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Bitcoin Bulls Cheer While Analysts Warn Of Overheating Risks

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Bitcoin is blazing a trail through the roof as the leading cryptocurrency skyrockets to astonishingly great heights. Today was another landmark for Bitcoin when it reached an amazing all-time peak of $70,083, according to data from CoinMarketcap. However, even as bulls rejoice over this record-breaking price rally, analysts at CryptoQuant are sounding a word of caution about possible overheating and correction risks that cannot be ignored.

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CryptoQuant’s Bull-Bear market cycle indicator flagged an overheated bull phase as prices rose above the $65K mark. Miners are considered overpaid, with their profitability at its highest level since December 2023. In addition, traders’ unrealized profit margins have reached 57%, a level historically associated with upcoming corrections.

Still, the data shows that short-term holders are starting to sell off at the highest profit-taking levels since February 2021, which may result in increased selling pressure. Hence, these combined factors have raised eyebrows among market analysts and seasoned traders.

Analyst Insights on Bitcoin’s Momentum

Michaël van de Poppe, the famous crypto analyst, has recently shared his thoughts on X (formerly Twitter). He argues that Bitcoin is in momentum, which has led to it achieving a new all-time high. Nevertheless, everyone is wondering whether this digital currency will close in on $100K before or after the halving event expected in six weeks’ time. Conversely, there might be a correction that will give altcoins room to take the lead.

Secondly, Jelle, another analyst, has come out and opined that the price is being pulled away by bears who are still trying to keep it below $69k, but while they do this, their strength is disappearing very fast. Jelle does not think they can hold for a third test; therefore, price discovery may begin early next week. In a rallying cry to fellow traders, Jelle advised, “Rest up this weekend, the crazy part is about to begin.”

As Bitcoin soars into the stratosphere, the crypto community wonders if this rally will be sustained or if some consolidation must occur first. It doesn’t matter what path it chooses – one thing for certain – another thrilling chapter of Bitcoin’s story unfolds.

Related Reading | Inside Ethereum’s EIP-4844 Magic : Blob Revolution

Altcoin Fortunes Poised For Massive Breakout, Analysts Watchful 

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The crypto sphere stands at the precipice of a watershed moment as the altcoin market cap edges closer to breaching a pivotal resistance level. Crypto analyst Rekt Capital says the altcoin market cap is approaching a key $315 billion resistance level. If it can close above that line weekly for the first time, it would mark a major milestone.

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However, this $315 billion resistance zone has played a pivotal role. Rekt Capital points out that last week, the combined market caps of alternative coins rallied up to test that $315 billion level but failed to break through. The altcoin market cap was quickly rejected back down to the $250 billion range. But now, just days later, it has climbed back up and is testing that heavy resistance once again.

The “Wealth Effect” Driving Altcoin Investments

While the market teeters at this key level, analysts are weighing in on what could be driving this latest alts surge. Bitwise Chief Investment Officer Matt Hougan believes that the primary catalyst is a “wealth effect.” An X (Twitter) thread from Hougan explains how crypto traders and investors often take some of those gains and stick them into more speculative altcoin projects after making huge profits from Bitcoin’s rise.

It’s a trend in traditional markets, too – as people profit from stocks like Amazon and Apple, they get wealthier and plow money into riskier small-cap stocks, venture capital funds, or trips to Vegas. The more total wealth created by an initial asset’s rise, the more money gets diverted into riskier areas.  

Hougan notes that since the November 2022 lows, Bitcoin’s market cap has grown a staggering $1 trillion. That enormous wealth increase sets the stage for crypto traders to put substantial cash into altcoins. Compared to past cycles when Bitcoin generated less absolute dollar wealth at this stage, far more money can now rotate into altcoin projects.

According to Hougan, improving infrastructure for altcoins is another factor fueling interest. Technology upgrades like Ethereum’s Dencun and the rise of Layer 2 scaling solutions make non-Bitcoin crypto projects more compelling.

However, in Hougan’s opinion, this does not imply the end of the bull market is imminent. Normally, altcoin bull runs have capped BTC gains as money moved out of it. Nevertheless, with new money from institutional investors going into Bitcoin through ETFs, these two trends could possibly continue to happen over an extended period as “everything season,” whereby both Bitcoin and altcoins rise together. Accordingly, Hougan advises against being overly confident with overblown markets, which results in poor projects being grossly overrated.

Soaring Litecoin: Crushing Competition with 41.76% Transaction Dominance

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Litecoin (LTC) has emerged as a surprising leader in the realm of cryptocurrency payments, surpassing its more renowned rivals such as Bitcoin (BTC), Ethereum (ETH), and even the meme-inspired Dogecoin (DOGE). Bitpay’s latest data reveals that Litecoin commands a remarkable 41.76% dominance in total transaction count, marking an all-time high for the digital currency.

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Source: Litecoin

In the world of cryptocurrencies, where innovation and adoption reign supreme, Litecoin’s resurgence in payment dominance is significant. Despite its underdog status and sliding rankings in recent times, LTC’s prowess in facilitating transactions underscores its enduring relevance in the market.

Bitpay’s platform plays a crucial role in enabling merchants and businesses to accept cryptocurrencies as viable payment options, thereby expanding the utility and accessibility of digital assets. While Bitcoin remains the poster child of the crypto world, its 24.36% dominance in Bitpay’s transaction count highlights Litecoin’s newfound prominence.

Ethereum, renowned for its decentralized finance ecosystem, trails behind with a 9.05% dominance, while Dogecoin, propelled by its meme-inspired appeal, holds a modest 6.8%. The landscape also features other contenders such as Polygon (MATIC), Bitcoin Cash (BCH), and USDC, each with varying degrees of dominance.

Litecoin’s Address Surge

Litecoin, Maker, and LidoDao are all experiencing a surge in address activity, typically indicating a rise in market capitalization. Maker [MKR] and LidoDao [LDO] have seen an 8% uptick since the year began, contrasting with LTC’s stagnant performance. Despite heightened network activity, LTC’s price hasn’t mirrored this trend, leading analysts to label its behavior as a bullish divergence.

While LDO and MKR have both gained 8% in value since January, LTC faced adversity during December’s market crash, plummeting over 14% in just 24 hours. Analysts, including Ali Martinez, attribute this decline to intensified selling pressure. Despite the market recovery, LTC struggles below $65.

Martinez said that Investors must remain vigilant amidst LTC’s uncertain trajectory. He warns of potential further dips, stating,

“Litecoin’s outlook appears challenging. Continued selling pressure could push LTC to $38, possibly confirming a bear flag formation.”

For Litecoin, this resurgence in payment dominance signifies a potential turning point, as reported by TWJ. As the protocol seeks to reclaim its position amidst a rapidly evolving crypto landscape, this milestone serves as a reminder of its enduring potential. While challenges lie ahead, LTC’s ability to carve a niche in the payments arena hints at a promising future, albeit one that demands continued innovation and adaptation.

Bitcoin Blitz: $2 Billion Options Set to Explode

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The cryptocurrency market is abuzz with anticipation as the expiry of a substantial number of Bitcoin (BTC) and Ethereum (ETH) options looms on March 8. According to data from Greeks.live, a total of 29,000 Bitcoin options and 270,000 Ethereum options, with a combined notional value exceeding $3 billion, are set to expire.

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Source: X

This event arrives amidst a period of heightened volatility in the crypto space, marked by significant fluctuations and a recent all-time high for Bitcoin at over $69,000, followed by a sharp 10% decline.

Bitcoin’s Bull Run

The surge in options trading, fueled by the U.S. money-driven spot bull market, underscores the increasing interest among investors in the crypto sphere. Options contracts grant buyers the right to buy (call option) or sell (put option) the underlying asset at a predetermined price, known as the strike price before the contract expires. The put-call ratio, currently standing at 0.86 for BTC and 0.55 for ETH, indicates a generally bullish sentiment among investors, albeit with a note of caution as the ratio remains below 1.

Traders closely monitor the concept of “max pain point,” representing the price level at which the largest number of options expire worthless. For BTC and ETH, these points are $60,000 and $2,950, respectively. As the expiry date approaches, significant numbers of traders may take action to avoid these levels, impacting market dynamics.

Meanwhile, Bitcoin’s price consolidation phase is drawing attention, with analysts and traders forecasting its potential to establish new record highs. After a swift recovery from a recent decline, Bitcoin’s price has stabilized around $67,000, reflecting growing investor confidence and adoption. The formation of an ABC pattern during consolidation suggests a solid foundation for potential price surges, with projections pointing toward the $76,000 mark.

As the crypto market braces for the expiry of options contracts, all eyes are on Bitcoin’s price trajectory and its implications for market sentiment. With growing interest and adoption, coupled with the dynamics of options trading, the coming days are poised to offer significant insights into the future direction of the cryptocurrency market.

Tesla & SpaceX’s $1.3 Billion Bitcoin Stash Exposed

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Electric car maker Tesla holds over $771 million worth of Bitcoin across its wallets, while aerospace firm SpaceX’s BTC holdings are roughly $555 million. Data from Arkham Intelligence further revealed that Tesla’s public disclosures have remained unchanged in its BTC holdings. Business tycoon Elon Musk, co-founder of two tech enterprises, had previously declared that none of his companies would venture into creating a cryptocurrency token. Notably, Musk owns BTC, Ethereum, and Dogecoin [DOGE].

In early 2021, Tesla invested $1.5 billion in Bitcoin and briefly accepted BTC payments. However, the company reversed its stance due to environmental concerns related to BTC mining, prompting it to halt accepting BTC payments.

As reported by TronWeekly, Tesla recently released its financial performance for the fourth quarter of 2023, which disclosed a total revenue of $25.2 billion and an operating profit of $2.1 billion. Notably, the automotive giant maintained a static stance on Bitcoin, refraining from any buying or selling activities during Q4. This marks six consecutive quarters where its BTC positions have remained at 9,720 BTC, a status unchanged since the last quarter, ending on September 30, 2023.

The firm’s persistent reluctance to engage in Bitcoin transactions has fueled discussions about the company’s underlying strategy. One plausible explanation is that Tesla perceives BTC not merely as a speculative trading asset but as a long-term store of value. The steadfast approach adopted by the company could be interpreted as a cautious measure, prioritizing stability and risk management in the volatile cryptocurrency market.

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Tesla & SpaceX's $1.3 Billion Bitcoin Stash Exposed 7

Bitcoin is like gold. BTC is not good for payments. I own a lot of Dogecoin and SpaceX owns Bitcoin.

SpaceX, too, did not publicly disclose its BTC holdings, except for an excerpt from Musk confirming that the firm owns some of the tokens.

Bitcoin ETFs Can Compete With S&P 500 ETFs

The other day, Bitcoin reached a new all-time high of $69k, propelling the capitalization of BTC spot ETFs in the U.S. above an impressive $50 billion mark. Avid BTC proponent and MicroStrategy founder Michael Saylor voiced optimism about the influx of new spot Bitcoin ETFs launched by BlackRock and Fidelity, stating that these have surpassed expectations and are emerging as a competitor with S&P 500 ETFs.

Saylor believes that BTC-related products are expected to surpass gold ETFs shortly, even if gold ETFs remain the largest commodity ETFs in the United States.

Shiba Inu BonFire: 40 ETH Ready To Burn

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Shiba Inu’s prominent member and marketing specialist, Lucie, indicated that there will be a burning event for SHIB tokens, where a certain amount of SHIB tokens will be intentionally destroyed or taken out of circulation. As per the X post, a total of 40 Ethereum [ETH] has been gathered for the token burn. This collected ETH might be used to purchase and subsequently burn SHIB tokens, reducing the overall supply. Lucie urged followers and community members to keep an eye out for further updates or details regarding this burning event.

SHIB burns incoming! 40 ETH was collected for the burn. Stay tuned!

In Jan, the popular meme coin unleashed a fiery inferno of token burns, sending its incinerator on overdrive. Within just 24 hours, SHIB’s burn rate skyrocketed a staggering 1,628%, according to Shibburn data. This translates to a whopping 88 million tokens banished to the digital void for eternity, significantly reducing the circulating supply.

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Shiba Inu BonFire: 40 ETH Ready To Burn 9

This sudden shift marks a stark contrast to the week’s initial sluggish burn rate, raising eyebrows and igniting speculation about Shiba Inu’s future trajectory. After weathering its share of bearish storms, the project appears determined to beat the odds through this aggressive incineration strategy.

Shiba Inu’s Ryoshi Team Massive Social Media Campaign

Meanwhile, the Shiba Inu army’s unwavering strength, the “Proof of Woof,” a points-based airdrop campaign in X, concluded. Aiming to push Ryoshi’s vision forward, the Shiba Inu-based project has recently initiated a massive social media initiative to spread the word about Ryoshi across various social platforms.

To demonstrate Proof of Woof, users were urged to create content using mediums such as long-format writing, graphics and artwork, video content, or real-life actions. Selected entries will then be graded, awarded points, and translated into airdrop tokens, TronWeekly reported the other day.

So far, the team has received over 4,000 entries and is in the process of reviewing, grading, and allocating rewards for entries based on their quality and contribution. Members of the SHIB team lauded the success of the “Proof of Woof” campaign, proclaiming its power of community and dedication toward pushing Ryoshi’s vision forward.

PEPE Rockets: Surging 630% in a Month, Analyst Predicts Further Growth

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Among the memecoins, PEPE has become a leading performer, showing remarkable gains. Over the last month alone, this memecoin has risen by almost 630%, while it has appreciated by 132% in just one week. According to CoinMarketCap data, PEPE made its new ATH at $0.000008585.

PEPE’s price increase can be attributed to significant accumulation by major investors. Over the last ten days alone, both institutional and retail traders have picked up almost 48 trillion PEPE tokens valued collectively at $385 million.

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PEPE Rockets: Surging 630% in a Month, Analyst Predicts Further Growth 13

After reaching ATH, PEPE retraces back to $0.000005051. At the time of writing, its price stands at $0.056765, with a 24-hour trading volume amounting to $1.87 billion and a market capitalization of $2.85 billion. PEPE’s price has gone down by 13.41% in the past 24 hours.  

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Source: CoinMarketcap

PEPE’s Resilience & Potential for Growth

Crypto analyst James Wynn recently shared insights into PEPE’s remarkable resilience. Despite fluctuations, PEPE has displayed notable strength by bouncing back against the momentum line. This indicates a potential for further upward momentum and suggests that investors should remain alert for potential opportunities.

Wynn’s analysis suggests that PEPE may have more room to grow before potentially entering into a parabolic rally, advising investors to stay prepared for another significant surge. Looking ahead, Wynn forecasts a substantial range for PEPE’s next major move, estimating it to be between $6.9 billion to $17 billion. Such a projection underscores the significant potential for growth that Wynn sees in PEPE, positioning it as an asset worthy of close attention.

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In addition to his insights on PEPE, Wynn also hints at broader market trends, suggesting the possibility of an impending “alt season.”Furthermore, Wynn notes the potential breakout of Ethereum, indicating that the leading altcoin could see significant price appreciation in the near future.

Related Reading | Terra Kingpin Do Kwon Dodges US Extradition

Solana’s DEX Volume Hits $3B Amidst Network Woes

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Between March 3 and March 6, the DEX trading volume on Solana exceeded $2 billion for four days. According to DeFiLlama, the trading volume reached almost $3 billion on March 5, setting a new single-day high. With nearly 7% over the past 24 hours, the surge is the highest since early March 2022. It is no surprise that the network’s DeFi ecosystem has grown 13 times since the FTX collapse.

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Solana's DEX Volume Hits $3B Amidst Network Woes 15

However, the rise in activity of on-chain transactions may be one of the reasons for the current congestion on the Solana network. A few days ago, Binance halted Solana withdrawals because of a significantly increased volume of transactions. Despite network congestion, SOL consistently hits new highs at $140, showcasing its strength and growth in the crypto market.

Buoyed by the bullish market momentum, Solana has recaptured investors’ sentiment, steering attention away from Bitcoin and Ethereum. SOL broke new records as the token approached a 2-year high. From less than $10 a year ago, the leading altcoin exceeded $130, a whopping 500% surge.

Gas Fee On Solana Surge

Similarly, the trading volume of the 5th largest crypto asset has spiked 120% to $3.2 million. Market experts have drawn parallels between SOL’s price trajectory and that of Ethereum in 2020. If the rest of the cycle plays out similarly, a takeoff is imminent. A market observer wrote:

SOL still really reminds me of ETH in 2020. Pretty sure the rest of the cycle plays out similarly too, expecting takeoff soon. Bring it on.

While price is one way to look at it, the other aspect is revenue, as measured by the gas fees of the respective blockchains. And Solana’s gas fees have been soaring, both in absolute terms and as a percentage of Ethereum’s gas fees. In February 2023, Solana’s daily gas fees were less than 0.2% of Ethtereum’s. In January 2024, the table flipped as Solana’s daily gas fees exceeded 8% of Ethereum’s, making a nearly 40-fold increase.

Solana’s Meteoric Rise: 1,133% Surge in Meme Coin Mania

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In the fast-paced world of cryptocurrency, Solana has emerged as the hotbed for meme coin mania. Riding the wave of this frenzy is the latest sensation: “Jeo Boden.” Early adopters of this new meme coin are witnessing staggering returns, with some boasting over 100x gains. The success of “Jeo Boden” has sparked a flurry of imitators, with copycat coins now proliferating the market.

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Source: X

Famously known as the “Spoderman Politicians” wave, these coins take inspiration from misspelled names of prominent figures, with tickers like BODEN, TREMP, and DANOLD soaring in value. “Jeo Boden,” in particular, has taken the lead with an astonishing 1,133% surge in a single day, boasting a market cap exceeding $40 million. Its success has spurred a cascade of derivative projects, dominating the meme coin landscape on Solana.

Speculation abounds regarding the sudden attention on “Jeo Boden.” Some attribute it to the impending U.S. elections, while others see it simply as a product of its quirky and humorous appeal. Regardless, meme coins have been on a tear amidst Bitcoin’s rally to new all-time highs.

The minimalist Jeo Boden website exudes a playful vibe, adorned with the slogan “own onli boden nd be happy.” Social media chatter suggests that coins like BODEN and TREMP could evolve into platforms for betting on election outcomes.

Beyond politicians, the meme coin frenzy has expanded to encompass public figures like Vitalik Buterin and Andrew Tate, reflecting the broader trend of irreverent coin creations.

However, investors should tread cautiously in this volatile landscape, as meme coins are notorious for rug pulls, where creators abscond with liquidity, leaving investors with worthless assets. While the spectacle may be entertaining, prudent financial decisions should always prevail.

Solana Nears 2-Year High

Solana’s resurgence in the cryptocurrency market is undeniable. As Bitcoin and Ethereum take a backseat, SOL emerges as the star performer, nearing its 2-year high. Surging over 500% from less than $10 to over $130, SOL’s bullish run has captured investors’ attention.

With a 120% spike in trading volume, SOL’s trajectory draws comparisons to Ethereum’s 2020 journey, hinting at an imminent takeoff. Beyond price, Solana’s gas fees have witnessed a staggering rise, surpassing 8% of Ethereum’s, signifying its growing prominence, as reported by TWJ.

Moreover, Solana’s DeFi ecosystem hits a milestone, exceeding $2 billion in Total Value Locked (TVL). This achievement reflects renewed confidence post-FTX collapse, with user activity doubling since December.

Solana’s scalability and affordability position it as a formidable alternative to Ethereum, making it a favored choice for investors and developers alike. As SOL continues to shine, its ascent signifies a promising future in the evolving crypto landscape.

Shiba Inu’s Shibarium Hits 400M Transactions Milestone

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Due to a notable price surge, the second-largest meme coin recently attracted a lot of attention. Based on statistics from CoinGecko, Shiba Inu is presently worth $0.00003253, a 230% increase over the last 14 days.

Over the past 24 hours, the trading volume of Shiba Inu has exceeded $5 billion, outpacing the trading volumes of alternative coins such as Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), and others. There has also been a notable upsurge in the burn rate, which increased by 30,000% at one point last week.

The recent increase in the price of SHIB offers investors a chance to make substantial gains. But because of the industry’s well-known volatility, trading meme currencies like SHIB also entails a significant loss of capital.

Shiba Inu’s Shibarium Sets Record

Based on the information Lucie gave earlier today, 400,096,901 (400.09 million) transactions had been completed by Shibarium. Interestingly, in the hours preceding the current time, this number has increased to 400,253,293 (400.25 million). Shibarium has surpassed the 400 million transaction milestone, despite a notable decline in daily transactions.

Shibarium averaged five to seven million transactions a day in December. But the number of daily transactions fell to about a million earlier this year. At the time of reporting, 1.81 million transactions were made on Shibarium each day.

In less than seven months since Shibarium went live on the mainnet, there has been a notable increase in the overall number of transactions. It should be noted that Shibarium’s mainnet launch had some early issues, which caused it to go down for two weeks. Shibarium’s low costs are one of the main factors contributing to the spike in transaction volume. The lowest transaction costs that users can anticipate paying are as low as 0.0000219 BONE ($0.000021), which is much less than the fees levied by the majority of well-known blockchains, including Ethereum and Bitcoin.

Furthermore, the committed community members of Shiba Inu have been instrumental in propelling Shibarium’s transactions. By encouraging others to use Shibarium or by using it themselves, these enthusiasts have made a significant contribution to the projects developed by Shiba Inus becoming widely used.