Good morning! We have listed the latest news for you. Start the day with a bitcoin breakfast.
Bitcoin’s value recently reached a point of profitability not seen since November 2021. More than 97% of bitcoin addresses are in profit. This happened as the price of bitcoin reached a new local peak of around $64,000. According to a report from IntoTheBlock, this is the highest point profitability for bitcoin wallets since the price of bitcoin came close to its all-time high of around $69,000.
February closed with an impressive $22,000 price increase for bitcoin, which was the second largest monthly increase ever for bitcoin. This increase is partly due to the growing popularity of bitcoin spot ETFs in the US, which were approved in January.
The crypto market started March with more fluctuations, especially as bitcoin’s price increase stopped around $64,000. This cooldown is also affecting other major crypto coins such as Ethereum, XRP, Sol and BNB, all of which are trading below their resistance levels. Despite this change, a lot of money continues to flow into spot bitcoin ETFs, which was a major reason for the recent price increases.
On March 1, Lookonchain showed that Grayscale (GBTC) reduced its bitcoin holdings by 3,606 BTC ($223 million), while eight spot BTC ETFs added a combined 10,999 BTC ($680 million) to their holdings. Blackrock added 9,730 BTC ($601 million) alone, showing that there is a lot of interest from major investors in bitcoin.
The interest of investment funds in crypto startups has increased recently, with a significant increase in investments especially in February. According to data from DefiLlama, crypto startups received a whopping $485 million in investments in February. This is 5.3% more than in January and the highest amount in the last quarter. The majority of this money, $387 million, went to startups working on the basic infrastructure of crypto. The largest investment was $100 million from a16z in EigenLayer during a private financing round.
The good performance of various crypto coins has created a lot of enthusiasm for the coming month. Normally, several major altcoins follow a Bitcoin rally. Now that Dogecoin, Bonk and Pepe are pumping, this cycle does not seem to be an exception to the rule.
However, many investors looking for a golden opportunity are already looking further – some small meme coins seem to be the trendsetters for the coming period. What exactly is the crypto meme growth like, and what is the best crypto to invest in now?
Source: https://bitcoinmagazine.nl/nieuws/goedemorgen-bitcoin-meer-dan-97-bitcoin-adressen-in-de-plus
