The chief investment officer at Bitwise Asset Management has explained why the current bitcoin bull market differs from prior bull markets. He doesn’t expect the bull market or the alts season to “end early,” emphasizing that he expects to see “more of an ‘everything season,’” rather than a classic alts season. Bitwise’s CIO Predicts an […]
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Following a dynamic period of activity in the crypto market on Friday, stocks of publicly traded mining companies have recovered from their recent decline. In the last five days, Marathon Digital Holdings’ stock fell over 15%, yet on Friday, it experienced a 7.71% increase in value against the U.S. dollar. Several other leading mining corporations […]
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According to the latest figures, Microstrategy’s investment in bitcoin has doubled, showing a 116% increase after the cryptocurrency’s value experienced a significant rise this past week. The company, specializing in business intelligence, has acquired a total of 193,000 bitcoins at an expenditure of $6.122 billion, with the current market value of their holdings soaring to […]
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Litecoin has emerged as a standout performer in the cryptocurrency payments sector, overtaking prominent digital currencies such as Dogecoin, Bitcoin, and Ethereum as the top choice for crypto payments on leading Bitcoin payment service provider, Bitpay.
In a recent announcement on X (formerly Twitter), the Litecoin team revealed that LTC has claimed the top spot as the most preferred cryptocurrency for payments on Bitpay. Sharing a chart of Bitpay’s payment count by cryptocurrency, the team disclosed that Litecoin has hit a recent milestone, scoring approximately 41.76% of the platform’s total transaction count.
Bitpay’s official website has also acknowledged this significant achievement, confirming that “Litecoin is the cryptocurrency most commonly used for transactions” on its payment platform. Surging higher than popular cryptocurrencies such as Bitcoin and Dogecoin, Litecoin has achieved this milestone by a staggering margin.
Bitpay’s data disclosed that Bitcoin’s transaction count hovered at 24.36%, marking a notable decrease of 17%, compared to Litecoin. Meanwhile, Ethereum lags, barely hitting the double-digit mark with a modest 9.05% on Bitpay’s payment count.
Even as prominent altcoins like Dogecoin attempt to make their mark, LTC has left them trailing behind. Dogecoin, holding the 4th position in Bitpay’s transaction count, only managed to score 6.8% in the total transaction count.
Adding to this recent achievement, the Litecoin Foundation had previously disclosed in January 2024, that Litecoin had hit “a new all-time high of 38.25% on all payments” processed through Bitpay, outpacing both Bitcoin and Dogecoin again. This development underscores the cryptocurrency’s prominence and robust fundamentals, surpassing expectations as it sets a new standard for digital payments.
With the latest surge, boasting over 40% in Bitpay’s total transaction count, Litecoin continues to make substantial strides, leveraging the potential opportunities amid the rising adoption rates and surge in user confidence.
LTC is now trading at $88. Chart: TradingView
As Litecoin dominates in crypto payments, it’s worth noting that the cryptocurrency has also been growing stronger in its fundamentals. As stated by a crypto community member and Litecoin supporter, LTC is witnessing its most bullish year, quickly taking advantage of the positive trends in the crypto market.
The crypto member also suggests a shift in the coin’s market sentiment, underscoring the rising interest from investors and traders in the cryptocurrency’s value and future prospects. Currently, the price of Litecoin is steadily approaching the $100 milestone, effectively leveraging its ecosystem’s developments to boost its value and adoption rates.
At the time of writing, the cryptocurrency is trading at $88.00, indicating a substantial 25.02% gain over the past month, according to CoinMarketCap.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Despite Bitcoin recently hitting a new all-time high (ATH) of over $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant moves to the upside. Interestingly, he also expects that this bull cycle will be one like no other.
Michaël van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “way higher” and noted how the flagship crypto can help hedge against inflation and keep one’s purchasing power alive. Meanwhile, the crypto analyst believes there will be “way higher numbers” in this cycle.
Michaël van de Poppe had previously hinted at Bitcoin rising to as high as $150,000 in this bull run. Other analysts have also given similar price predictions, with the consensus that BTC will surely rise above $100,000. Other crypto analysts, including MacronautBTC, have even gone as far as predicting that Bitcoin could rise above $200,000.
There is a growing belief that this bull cycle will be the mother of all past cycles, which could be the reason for such ambitious predictions. Moreover, this cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have. These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin.
Interestingly, NewsBTC previously reported that the demand for Bitcoin is significantly exceeding Miners’ supply. This development is coming at a time when miners’ rewards are set to be cut in half during the Bitcoin Halving. This would likely lead to more imbalance between the demand and supply curve, potentially leading to an exponential surge in Bitcoin’s price.
Bitcoin hitting a new ATH of $70,000 is just the beginning of this bull run, as there is reason to believe this bullish momentum could run into next year. Crypto analyst Ali Martinez noted in an X post that Bitcoin has “consistently taken about 8 to 11 months to hit a market top” whenever it has shattered its previous ATH.
With Bitcoin currently hitting new highs, the analyst added that historical patterns suggest that the next BTC market top “will be sometime between November 2024 and February 2025.” However, Alex Thorn, Head of Research at Galaxy Digital, has warned that “bull markets are not straight lines up” and that sharp corrections should be expected along the way.
At the time of writing, Bitcoin is trading at around $68,300, up over 2% in the last 24 hours according to data from CoinMarketCap.
BTC price drops $68,400 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The latest bitcoin derivatives data indicates a continued climb in bitcoin futures open interest, hitting all-time peaks. Over the last day, statistics reveal an open interest of $32.30 billion across fourteen distinct bitcoin futures markets. Soaring Open Interest in BTC Futures Signals Growing Derivatives Market Friday, March 8, 2024, marked a notable day when BTC […]
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It may be surprising to see safe-haven gold score record highs at generally the same time as riskier assets such as bitcoin, U.S. stock indexes, and other global stock benchmarks. Here’s what’s going on.
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Bitcoin hit a new all-time high for the second time this week and once again experienced a violent sell-off that erased its gains and stirred memories of past volatilities in the crypto space.
Bitcoin broke its previous record early in the US trading hours on March 8, climbing to an all-time high of $70,136 after US jobs data raised expectations of rate cuts in the coming month.
However, the jubilation was short-lived as a wave of sell pressure engulfed the market, driving the price down by more than 3% to a low of $66,500 in less than an hour. The wider crypto market experienced similar volatility.
As of press time, BTC was trading at $67,890, according to CryptoSlate data.
Over the past four hours, the volatility caused $181.5 million in total liquidations, with longs making up more than $100 million. Meanwhile, Bitcoin liquidations during the period stood at $70.57 million, with longs accounting for $40.3 million, according to CoinGlass data.
This week’s market movements have been particularly turbulent, with Bitcoin’s value fluctuating widely. After setting a new record earlier in the week, BTC suffered a dramatic 14% drop, plummeting to around the $59,000 level before recovering.
Such volatility has become a defining characteristic of the crypto market, reflecting both the speculative nature of digital assets and the evolving landscape of financial markets.
Analysts identified a significant volume of sell orders on major exchanges, including Binance and OKX, as a pivotal factor in the rapid price reversal.
The sell orders, valued at roughly $70 million and totaling approximately 1000 BTC, created a formidable barrier that halted any further price increase beyond the $70,000 mark.
Market analysts attribute the initial price surge to a combination of factors, including investor optimism regarding the US economic outlook and the introduction of spot Bitcoin exchange-traded funds (ETFs).
These developments have increasingly aligned crypto trading activity with traditional stock market hours, highlighting the growing integration of digital assets into conventional financial systems.
The backdrop to Bitcoin’s record-breaking rally was the latest US unemployment data, which suggested a potential easing of inflationary pressures and fueled speculation about the Federal Reserve’s interest rate policy.
The unexpected rise in the unemployment rate to 3.9%, coupled with downward revisions to job growth figures, has bolstered hopes for a more accommodative monetary stance.
As Bitcoin’s price ascension coincides with a weakening US dollar, the implications for the Fed’s upcoming policy decisions are being closely watched.
With the Fed’s next interest rate decision anticipated on March 20, market participants remain vigilant as the interplay between macroeconomic indicators and monetary policy could significantly influence the trajectory of Bitcoin and the wider digital assets market.
At the time of press 5:39 pm UTC on Mar. 8, 2024, Bitcoin is ranked #1 by market cap and the price is up 1.19% over the past 24 hours. Bitcoin has a market capitalization of $1.35 trillion with a 24-hour trading volume of $53.2 billion. Learn more about Bitcoin ›
At the time of press 5:39 pm UTC on Mar. 8, 2024, the total crypto market is valued at at $2.59 trillion with a 24-hour volume of $148.59 billion. Bitcoin dominance is currently at 51.89%. Learn more about the crypto market ›
Amidst widespread bullish sentiment surrounding Bitcoin, one analyst on X thinks the leg up won’t be as strong as it was in the past few weeks. Pointing to developments in the Bitcoin log curves, the analyst expects the coin to find resistance as it attempts to break higher.
The analyst doubts the current excitement around the uptrend, and technical formations advise the contrarian view. Many in the industry think Bitcoin will not only ease past $70,000, a round number nearly tested this week, but also float to $100,000 in the next few weeks.
On X, the analyst remains confident about the coin’s prospects. However, based on the Bitcoin log curve assessment, the leg up will likely be labored. The analyst compares the current price formations with the Bitcoin log curves. In 2021, the tool was used to identify price peaks.
Based on price formation, the analyst notes that if BTC peaks in 2024, then prices will likely turn around from between $77,000 and $149,000. These prospective peaks’ upper and lower bands represent layers 5 and 7 of the log curve.
Even with BTC possibly rising to $149,000, at least from the tool, the Layer 7 target is relatively lower. By factoring in a one-year slowdown in growth, the predicted peak is revised downwards from $180,000 to $149,000.
When writing, the “red band” of the log curve has been breached earlier than usual. Looking back, Bitcoin prices tend to peak three months after this breakout.
That likely places Bitcoin’s peak at around the $77,000 level but below $100,000. Nonetheless, this is hard to predict, considering the volatile nature of prices and the dynamic nature of fundamental factors.
The community remains optimistic about what lies ahead. So far, Bitcoin prices have been trending at historical highs, but there has been a sharp drop in the momentum of upside.
The daily chart shows that prices are still inside the bear bar of March 5. The candlestick had a high trading volume and was wide-ranging. For the uptrend to be valid, prices must break above $70,000, based on rising trading volume.
Lower prices incentivize issuers to spot Bitcoin exchange-traded funds (ETFs) to load up on dips. Their actions have spurred demand over the past few weeks, lifting sentiment and prices. According to Coinstats’ Fear and Greed Index, “extreme greed” exists in the market.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin (BTC), the dominant cryptocurrency, has made history by briefly breaking its consolidation phase and reaching an all-time high of $70,000. Despite encountering resistance near this level, Bitcoin’s market capitalization has reached $1.3 trillion, showcasing its continued upward momentum.
However, as the cryptocurrency faces a double top in the same price zone after almost three years, it must overcome a significant hurdle to consolidate above $69,000 and pave the way for further price gains.
In the past 24 hours, Bitcoin experienced a 2% uptrend, propelling it to breach the $70,000 milestone for the first time. The cryptocurrency had previously reached $69,300 on Tuesday, indicating the growing strength of its upward trajectory. However, the $69,000 mark has proven to be a formidable resistance level, leading to increased volatility once breached.
The double-top formation in this price zone over a three-year period adds further complexity to Bitcoin’s consolidation efforts. Breaking through this resistance is crucial for Bitcoin to establish a solid foundation for future price gains and sustainably consolidate above $70,000.
The success of Bitcoin spot exchange-traded funds (ETFs) within a short span of two months has bolstered investor confidence and generated anticipation for future price appreciation.
With investors betting on Bitcoin’s long-term prospects, it appears to be only a matter of time before the cryptocurrency overcomes its current resistance level and continues its upward trajectory. This positive sentiment provides a favorable backdrop for Bitcoin’s potential breakthrough.
Following its brief touch of $70,000, Bitcoin experienced a rapid retracement to the $68,000 level. The timing and extent of its consolidation above the resistance mark remain uncertain. However, market observers are closely monitoring Bitcoin’s performance, anticipating a potential breakthrough that could fuel additional price gains.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
