recently, with Bitcoin exceeding $71,000 and trading volume reaching $48 billion, almost double the level observed on Monday. This upward trend is attributed to factors such as whale activity on Binance, significant inflows into Bitcoin ETFs, and the upcoming US elections. The market holds a general consensus that regardless of the election outcome, it will serve as a bullish catalyst for the crypto market. Other cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE) have also experienced notable price increases.
Overall, the current cryptocurrency market is characterized by volatility, urging investors to exercise caution and implement robust risk management strategies. Bitcoin's strong performance, along with the rapid development of projects like xAI, provides promising catalysts for future market growth. However, the overall performance of altcoins remains weak, requiring investors to carefully analyze market dynamics and identify potential opportunities.
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