Market situation
The market capitalization of cryptocurrencies has revised 1.8% over the past 24 hours to $2.34 trillion. However, these numbers reflect a partial recovery from the low of about $2.27 trillion earlier in the day. For now, this looks like a case of profit-taking during an uptrend, but it's worth keeping an eye on the market trends over the next few days.
The main reason for the decline in the overall crypto market seems to be Bitcoin, which the bears defended against an attack on the $70,000 level. They intensified their selling at $69.5,000 early Monday morning and pushed the price down to $66.5,000 on Tuesday morning.
Stablecoin trading volume has not increased since late September, as stablecoins are often seen as liquidity for quickly purchasing coins of interest, and the broader crypto market may bring about a pause in growth. The previous growth momentum was from August to September, when the overall cryptocurrency market capitalization hit rock bottom.
news background
According to CoinShares, global investment in crypto funds rose to $2.199 billion last week, following inflows of $407 million the previous week. This number is the highest in the past 13 weeks. Investments in Bitcoin increased by $2.134 billion, investments in Ethereum increased by $58 million, and investments in Solana increased by $2.4 million. Investments in multi-crypto asset funds decreased by $5 million.
Trading volumes increased by 30% and assets under management approached $100 billion.
According to Coinglass, total open interest (OI) in Bitcoin futures has reached an all-time high of $40.6 billion. In terms of coins, the figure was 592,000 BTC, the highest since December 2022.
The hash rate of the Bitcoin network has updated its all-time high. According to data from Cloverpool (formerly BTC.com), it reached 791EH/s for the first time on October 19, reflecting the increased production capacity of miners. According to Glassnode, the 7-day average hash rate reached 703 EH/s.
According to JPMorgan, US-listed public miners achieved a record 28.9% share of the global Bitcoin hash rate in October. Since the halving, these companies have increased their share by 8% and are emphasizing “efficiency and financial advantages.”
