Bitcoin price is consolidating above $41,000 as memecoins impact L1 chains. Ether also trades above $2,100. Coinglass data shows $103.5 million in liquidated token-tracked futures in the last 12 hours, with $95 million from long positions. Analysts predict a positive future for Bitcoin due to rising interest and upcoming events, despite current correction phase. Memecoin activity is surging, causing spikes in gas fees on various chains.
Our analysis of the situation
Bitcoin (BTC) and Ether (ETH) are giving traders a wild ride this week, with BTC surging above $41,000 and Ether also joining the party by kicking off trading above $2,100. But as the cryptocurrency market continues to captivate everyone's attention, there is more than just the usual Bitcoin buzz making the rounds.
In the last 12 hours, liquidations worth a staggering $103.5 million have shaken up the market. Surprisingly, the majority of these liquidations were bullish bets on higher prices, hinting at underlying positive sentiment toward the market. Even though $33 million worth of Bitcoin liquidations occurred, the bulk of $29 million were long Bitcoin positions, signaling that confidence remains intact.
Amidst all the market commotion, Senior Analyst Lucy Hu from Metalpha astutely points out that the interest in Bitcoin is unfazed, even in the wake of the recent Ledger hack. Notably, the rise of Bitcoin Ordinals has been a major driving force behind the growing enthusiasm. According to Hu, Bitcoin miners are reaping heavy rewards, suggesting a promising growth momentum in the long term.
With various predictions surfacing about Bitcoin's future, the consensus seems to point towards a significant surge in the BTC price in the coming months. The much-anticipated Bitcoin halving scheduled for April 2024 and the hopeful anticipation for a spot Bitcoin ETF approval are fueling excitement. Projections like a $75,000 target for "early 2024" by Woo Network and a slightly higher target of $80,000 by Bitwise are adding to the fervor.
However, as the Bitcoin rollercoaster charms investors, meme coins are storming the market, triggering an upsurge in activity on numerous layer-1 (L1) chains. The influx of new meme coins is leading to heightened gas fees on Ethereum and other chains like Avalanche, with millions being spent in fees over the last 24 hours.
In this fast-paced landscape, the resilience of Bitcoin and the frenzy surrounding meme coins have undeniably dominated the headlines. As the market continues to keep traders on their toes, the ride promises to be exhilarating for both Bitcoin enthusiasts and meme coin aficionados alike.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
0 Comments
Please, behave!