Cryptocurrency Market Overview: Latest Investment Highlights As of March 30, 2024, the global cryptocurrency market capitalization stands at $2.64 trillion, with Bitcoin and Ethereum holding 52
Cryptocurrency Market Overview: Latest Investment Highlights
As of March 30, 2024, the global cryptocurrency market capitalization stands at $2.64 trillion, with Bitcoin and Ethereum holding 52.04% and 15.93% market shares, respectively. Bitcoin is currently trading at $69.90K per coin, with a 7-day price change of +9.59%. Ethereum is trading at $0.35K per coin, with a 7-day price change of +5.3%. Market sentiment is currently at 80.43 according to the CMC Crypto Fear & Greed Index, indicating extreme greed.
Trading Activity
Since the beginning of 2024, the global cryptocurrency trading volume has reached $7.98 trillion, representing a 70.0% year-over-year growth. Data from Coinbase shows that the total trading volume from March 23-29, 2024, was $261.22 billion, reflecting a 34.3% decrease compared to the previous week. Additionally, the BTC contract open interest has reached $782.59 billion, showing a continuous rise in market activity for BTC contracts.
External Liquidity and Stablecoins
In February 2024, M2 growth in the central banks of China, the US, Japan, and Europe rose by 1.4% year-over-year, with a 2.12% increase compared to the previous month. External liquidity has not shown significant expansion. The US Dollar Index is at 104.51, indicating a strengthening compared to the previous weekend. The 10-year US Treasury yield is at 4.20%, representing a 0.02% decrease from the previous weekend. In terms of stablecoin market capitalization, USDT, USDC, and DAI have reached a combined value of $1,423 billion, marking a new high since the second half of 2022.
Mining Costs and Staking Rates
From March 23 to 28, 2024, Bitcoin's average network hashrate was 598.10EH/s, representing a 1.08% increase week-over-week. The average Bitcoin mining difficulty was 83.95, remaining stable compared to the previous week. On the Ethereum side, the ETH 2.0 staking rate has reached 35.47%, with an annualized yield of 2.11%, largely unchanged week-over-week.
Industry News
In the lead-up to the quarterly futures expiry, $15 billion worth of options contracts are set to expire, prompting market participants to actively reposition. The US Securities and Exchange Commission (SEC) has ordered Ripple to pay a $1.9 billion penalty. Polymarket estimates a 19% chance of SEC approval for a spot Ethereum ETF. SWIFT plans to launch a CBDC interlinking system within the next two years. Taiwan's cryptocurrency industry has been granted approval to establish a trade association.
Risk Factors
Investors should be aware of the following risks:
- Compliance risks within the cryptocurrency industry
- Volatility risks associated with US Federal Fund Rate
- Cybersecurity risks
Disclaimer
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