Bitcoin – the largest crypto by market capitalization in the crypto market is well known for many other things. The grandfather of cryptos, which has the largest trading volumes in the market too. According to CoinMarketCap, Bitcoin’s 24 hour trading volumes stand at about $32 billion as of writing! To understand the scale, Ethereum, which is the second largest crypto by market cap has a 24-hour trading volume of about $11 billion as of writing. The only other crypto that has a trading volume above Bitcoin is Tether (USDT) – which is a stablecoin used to trade in various cryptos, hence doesn’t really qualify.
Bitcoin’s fear and greed index is at 20, indicating extreme fear - at the same time hash rate is ranging around its ATHs. According to data from IntoTheBlock – over 51% (or roughly 24.6 million addresses of the total 47.9 million) of the holders are below their purchase price on their Bitcoin investments. Along with that, about 45% are in the money, which means they are still holding on to some unrealized gains on the books while the remaining 4% are at break-even.
Bitcoin’s market cap dominance is sustained around 40.4% too while at the same time, Bitcoin GBTC discount hits record low of 42% - and three out of the four perpetual futures exchanges have negative funding rates.
Also Read: Bitcoin Hash Rate near ATHs while the BTC price at two year lows under $17,000!
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