Bitcoin’s Market Cap Jumps to $1.4T, Surpassing Silver

Bitget2024/03/12 04:48

By:Bitget

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Bitcoin jumped to a record high on Monday, fuelled by continued positive momentum of the spot ETFs. Less activities took place over the weekend, and the amount of long liquidations is double that of short for BTC and triple for ETH. Bitcoin continues to rise in the ranks of top assets by market cap, pushing past silver to become the world's eighth most valuable property.

With a 4% advance to an all-time high past $72,000 in the morning hours of U.S. trading, BTC valuation shot to $1.42T, above that of sliver at $1.387T, according to CompaniesMarketCap. This rally is fueled by the positive momentum of spot Bitcoin ETFs, with the London Stock Exchange deciding to accept applications for BTC and ETH exchange-traded notes (ETNs) on Monday.

Source: CoinDesk

Futures Market Updates

BTC pushed through $70K to make a new ATH at $72K and ETH smashed $4K, once again bringing up the funding rates.

Bitcoin Futures Updates

Total BTC Open Interest: $35.66B (+7.72%)

BTC Volume (24H): $110.20B (+61.96%)

BTC Liquidations (24H): $16.83M (Long)/$80.90M (Short)

Long/Short Ratio: 51.51%/48.49%

Funding Rate: 0.0652%

Ether Futures Updates

Total ETH Open Interest: $13.64B (+3.91%)

ETH Volume (24H): $46.11B (+42.71%)

ETH Liquidations (24H): $7.46M (Long)/$25.74M (Short)

Long/Short Ratio: 50.88%/49.12%

Funding Rate: 0.0669%

Top 3 OI Surges

RACA: $7.36M (+202.92%)

CELO: $63.71M (+122.41%)

JST: $3.73M (+97.55%)

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