Market update
Cointree Crypto Market Update - March 6th 2024
Market report for traders
đź BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$97,240, rising +7.8% at the time of writing. Meanwhile, Ethereum continues to rise to AU$5,447, increasing +5.31% week-on-week. And in other altcoin movements, Avalanche drops -9.70%, Cardano +5.35%, and Solana +9.09%.
đ Whatâs happening in the news?
Leading the headlines, Tether's USDT stablecoin achieved a groundbreaking milestone, hitting a market cap of $100 billion for the first time. This remarkable growth not only underscores USDT's dominant position in the stablecoin market but also marks a significant moment in the wider acceptance and use of digital finance. Tether now stands over $71 billion ahead of its nearest stablecoin competitor, USDC, highlighting the increasing trust and reliance users place on Tether for their digital transactions.
In parallel, the Bitcoin witnessed its own set of record-breaking moments. Bitcoin exchange-traded funds (ETFs) saw a staggering $10 billion in trading volume on March 5, propelling Bitcoin to reach new heights. This surge in trading activity comes amid growing investor confidence, driven by the recent launch of spot Bitcoin ETFs and the anticipation of the upcoming Bitcoin supply halving in April. Notably, Bitcoin hit an all-time high in AUD this week, momentarily positioning Bitcoin as the eighth-largest asset in the world by surpassing silver's market cap.
Meanwhile, the Ethereum network has seen a sharp increase in gas fees due to the surge in market activity, particularly affecting NFT transactions. With some transaction fees nearing $400, the Ethereum community faces challenges in balancing the benefits of increased market activity with the costs associated with high gas fees. To help users minimise high network fees, Cointree supports ETH and stable coin deposits and withdrawals on a number of alternative networks.
đ What weâve been reading
Bitcoin price hits a new all-time high
âBitcoin price hit a new all-time high above $69,200, and analysts believe BTCâs rally has a ways to go.â
Bitcoin analysts say BTC price correction is just âhealthy consolidationâ
âTraders say Bitcoinâs sell-off was needed, and dips are likely to be viewed as buying opportunities.â
Memecoins rally as Bitcoin recovers to all-time high
âThe BTC price has returned to levels last seen in November 2021.â
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
