Bitcoin Reclaims $67K; Meme Coins Turn Tentative
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are on the retreat. The trend observed in the past 24-hours suggests, the asset class is getting over the exuberance witnessed in recent weeks. There’s a shift in market undertone, which is responsible for the profit taking in lending tokens.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, has managed to float above $67,000 mark even as short-term investors resorted to profit taking, according to CryptoQuant’s latest data.
In the last 24-hours, the Bitcoin managed to defend key support level and was recently trading at $67,426 a decline of 0.01%.
Considering the rush among short term holders to liquidate their positions for gains, which was previously observed during peak time, suggests a critical juncture for Bitcoin.
Much of this is attributable to the upcoming Federal Reserve meeting to set interest rate in the U.S. We know they play a key role in deciding the future prospect of risky assets.
Incidentally, Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation.
Ethereum (Ether), the second largest cryptocurrency by market capitalisation, continued to move lower after completing the Dencun upgrade. Today, it dropped below $3,500 mark and was recently changing hands at $3,489, down 2.8%.
Elsewhere, meme coins remained in focus. Avalanche (AVAX) has surged in value, overtaking Dogecoin (DOGE) to become the 9th largest cryptocurrency. XRP witnessed a huge surge in volume.
The global crypto market cap decreased 0.8% to $2.56 trillion in the last 24 hours. On the other hand, the total crypto market volume rose 8.7% to $136 billion. Total volume in DeFi is currently $13.4 billion, and all stablecoins are $128 billion, representing 9.7% and 92.3%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.3%, up 0.4% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.8% to 87,078.
Meanwhile, Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen the fifth most inflows out of all exchange-traded funds (ETFs) so far this year. The fund is the second of the spot bitcoin ETFs to make it into the top five. BlackRock’s iShares Bitcoin Trust (IBIT) joined the ranks of the biggest funds in February.
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