Market Overview:
The crypto market experienced low volatility on Tuesday, with a total market capitalization near $2.3 trillion. The Crypto Fear and Greed Index showed a slight increase to 67 (greed) by Wednesday.
Bitcoin’s dominance in the market exceeded 54%, driven by the impact of the Bitcoin-ETF. However, there is a noticeable decrease in interest in altcoins.
Bitcoin and Ethereum both faced challenges in the market. Bitcoin struggled to rebound after a price drop, while Ethereum saw a significant sell-off from the 50-day MA. Ethereum is now hovering around the $3000 mark.
The current market behavior suggests a temporary calm before potential price movements. There is speculation that Bitcoin may drop to $52-55K, while Ethereum could fall to $2500.
News Highlights:
CryptoQuant suggests that the crypto market is halfway to bitcoin euphoria. New bitcoin miners, holding assets for less than 155 days, continue to accumulate BTC in anticipation of price increases. This imbalance in supply and demand could drive prices higher in the coming months.
Bloomberg predicts that Hong Kong-listed cryptocurrency ETFs may struggle to raise $500 million collectively, contrasting with Matrixport’s projected $25 billion.
According to CoinGecko, there are over 2.52 million crypto assets in existence today, a significant increase from the end of 2021. The pace of new coin launches has accelerated, with an average of 5,300 new tokens introduced daily in 2024.
The Open Network (TON) has launched the Memelandia hub to support meme coin developers. This initiative is part of The Open League’s efforts to promote and support new meme coins in the market.