By NewsBlogger Bitcoin has experienced price fluctuations over the past week, rebounding after a drop following the US FOMC meeting but later dropping to $62,500 before recovering to around $67,000, with altcoins like SOL, NEAR, and ICP outperforming Bitcoin.
At a glance
- Bitcoin experienced fluctuations in price over the past week
- Bitcoin rebounded after US FOMC meeting, gaining around $7,000 in value
- Bitcoin dropped to $62,500 but has since recovered to around $67,000
- Bitcoin’s market cap is $1.3 trillion with dominance over altcoins at 49.3%
- Analysts believe Bitcoin bull cycle is not over despite recent price correction
The details
Bitcoin has been experiencing fluctuations in its price over the past week.
Initially, Bitcoin faced a drop in price on Monday but quickly rebounded after the US FOMC meeting, gaining around seven thousand dollars in value.
However, towards the end of the week, Bitcoin started losing ground, culminating in a price drop down to $62,500. It has since recovered and is currently valued at around $67,000. The cryptocurrency market has seen some altcoins outperforming Bitcoin, with SOL nearing $190 and NEAR and ICP soaring by double digits.
Bitcoin Market Cap and Halving Event
Bitcoin’s market cap currently stands at $1.3 trillion, with dominance over altcoins at 49.3%.
Looking towards the future, a Bitcoin halving event is scheduled for mid-April 2024, which will reduce rewards for miners by half.
This will be the fourth halving event in Bitcoin’s history.
Despite the recent price fluctuations, Bitcoin has seen over 150% growth since mid-October last year.
Coinbase predicts strong performance leading up to and after the halving, although historical evidence supporting a positive impact from halving events is limited.
Factors beyond halvings, such as the recent surge in Bitcoin price driven by optimism regarding spot Bitcoin ETFs and macro-economic factors, are also expected to significantly influence Bitcoin prices.
Bitcoin Price Correction and Market Trends
Additionally, Bitcoin recently entered a period of price correction after reaching an all-time high of $73,700. Miners, whales, and large investors began selling their BTC to make profits, leading to a decrease in price.
However, analysts at CryptoQuant believe that the Bitcoin bull cycle is not over, as indicated by the Bull-Bear Market Cycle Indicator showing an overheated-bull phase.
Short-term Bitcoin holders have been selling at high profit margins, with large BTC holders offloading their assets as prices rose above $70,000. Some of these large holders are Bitcoin miners who have seen record-high daily revenues.
It is worth noting that a significant portion of Bitcoin investments currently come from short-term holders, but valuation metrics are not yet at levels consistent with past market tops.
The CryptoQuant P&L Index is still outside a market top zone and above the 1-year moving average, suggesting that the market may not have reached its peak yet.
As the market continues to evolve, it will be important to monitor these trends and developments closely.
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| cryptopotato.com |
|---|
| – Bitcoin has recovered most of the recent price falls in the past 12 hours – Several altcoins have outperformed Bitcoin, with SOL nearing $190, while NEAR and ICP have soared by double digits – Last week didn’t go well for Bitcoin, starting with a price drop on Monday – Bitcoin soared by about seven grand in the next day after the US FOMC meeting – Bitcoin started losing ground on Thursday and Friday, culminating in a price drop to $62,500 – Bitcoin started gaining traction again this morning, soaring to $67,500 – Bitcoin has lost some value and sits below $67,000, with a market cap of $1.3 trillion and dominance over alts at 49.3% – SOL, AVAX, TON, BCH, NEAR, OP, and ICP have gained the most value on a daily scale – ICP stands out with a massive 23% surge – SOL and AVAX are down by 7% on a weekly scale, while DOT, TRX, ADA, and ETH are also in the red – Toncoin has jumped by more than 35%, ONDO has surged by 92% – |
| The total crypto market cap stands above $2.650 trillion |
| cryptopotato.com |
|---|
| – Bitcoin halving scheduled for mid-April 2024 will reduce rewards for miners by half – This will be the fourth halving event in Bitcoin’s history – Bitcoin has seen over 150% growth since mid-October last year – Coinbase predicts strong performance leading up to and after the halving – Historical evidence supporting a positive impact from halving is limited – Bitcoin’s price is influenced by factors beyond halvings – Recent surge in Bitcoin price driven by optimism regarding spot Bitcoin ETFs – Macro-economic factors expected to significantly influence Bitcoin prices – US Federal Reserve anticipated to start rate cuts in May – Possibility of heightened selling pressure from miners and companies emerging from bankruptcy – Current cycle closely mirrors the period from 2018 to 2022 – Long-term investors holding Bitcoin for at least 155 days less likely to sell off assets – Long-term holders expected to be less inclined to sell during halvings compared to short-term holders |
| cryptopotato.com |
|---|
| – Bitcoin entered a period of price correction after reaching an all-time high of $73,700 – Miners, whales, and large investors began selling their BTC to make profits – Analysts at CryptoQuant believe the Bitcoin bull cycle is not over – The Bull-Bear Market Cycle Indicator showed an overheated-bull phase last week – Unrealized profit margins reached 69%, the highest level since March 2021 – Short-term Bitcoin holders sold at the highest profit margin since May 2019 – Large BTC holders offloaded their assets as prices rose above $70,000 – Large holders moving 567,000 BTC represented 35% of total transfers on the Bitcoin network – Some large holders are Bitcoin miners who saw record-high daily revenues – Demand for BTC in the United States eased off after hitting $73,000 – If the correction continues, BTC could fall to the $58,000-$60,000 level – Around 48% of Bitcoin investments come from short-term holders currently – Historically, bull cycles end with 84%-92% of investments from short-term holders – Valuation metrics are not yet at levels consistent with past market tops – CryptoQuant P&L Index is still outside a market top zone and above the 1-year moving average |
