Bitcoin hits a new record of $72,000, GameFi outperforms the market

Original title: "Bitcoin hits a new record of $72,000, with nearly 1,500 "millionaires" added every day, GameFi's growth outperforms the market"

Original author: Mary Liu, BitTweet BitpushNews

On Monday, the crypto market extended its gains, while U.S. stocks faltered, with the Nasdaq and S&P 500 closing slightly lower, with the Nasdaq Composite falling. The S&P 500 fell 0.1% and the Dow Jones Industrial Average edged up 0.12%.

Crypto markets are surging again, with Bitcoin setting new records again, rising above $72,000, after UK regulators opened the door to exchange-listed crypto ETFs. Hitting $72,970 at one point, Ethereum climbed above $4,000.

In the past week, Bitcoin has exceeded its November 2021 all-time high three times: on Tuesday, Friday and over the weekend, it exceeded $69,100, $69,200 and $70,000 respectively mark.

According to data from Kaiko Research, during Bitcoin’s record rally, approximately 1,500 new “million dollar wallets” were added daily. This year, the largest number of days was March 1, with 1,691 new “Million Dollar Wallets.”

Since the launch of the U.S. Bitcoin ETF in January this year, demand has been extremely strong. Kaiko Research said that even so, the number of million-dollar wallets added every day is still That’s down from the previous bull run in 2021, when an average of more than 4,000 wallets crossed the million-dollar threshold every day.

New gains benefit from Promoted by multiple good news.

The UK Financial Conduct Authority said in an announcement on Monday that it would not object to compliance exchanges listing cryptocurrency-backed exchange-traded notes (ETNs) for sale. Requests from professional investors to conduct transactions.

On the same day, former US President Donald Trump said that if he wins the White House again, his administration may take a positive stance on cryptocurrencies. As the "showdown" between Biden and Trump begins, their attitudes towards the encryption industry have attracted much attention from voters.

In addition, MicroStrategy announced the purchase of 12,000 Bitcoins for $821.7 million, marking the first time the enterprise software maker has started buying and selling nearly four years ago. The second largest increase in positions since. According to documents filed with the U.S. Securities and Exchange Commission (SEC), the tokens were purchased between February 26 and March 10, primarily with proceeds from a private sale of $800 million in convertible notes.

The new reserves have increased MicroStrategy’s total Bitcoin holdings to approximately 205,000. The average cost price of the positions is US$33,706 per coin, and the total value of the positions exceeds 140 One hundred million U.S. dollars.

Since MicroStrategy began buying Bitcoin, the company’s stock price has soared more than 1,000%, increasing its market value to about $25.7 billion, market data shows. MicroStrategy shares were up 4.11% at $1,484.23 as of Monday's close.

Due to the strength of spot ETFs Demand, investors now urgently need more Bitcoin, the supply and demand relationship of BTC will be more tense, MicroStrategy CEO Michael Saylor believes that Bitcoin will go higher.

Saylor said in a CNBC interview: "The natural seller is the miner, and the miner can only sell up to 900 Bitcoins per day. By the end of April (after halving) , they can only sell 450 Bitcoins per day. As long as the demand in the market exceeds 450 Bitcoins per day, there is no catalyst that can push this asset downward, and as demand increases, there is no reason for BTC not to continue to adjust to find marginal supply.”

Altcoins had a strong start to the week, with the GameFi sector outperforming the crypto market

Altcoins The market got off to a strong start this week, with most of the top 200 tokens by market capitalization posting gains. Among them, the GameFi sector’s market capitalization rose by more than 30% in the past 24 hours, outperforming the 3% increase in the total crypto market capitalization during the same period. According to CoinGecko data, the total value of tokens related to web3 games currently stands at $4.38 billion.

Data shows that GameFi token Gala has risen by more than 3% in the past 24 hours. Up 228% in the past 30 days, The Sandbox’s Sand token is up 91% and Axie Infinity’s AXS has surged 71%.

Nansen analysts see next week's Game Developers Conference as a boost for web3 game developer activity. Nansen analyst Edward Wilson said in a report, “Gaming tokens are rising in anticipation of upcoming events, with investors seeking alternatives to major cryptocurrencies such as Bitcoin and Ethereum as the market begins to heat up. High yields."

Cryptocurrency tokens related to artificial intelligence have also surged in the past week. RNDR, the native token of AI artwork platform Render, has risen more than 64% in the past week and is currently trading at $11.99. GRT, the native token of The Graph protocol, has gained 42% in price over the past week and 164% over the past month, and is currently trading at $0.44.

The current overall market value of cryptocurrencies is US$2.72 trillion, and Bitcoin’s market value dominance rate is 52.2%.

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