Bitcoin Surges Back to $70,000 Amid Ongoing GBTC Sell-Off

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Bitcoin has regained strength by surpassing $70,000, a remarkable recovery after last week’s sharp decline, with unbelievable gains that only Bitcoin can make possible. On March 25, the “cryptocurrency king” was uneasy when the price of Bitcoin increased from around $67,000 to $71,000. And at the time of this writing, its price is $71,009, up 9% over the past 24 hours. What a remarkable return!

Recent ups and downs of Bitcoin

Looking back at Bitcoin’s recent fluctuations, we see this spectacular recovery. Just when skeptics like Jim Cramer and his followers were starting to boast their predictions, Bitcoin has dispelled all doubters. After plummeting to $60,771 due to the cold reception of BTC ETFs, Bitcoin has recovered strongly, silencing the naysayers of this 9% increase. Last week, the cryptocurrency market went through a gloomy period as investors withdrew a total of $942 million in a single “Satoshi flash”.

CoinShares blamed Bitcoin’s price decline for a loss of $10 billion in total assets under management, although it remained at $88 billion. During this period of painful withdrawals, Bitcoin suffered heavy losses, losing $904 million. Meanwhile, Bitcoin selling has also decreased a bit, totaling around $3.7 million. But that’s not all, Genesis continues to aggressively sell GBTC shares, as if they were about to become obsolete, showing the pressures behind the Bitcoin ETF exodus.

📉 Last week marked the end of a 7-week cycle of inflows as investors withdrew $942m from digital asset investment products.$BTC took a hit last week – however, YTD inflows remain strong at $12.3bn.

What could be next? https://t.co/7JaSZcXmoT pic.twitter.com/BMg7EMLwKP

— CoinShares (@CoinSharesCo) March 25, 2024

A story of resurrection

Upon further investigation, we see a spike in the “Life Expectancy” index. This measure of how long BTC is stored quickly rose to a two-year high, reaching 162.89 million on March 23. Transaction volumes also increased sharply, indicating a energized network and growth potential.

In the altcoin sector, things are also heating up. Last week saw a rush into altcoins, with Polkadot, Avalanche and Litecoin topping the list. This growth has not gone unnoticed, as these altcoins outperform Bitcoin in the weekly rankings. BNB, Dogecoin and Toncoin have also seen impressive gains, outpacing Bitcoin’s relatively modest gains. Despite this, the total cryptocurrency market capitalization is still suffering, stable at $1.19 trillion, still far from its peak.

Experts have predicted a potential altcoin season could happen at any moment, although Bitcoin dominance remains at 51.77% and the altcoin season index shows we have not yet reached the peak point. So, Bitcoin is going strong, turning the tables on the skeptics.