Bitcoin price broke above $70,000 again after sliding to near $60,000 early last week. The short-lived bearish outlooked believed to have been triggered by whales taking profits, saw the crypto market generally dump. Altcoin majors like Ethereum and Solana clawed back gains before finding support at $3,050 and $162. Intriguingly, dogwifhat (WIF), a Solana-based meme coin continues to catch the attention of investors, increasing by 29% in a week on top of a 64% growth in a fortnight and a staggering 857% surge in 30 days.
How Bitcoin Price Could Shape The Crypto Market Pre-Halving
Bitcoin price has recently made a surprise move above $70,000 reigniting movement across the market. Many considered the drop last week to be a pre-halving retrace, considering the massive rally in Q1 buoyed by the commendable performance of Bitcoin ETFs.
However, data by SoSoValue, tracking the ETFs reveals a substantial decrease in the daily total net inflow volume to only $15.7 million on Tuesday. With Grayscale’s GBTC still recording gigantic outflows, the impact of Bitcoin ETFs on the price has waned significantly. So far, investors have withdrawn $14.15 billion from IBIT compared to $11.28 billion combined total net inflow.
Despite the slump in the uptake of ETF products, the dynamic crypto market still holds solid strong bolstered by the rising hype around the upcoming Bitcoin halving in April.
This four-year cycle known to positively influence prices across the market in the months following, will see rewards miners receive for producing a block of transactions reduced from 6.25 to 3.125 BTC.
What this means is that supply will continue to go down and with demand staying the same or increasing, Bitcoin price may ignite a parabolic rally similar to the move to $69,000 in 2021.
Currently, Bitcoin price is pivotal at $70,000. Further action is expected toward its record high, but that may happen after another round of profit-taking followed by a buy-the-dip campaign which may culminate in a breakout toward $80,000.
The positive outlook in Bitcoin price often spreads bullish sentiment across the crypto market, with altcoin majors like Ethereum and Solana leading the charge.
Ethereum soared to $4,093 as BTC hit new all-time highs while Solana surged to $210.
Ethereum price hovers at $3,557 during US business hours on Tuesdays. The token increased by nearly 8% in 24 hours, underscoring the growing risk appetite among investors.
Similarly, Solana has also rolled upwards this week, albeit modestly by 2.3%. Due to a wave of volatility crisscrossing the market, SOL is down by 1.6% to trade at $188 at the time of writing.
Dogwifhat Price Tops Best Performing Meme Coins
The meme coin that has come to shape the Solana ecosystem, dogwifhat, symbolizes “futuristic transactions” allowing people to embrace a new financial era.
WIF, the token power of the meme coin network, is known for heavily rewarding its holders to trade at $3.16. In the last 24 hours, dogwifhat sustained a 13% surge, adding to the remarkable performance in 30 days from $0.33.
If Bitcoin, Ethereum, and Solana sustain the uptrend to new highs in April, dogwifhat will tap into the renewed sentiment in the market for another major rally possibly doubling its current market value to a new all-time high.
Related Articles
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/bitcoin-ethereum-eye-new-highs-pre-halving-this-solana-based-meme-coin-could-double/
✓ Share: