Crypto News

Bitcoin Hits New All-Time High At $70,199 Amid Altcoin Disinterest

Bitcoin made headlines yesterday by reaching a new all-time high of $70,199 on Coinbase, marking another significant milestone for the cryptocurrency.

While this achievement is noteworthy, the trading community is currently exhibiting a blend of fatigue and disinterest in altcoins.

Discussions within the community indicate that Bitcoin’s dominance as a percentage of total cryptocurrency assets stands at a solid 27.5%.

However, the current sentiment is not as exuberant as it was just nine days ago when Bitcoin surpassed the $60,000 mark. This nuanced response is viewed positively, as excessive enthusiasm and fear of missing out (FOMO) often accompany market peaks.

Additionally, the Mean Dollar Invested Age metric reveals a trend where previously inactive coins are re-entering circulation rapidly.

This phenomenon is commonly observed during bull markets and suggests that market capitalizations will likely continue to rise until coin stagnation and widespread enthusiasm return to the Bitcoin network.

BlackRock Bitcoin Spot ETF Now Holds 196,089 Coins

@HODL15Capital reported a significant development, noting that after 40 trading days, the BlackRock Bitcoin Spot ETF (IBIT) now holds more Bitcoins (196,089 coins) than MicroStrategy (193,000 coins). 

This shift in holdings within major entities reflects the evolving dynamics of Bitcoin ownership among institutional players.

SoSoValue data for March 8th highlights a total net inflow of $222 million into Bitcoin spot ETFs. In contrast, the Grayscale ETF GBTC experienced a net outflow of $302 million on the same day. 

Notably, the BlackRock ETF IBIT emerged as the Bitcoin spot ETF with the highest single-day net inflow, totaling $336 million.

With a cumulative historical net inflow surpassing $10.03 billion, IBIT becomes the first Bitcoin ETF to achieve this significant milestone, solidifying its position in the evolving landscape of cryptocurrency investment vehicles.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: sinenkiy/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *