Why did Bitcoin crash?
After breaking the all-time high $73,750 on ThursdayOn March 14, the price of Bitcoin suddenly began to plummet, losing more than 8% of its price in just a few days.
If you’ve been in the market for a while, you should know that prices are expected to fall after hitting all-time highs. After hitting an all-time high, it is certain that the price will fall, it is a matter of timing.
As for timing, the Consumer Price Index (CPI) numbers were released this week and they were higher than market expectations, coinciding well with the catalyst that triggered the decline in the price of Bitcoin.
- inflation data:
- CPI +3.2% (estimate: 3.1%)
- Core CPI +3.8% (estimate: 3.7%)
- PPI +1.6% (Estimate: 1.1%)
Consumer Index Figures Revealed – Bitcoin Price Adjustment
The impact of higher-than-expected CPI numbers tends to cause asset classes to rebalance to reflect higher returns. It is not just Bitcoin that is affected, but all asset classes, in this case negatively. However, the US dollar has increased over the past few days as a result of these numbers.
Additionally, excessively leveraged long positions in Bitcoin have contributed to the sharp decline in the price of Bitcoin (and the price will likely continue to fall).
What is Bitcoin’s next new all-time high?
The market is currently in a downward trend, but this trend is expected to continue in the near term. However, in the long term, we expect Bitcoin to exceed $100,000 before the end of 2024. This seems much more realistic today than it did just 30 days ago 😄.
Join us – as we prepare to become crypto-ready.
The price of Bitcoin is now above $66,000. While this may sound like a lot of money for a single Bitcoin, we believe this is just the beginning of what will be one of the biggest growth opportunities the cryptocurrency space has seen in at least the last four years.
If you haven’t yet started diversifying your portfolio with cryptocurrencies, it’s not too late. Now is a great time to enter the market while prices are relatively low.
If you want to know what we’re buying, please join us through our monthly shares. Altcoin Recommendation Looking forward to the upcoming Bull Run – Become a member to access.
Richard.
Top 100 Popular Altcoins
CryptoBubbles.net –
This marks the first time RED has appeared on the cryptocurrency market in months.
Today’s Crypto Fear and Greed Index
Today’s Cryptocurrency Fear and Greed Index = extreme greed –> Decrease to 81 (from 84 last week).
Bitcoin and Ethereum price changes
Bitcoin Diminish 1.4% Here are the prices it is currently trading at last week: $67,348. Over the past 90 days, Bitcoin has increased by: 56.7%.
Ethereum Diminish 7.1% Here are the prices it is currently trading at last week: $3,619. Over the past 90 days, Ethereum has increased by: 41.6%.
Global cryptocurrency market capitalization decreased to $2.55T (from $2.58T last week).
Top 100 Gainers – Last 7 Days
The biggest gainers over the past 7 days (in the top 100) are:
BOOK OF MEME (BOME) +2,129% – 98th
BOOK OF MEME (BOME) The project aims to bridge the gap between meme culture and the Decentralized Finance (DeFi) space and leverage the viral potential of memes to engage and expand the community. BOME operates within the wider cryptocurrency ecosystem, focusing on creating a platform where memes are not just for entertainment, but hold value and can be traded or leveraged within the project’s ecosystem.
The BOME token serves as the primary currency for transactions and interactions within this ecosystem and encourages participation and contribution to meme culture in a decentralized environment. The project represents a new approach to integrating popular digital culture and blockchain technology, aiming to attract users through humor, engagement and financial incentives.
0x Protocol (ZRX) +110% – 94th
that much 0x Protocol (ZRX) The underlying infrastructure that facilitates peer-to-peer exchange of assets on the Ethereum blockchain. Aiming to provide a high level of flexibility and scalability, 0x allows developers to build decentralized exchanges (DEXs) or other financial applications that can seamlessly exchange Ethereum-based tokens.
Essentially, 0x uses smart contracts to allow users to transact directly with each other, bypassing the need for centralized exchanges and reducing the associated risks and fees. ZRX, the native token of the 0x protocol, facilitates governance decisions within the network, allowing token holders to vote on proposals that affect system upgrades and future development.
Jupiter (JUP) +68.8% – 64th
Jupiter (JUP) is a decentralized exchange (DEX) integrator on the Solana blockchain, focused on providing users with the best prices and pooling liquidity to minimize trading slippage. It connects assets across blockchains, supports decentralized perpetual transactions with high leverage, and includes a launchpad for new Solana projects.
The project emphasizes a community-centric approach through the JUP token initiative to promote governance, participation, and incentives within the ecosystem. Jupiter’s infrastructure aims to be Solana’s central liquidity solution, enhancing the DeFi user experience by integrating with numerous DEXs and providing advanced trading features.
PYTH Network (PYTH) +39% – 72nd
PYTH Network (PYTH) A decentralized oracle service that provides real-time financial data to DeFi applications based on first-party data from over 90 global sources. It aims to provide accurate and timely market information directly on the blockchain network and support a variety of applications such as trading and lending.
Pyth stands out by providing data directly from producers, ensuring high fidelity and reducing reliance on third-party data providers. This model supports scalability and integration across multiple blockchains, facilitating the expansion of DeFi into new markets and asset classes. Pyth uses its native token, PYTH, for incentive alignment and data accuracy.
Biggest microcap gain in the last 30 days
We review and analyze small and micro market cap cryptocurrencies every week to find out: low cap jewelry. This provides the best performance (quality). microcap project In the past 30 days:
Highest performing quality micro cap (last 30 days)
Meme Coins:
Meme Coin is a cryptocurrency inspired by internet memes, humor, and online communities. Overall, the meme coin sector continued to perform well this week.
However, as fun and novel as these projects can be, most meme coins have no intrinsic value and often suffer from a pump-and-dump approach. Although we do not recommend investing in these types of coins, it is always interesting to watch this sector perform during a bull market.
Meme Coins with the Best Performance
Meme coins continue to surge, with Taylor Swift’s Cat being the biggest gainer at over $2 million. 23,976% in the last 30 days.
Monthly Altcoin Selection
Two weeks ago, we launched our March Altcoin Pick, a layer 1 AI-powered oracle.
This project uses AI to collect, verify, and provide external (real-world) data from smart contracts. This new feature is a game changer when it comes to automation and self-execution of smart contracts. You can learn more about AI-powered Oracle here.
To access this monthly Altcoin recommendation and future monthly Altcoin recommendations, consider the following: become a member – It only costs the cost of a few cups of coffee a month.
Altcoin recommendations are emailed to members as soon as they are posted. Wondering how to choose your monthly Altcoin picks? methodology we use.
Altcoin Recommendations for Previous Months You can find it here.
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Until next report,
Richard.