Dogecoin Soars 17% To Break $0.21 As Volume Explodes
Dogecoin has jumped 17% in the past 24 hours to break past the $ 0.21 barrier as on-chain data shows a significant increase in volume for the memecoin.
Dogecoin Beats Market With 17% Rally In The Last Day
Most of the top cryptocurrencies have seen flat returns in the last 24 hours, but Dogecoin has gone its own way as the original meme coin has enjoyed a strong rally.
The below chart shows what the asset’s performance has looked like during the last few days:
In this latest rally, Dogecoin has surged more than 17% in the last 24 hours and has cleared the $ 0.21 level. Among the top 100 cryptocurrencies by market cap, only Bitcoin Cash (BCH) has registered comparable profits in the same period.
DOGE still beats BCH in the 1-week timeframe, however, as the memecoin has managed returns of more than 40% in this period, while the Bitcoin hard-fork has seen 33%.
The reason behind these two assets in particular seeing a strong performance may lie in the fact that Coinbase plans to add futures products for them starting the 1st of April. Litecoin (LTC) is also set to see a listing on the same day, but its performance has been much weaker than the other two.
In terms of market cap, Dogecoin is currently the eighth-largest coin in the sector, as the table below shows:
From the table, it’s apparent that the gap to USD Coin (USDC) in seventh isn’t too much right now, so if Dogecoin can keep up its surge, it’s possible that it may be able to flip the stablecoin.
DOGE Transaction Volume Has Observed A Sharp Increase Recently
Something that would confirm that widespread speculation around Dogecoin is ripe for a rally currently would be its Transaction Volume. As a user on X pointed out using data from the on-chain analytics firm Santiment, DOGE’s Transaction Volume has shot up recently.
The “Transaction Volume” keeps track of the total amount of tokens (in USD) for a given cryptocurrency that has observed some movement on the blockchain in the past 24 hours.
When the value of this metric is high, it means that the users are transacting large amounts on the network right now. Such a trend implies the trading interest around the asset is high currently.
On the other hand, low values of the indicator can be a sign that the general interest in the cryptocurrency, both as an asset and a network, is low at the moment.
Now, here is a chart that shows the trend in the Dogecoin Transaction Volume over the past year:
As is visible in the chart, the Dogecoin Transaction Volume has experienced quite a boost recently, and what has accompanied this rise has been the latest rally.
A rising volume can often be a positive sign for the sustainability of any rally, as it means that interest in the asset is going up, and thus, more fuel is potentially coming in.
Something to keep in mind, though, is that selling and buying alike affect this indicator, so a mass selloff would also register as a spike in the metric. Thus, while high volumes are usually a requirement for rallies to continue (as without interest, the run can easily die down), they alone can’t predict a further rise, as the nature of this activity can be hard to ascertain.
The Road To $100,000: Bitcoin Whale Accumulation Explodes
Bitcoin reaching $ 100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $ 73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC.
Large Bitcoin Whales Buy More BTC
As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $ 70 million on the low end, have bought up a large tranche of coins over the last three months.
Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply.
The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months.
To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits.
Spot ETF Inflows See 2,600% Spike
After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $ 14.5 million, bringing a welcome change from the almost $ 900 million worth of outflows that was recorded in the prior week.
This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $ 418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved.
This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $ 60,000. The price has since sprung back up above $ 70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit.
Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving.
Bitcoin ETF Netflows May Experience Rebound If This Price Is Attained, Analyst Explains
In line with the decline in Bitcoin’s price, the spot Bitcoin ETF market has appeared rather gloomy in recent days. According to data from analytics firm BitMEX Research, these BTC ETFs have recorded a negative netflow for the last four trading sessions.
This situation has been marked by large levels of Grayscale’s GBTC outflows and the record low inflows for the other ETFs, mainly the market leaders BlackRock’s IBIT and Fidelity’s FBTC. However, amidst these persistent declining netflows, Ki Young Ju, a prominent analyst and Chief Executive Officer at Cryptoquant, has predicted a possible resurgence in the spot Bitcoin ETF market.
Analyst Pinpoints $ 56,000 Level As Critical To Bitcoin ETF Recovery
In a post on X on March 22, Ki Young Ju shared that a rise in spot Bitcoin ETFs netflows could occur even as the BTC price decline continues. Using data from the historical netflow trends, the analyst noted that demand for Bitcoin ETFs usually kicks in when the cryptocurrency traces to certain support levels.
Young Ju stated that, in particular, new BTC whales, especially ETF buyers, have shown to have a $ 56,000 on-chain cost basis. This suggests that the new significant holders of Bitcoin, particularly those invested in ETFs, usually purchased Bitcoin at an average price of $ 56,000. Following this trend, the crypto quant boss believes the spot Bitcoin ETF market could experience massive inflows if BTC reached the specified price level.
#Bitcoin spot ETF netflows are slowing.
Demand may rebound if the $ BTC price approaches critical support levels.
New whales, mainly ETF buyers, have a $ 56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $ 51K. pic.twitter.com/vZCG4F0Gh5
— Ki Young Ju (@ki_young_ju) March 22, 2024
For now, Bitcoin’s price has oscillated between $ 62,000 and $ 68,000, as seen in the last week. However, Young Ju believes that such a descent is quite feasible as price corrections usually see a maximum decline of 30%. Using BTC’s most recent high of $ 73,750, the analyst predicts the asset price could still trade as low as $ 51,000.
BTC Price Overview
At press time, Bitcoin continues to trade at $ 64,065.74, representing a decline of 3.73% and 7.17% in the last one and seven days. Meanwhile, the asset’s daily trading volume is down 3.53% and valued at $ 39.62 billion.
Following historical trends of the bull cycle, it is possible that BTC may have reached its price peak leading up to the halving event in April. If that is the case, Bitcoin may likely not return to previous high price levels soon and could experience further price drops in the coming weeks.
Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time
Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here?
Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows
The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $ 326.2 million, a new record for Bitcoin funds.
Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $ 261.5 million, and on Thursday, March 22, net flows came out to $ 94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year.
The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $ 339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week.
Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC.
What Happened To BTC The Last Time?
The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end.
However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward.
In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply.
With the climb came a more established rally in the Bitcoin price, causing it to go from $ 40,000 to over $ 70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes.
Bitcoin Faces One Major Hindrance To Reaching New $75,000 All-Time High
Bitcoin is still struggling to reclaim its all-time high even after staging an impressive recovery in the last day. The bounce up from $ 60,000 to $ 68,000 has no doubt reignited confidence in the market, but the cryptocurrency continues to face some challenges in its bid for a new all-time high.
Outflows Continue To Rock Bitcoin ETFs
Over the last few months, Spot Bitcoin ETFs have done very well when it comes to inflows, hitting record after record. This saw issues such as BlackRock garner a large number of coins in a short time, which contributed to the Bitcoin run to new all-time highs.
However, as the market gets used to the Spot Bitcoin ETFs being a part of daily investing, outflows have begun to rise. Mainly, these outflows have been from the Grayscale Spot Bitcoin ETF as investors flee from the fund due to their high fees. The same was the case back in January which triggered a crash in the market.
In the last few days, outflows have been dominating the ETF net flows. Data from Coinglass shows that net flows first turned negative at the start of the week on March 18, with $ 154.3 million flowing out of the funds. The next day, March 19, another $ 326.2 million left the funds, leading to higher negative flows than the previous day. Then, on March 20, net flows were negative once more, with $ 261.5 million leaving the funds.
This trend marks the first time since January that Spot Bitcoin ETFs have seen three consecutive days of outflows, which is in stark contrast to the previous week, which saw daily inflows hit a new all-time high of $ 1.04 billion on March 12.
BTC Price Buckles Under Sell Pressure
The sell pressure Bitcoin is shouldering right now is similar to the one seen in January right after the United States Securities and Exchange Commission (SEC) had given the green light to Spot Bitcoin ETFs for trading. The BTC price also suffered crashes during this time, dropping as low as $ 38,000.
However, the Bitcoin price had begun to pick up right after the Grayscale outflows slowed down, giving demand enough time to catch up with supply. Just like before, the outflows are being led by Grayscale and until the outflows slow down, BTC could continue to decline.
A turn in the tide from here, nevertheless, would give Bitcoin a lot of runway. A similar surge, as recorded after the outflows ended in January, would easily put the price past $ 75,000, which would be a new all-time high for cryptocurrency.
For now, BTC is trading at a $ 67,320, with a 5.51% increase in the last 24 hours.
Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?
Since Bitcoin (BTC) witnessed a crash this week to $ 64,000, the crypto asset has not been able to reclaim its momentum, with the price falling even lower. This has led to a general market decline that has affected altcoins.
Bitcoin Plummets To $ 8,900 On BitMEX Exchange
In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. Reports from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $ 8,900, following a massive BTC sell-off on the platform.
Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 10–50 BTC.
Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level.
In response to the development, BitMEX has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT.
The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.”
Given that the price of Bitcoin was situated at $ 68,000 before the incident, the drop indicates an over 87% decline. After falling to $ 8,900, Bitcoin recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal.
The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money.
Larger Crash Might Take Place
As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has forecasted a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $ 69,000.
However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $ 16,000. As a result, Schiff mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.”
Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon.
As of the time of writing, the price of Bitcoin was trading at $ 62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day.
Bitcoin Sentiment Cools Off, Price Rebound Soon?
The Bitcoin Fear & Greed Index shows that the sentiment around the asset has cooled off a bit recently, something that could pave the way for a rebound.
Bitcoin Fear & Greed Index Has Gone Through Some Decline Recently
The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment present among the investors in the Bitcoin and wider cryptocurrency market
To determine the trader mentality, the index takes into consideration for these five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.
The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. A score of 46 or less implies the presence of fear among the investors, while that of 54 and above suggests greed in the market.
The territory between these two (47 to 53) naturally corresponds to the neutral mentality. Besides these three sentiments, there are also two extreme sentiments called “extreme greed” and “extreme fear.”
The extreme greed occurs at values above 75, while the extreme fear takes place below 25. Historically, these two sentiments have been quite relevant for BTC’s trajectory.
Tops have generally tended to form when the investors have held the former sentiment, while bottoms have been probable to happen when the market has been in the latter region.
At present, the traders are holding a mentality of extreme greed, as the latest data of the Bitcoin Fear & Greed Index shows.
As is visible, the indicator’s value is 77 right now, meaning that while it’s indeed inside extreme greed, it’s only so just. This is a fresh change from how it has been recently, as the chart below displays.
From the graph, it’s visible that the Bitcoin Fear & Greed Index has mostly stayed deep inside the extreme greed region recently. On the 14th of this month, the indicator hit the 88 mark, and alongside this high, the BTC price registered its current all-time high of about $ 73,800.
Since this peak, though, the asset has plunged, and it appears that alongside it, so has the sentiment among the traders. As mentioned earlier, tops have been more likely to occur when the market has shared a mentality of extreme greed and this probability has generally only gone up the more extreme levels the metric has hit.
This could perhaps explain why the recent top occurred when it did. Another top this month, the one that took place on the 5th, also coincided with high values in the Fear & Greed Index (a peak of 90 this time).
Shortly after this earlier peak and the plummet in the cryptocurrency that had followed, the asset found its bottom as the metric briefly exited the extreme greed region.
As the Bitcoin Fear & Greed Index is once again looking to dip outside this territory, it’s possible that a bottom may be near for the price this time as well. It now remains to be seen if the sentiment would cool down enough in the coming days so as to leave the extreme region behind, at least temporarily.
BTC Price
Bitcoin had plunged towards $ 64,500 during the weekend, but it seems the coin has made some recovery in the past day as it’s now back at $ 68,000.
Introducing Book Of Meme (BOME), The Latest $1 Billion Crypto Sensation
Memecoin project Book of Meme (BOME) has emerged as the latest shining star in the crypto market over the last few days. Following its official launch this week, BOME has attracted much investor interest, acquiring a market cap of $ 1 billion within 48 hours of trading.
BOME’s sudden emergence can be regarded as a silver lining in the crypto space in the last week amidst Bitcoin’s 4% decline, which resulted in the maiden cryptocurrency falling to around $ 65,345.14. Meanwhile, Ethereum is also down by 10%, while prominent memecoins Dogecoin and Shiba Inu also recorded losses to the tune of 24.23% and 16.69% over the last seven days.
What Is The Book Of Meme?
The Book of Meme was founded by DarkFarms, the creator of another popular memecoin Pepecoin. BOME functions as an experimental project aimed at incorporating memes, decentralized storage solutions, degen shitcoin trading, and gambling on a single platform in a bid to create a novel web3 experience.
Following a successful presale that raised 10,131 SOL, BOME debuted in the crypto market on March 14 with an initial price of $ 0.0000496. Over the next two days, Book of Meme swiftly rose to a price region of $ 0.012 while achieving a market cap value of $ 1 billion.
Due to the sudden listing by Binance, MEMECOIN BOME rose sharply by 243% in 24h, but other MEMECOINs generally fell sharply, PEPE WIF FLOKI BONK fell by more than 10%. The current market value of BOME has exceeded US$ 1.38 billion, ranking seventh in MEMECOIN in terms of market…
— Wu Blockchain (@WuBlockchain) March 16, 2024
Unsurprisingly, BOME’s expeditious rise has earned the coin listings on major crypto platforms, including KuCoin, Gate.io, MEXC, HTX, Crypto.com and Binance. In particular, BOME’s listing on Binance on March 16 is believed to have spurred the token to a 243% price gain within a day, allowing the memecoin to gain a peak market cap of $ 1.55 billion.
In a similar fashion with other highly successful memecoins, some investors have benefitted the most from BOME’s rise. Data from LookonChain reveals that a certain investor already sold all 347 million BOME for 34,647 SOL valued at $ 6.58 million, recording a 340x gain on 102 ($ 19,000) investment at the presale. Meanwhile, the largest BOME holding personal address known as sundayfunday.sol currently holds 1.242 billion BOME, valued at $ 29.8 million.
BOME Price Overview
At the time of writing, Book of Meme currently trades at $ 0.02139 with a 58.08% gain on the last day. Meanwhile, the coin’s daily trading volume is up by 125.05% and is valued at $ 5.18 billion. BOME’s current market cap stands at $ 1.18 billion, allowing the memecoin to rank as the 85th largest cryptocurrency.
Grayscale Submits Revised Application For Ethereum Spot ETF – What’s New?
Asset management firm Grayscale Investments has updated its application for an Ethereum spot ETF (exchange-traded fund) with the United States Securities and Exchange Commission (SEC).
Ethereum Spot ETF Case Just As Solid As Bitcoin’s, Grayscale Argues
According to a recent post on X by Craig Salm, Grayscale’s chief legal officer, the asset management firm has revised its 19b-4 form for an Ether spot ETF. Salm claimed that this move was “important” in an effort for Grayscale to list and trade shares of its Ether Trust on the New York Stock Exchange (NYSE) Arca.
The chief legal officer stated in his post that investors “want and deserve access” to Ethereum via a spot exchange-traded product, likening the situation to the Bitcoin ETF story. “We believe the case is just as strong as it was for spot Bitcoin ETFs,” Salm said.
The asset manager is amongst the numerous firms looking to issue the first Ethereum spot ETF in the United States, having filed an application with the SEC on October 10, 2023. However, these ETF applications have faced delays multiple times, with the most recent coming against BlackRock’s filing on March 4, 2024.
As a result, the likelihood of the SEC approving an Ethereum spot ETF has taken a nosedive in recent weeks. Once-optimistic Bloomberg ETF expert Balchunas even revealed in his latest analysis that the ETH funds now have only a 35% chance of approval.
SEC Chairman Faces Pressure Over Crypto Approval
Two US senators of the Democrat party, Sens. Laphonza Butler of California and Jack Reed of Rhode Island, have urged the SEC chairman to avoid approving crypto investment products. In a letter dated March 11, the lawmakers, who are also members of the Senate Banking Committee, asked the Commission to limit future crypto ETF applications.
The success of the BTC spot products clearly ruffling some feathers on the Hill. @SenatorJackReed and @Senlaphonza write to the @SECGov urging:-no further ETPs for other tokens-make life difficult (i.e. examinations/reviews) for brokers and advisers that recommend BTC ETPs pic.twitter.com/enxdumC02N
— Alexander Grieve (@AlexanderGrieve) March 14, 2024
Following the approval of 11 Bitcoin spot ETFs in January, the attention of the crypto public has somewhat turned to whether the SEC will do the same for the Ethereum versions. However, this latest letter from the senate seems to further hurt the chances of an ETH ETF approval.
A part of the letter read:
Retail investors would face enormous risks from ETPs referencing thinly traded cryptocurrencies or cryptocurrencies whose prices are especially susceptible to pump-and-dump or other fraudulent schemes,” they said. “The Commission is under no obligation to approve such products, and given the risk, it should not do so.
As of this writing, the price of the Ethereum token stands at $ 3,731, reflecting a 1.2% increase in the past day.