Bitcoin Brushes $73,794 Peak Before Midday Price Fluctuations

The price of bitcoin had a tumultuous day on Thursday dropping below the $70,000 threshold at 12:30 p.m. Eastern Time only to return back above the $70,000 range shortly after. Bitcoin had tapped an all-time price high during the early morning trading sessions on Thursday by briefly tapping $73,794.

Bitcoin’s Rollercoaster Day Sees Dip Below $70K

Bitcoin’s valuation experienced a fluctuating day on Thursday, initially dipping below the $70,000 mark at 12:30 p.m. Eastern Time before ascending back above the $70,000 threshold shortly thereafter. In the early hours of Thursday, bitcoin (BTC) reached a new zenith in its price, touching $73,794 momentarily during morning trading sessions.

Bitcoin chart by Tradingview

By 2:20 p.m. Eastern Time (ET) on March 14, 2024, BTC was navigating around $70,271 to $70,905 per unit within a 30-minute span. Earlier in the day, around 3:00 a.m. ET, the leading cryptocurrency had soared to an unprecedented high of $73,794. At its current rate, bitcoin boasts a total market capitalization of approximately $1.40 trillion, having declined by 2.5% in value against the U.S. dollar.

A sharp decline observed mid-afternoon brought bitcoin’s value quickly down to a low of $69,882 per unit. This downturn led to the erasure of $51.58 million in bitcoin long positions during a 4-hour stretch. Over the 24-hour period, $88.09 million in BTC long positions were liquidated, as reported by coinglass.com. The BTC/USD hourly chart illustrates a clear downward trend with successive bearish movements.

As of now, bitcoin’s 24-hour trading volume stands at about $52.46 billion, contributing to the $173.17 billion transacted across the entire cryptocurrency economy. The primary trading pairs for bitcoin on Thursday are FDUSD, USDT, USD, USDC, and KRW, in that order. The U.S. dollar represents 16.19% of all bitcoin swaps, while the Korean won accounts for 3.35% of bitcoin trading activities on Mar. 14, 2024. The euro makes up 1.17% of all bitcoin trades for the day.

Binance and Coinbase emerged as the leading exchanges on Thursday, processing the highest volume of BTC trades. Despite Thursday’s downturn, bitcoin has seen a growth of 5.5% over the week, 14.1% over a two-week span, and 46.3% against the U.S. dollar over the past month. Bitcoin’s dominance in the total market capitalization of $2.69 trillion is approximately 51.5%. As of the time of this report, there are 5,307 blocks remaining until the next subsidy halving, anticipated to occur in mid-April.

What do you think about bitcoin’s crazy volatility on Thursday? Let us know what you think about this subject in the comments section below.

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