Get Smarter About Crypto

₿itcoin reached $62,198. -0.33%

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What we will talk about today...

📈🚀 Why Bitcoin and XRP Are Rising

🌐💹 Why Solana (SOL) Is Rising

💰📊 What PlanB Says About Bitcoin’s Future Price

Why Bitcoin and XRP Are Rising

The cryptocurrency market is growing a lot, led by Bitcoin, as it moves ahead with great speed. This rise is because of many reasons, including the SEC’s approval for Bitcoin ETFs in January and more big investors using cryptocurrencies.

In a recent report by Forbes, analysts think that Bitcoin’s direction could push it to new highs, maybe hitting $150,000 by 2025. Also, industry experts think that other digital assets, like XRP, could go up with this rise.

🚀 Bitcoin’s Big Rise Helped by Big Investors

Bitcoin has risen a lot over the past six months, going up over 100% to its current value of $61,102. This rise is mostly because of big investors joining the cryptocurrency space. The approval of Bitcoin ETFs has helped big investors join, offering a safe and easy way for them.

According to Bernstein analysts in the Forbes report, this rise in big investors is expected to be a key driver for Bitcoin’s future growth. They predict a possible rise to $150,000 in the next 18 months. The positive view is supported by big inflows into new Bitcoin ETFs, totaling over $6.11 billion in less than ten weeks.

📈 XRP Ready to Gain With Market Trend

While Bitcoin gets the attention, other digital assets, like XRP, are also growing. XRP has seen a good 26% increase in value since September 2023, going from below $0.5 to its current price of $0.5929, close to the important $0.6 level. This upward direction matches the market feeling helped by Bitcoin’s good performance.

As Bitcoin moves forward, XRP and other cryptocurrencies could gain a lot. If Bitcoin reaches the expected $150,000 price by 2025, XRP could maybe reach $1.457. While this rise is big, it’s important to note that XRP would still have a long way to go to get back to its all-time high of $3.84.

The changes of Bitcoin’s rise and the possible effect on XRP show the changing landscape of the cryptocurrency market, with big investors and market trend guiding the way. 🌐💹

Why Solana (SOL) Is Rising

Solana’s token, SOL, has reached its highest point in 23 months, going up by 34.5% in one week, now trading at $130. Even though it is the fourth-biggest cryptocurrency (not counting stablecoins), SOL is getting close to the third-place competitor, BNB, with key questions: What made SOL rise so much, and can it beat competitors in the long run?

📈 SOL’s Recent Price Rise: A Week of Wins

Going over a 23-month high on March 1, SOL’s recent rise got the attention of the crypto community. While SOL tried to keep the $100 support in recent months, the big rise really started in the past week. SOL’s price had a small 2% increase between Dec. 23, 2023, and Feb. 23, 2024. The sudden change in favor of SOL happened in this recent rise.

With SOL’s gains, several Solana SPL memecoins, like Bonk and DogWifHat (WIF), got more demand. The trend went beyond Solana, affecting tokens like Dogecoin and Shiba Inu. A report linking SOL to the former CEO of FTX exchange, Sam “SBF” Bankman-Fried, who was convicted, came out, maybe affecting SOL’s gains.

🌐 Looking at Solana Network Data for Lasting Growth

To see if SOL’s price rise is based on more demand than speculation, a closer look at Solana network data is needed. SOL plays an important role in various parts of the system, including DEX trading, staking, NFT marketplaces, and different DApps.

Solana’s Total Value Locked (TVL) in smart contracts is a key sign of user activity and demand. The recent data is good, showing SOL’s TVL at the highest since November 2022, reaching 40.7 million SOL. This is a big 30% increase year-to-date in 2024, doing better than Ethereum and BNB Chain in terms of TVL growth.

🚀 Going Deeper

Understanding the Effect of TVL Growth on Solana Network: Solana’s success in getting activity for DApps is clear in the big TVL growth. A closer look shows that some DApps can handle big volumes and a large user base without needing big deposits.

OpenSea NFT marketplace has been a big contributor to Solana’s rise, making a weekly volume of $7.8 billion. Other Solana DApps, like Jito staking solution and Saber cross-chain liquidity exchange, saw big volume increases, showing the platform’s different success. While Solana has faced some challenges, like a five-hour outage on Feb. 6, network data shows that SOL is not yet reaching a limit. The scalability challenges faced by other blockchains show Solana’s current position.

Solana’s recent performance means more than a price rise; it shows the platform’s ability to get different user activities and keep a lasting growth direction. The changing landscape of Solana and its network data paint a hopeful picture for the future. 🚀💹

What PlanB Says About Bitcoin’s Future Price

Bitcoin analyst PlanB, known for the stock-to-flow (S2F) model, said that the Bitcoin bull market started on March 1, as Bitcoin went over $62,000. According to PlanB’s math analysis, this means that the Bitcoin buying phase is over and the easy buying chances are gone, as he said in an X post with the S2F chart.

📈 Bull Market Signs and ‘Face-Melting FOMO’

PlanB’s prediction expects about 10 months of ‘face-melting FOMO,’ with very high price rises and some -30% drops. The S2F model, which was popular in the 2021 bull run, has got some criticism, including from Ethereum co-founder Vitalik Buterin, who said it gives a “false sense of certainty.”

📊 S2F Model and Bitcoin Price Changes 

The S2F model, shown in PlanB’s chart, did not predict Bitcoin going over $100,000 in early August 2021. Even with its flaws, PlanB’s forecast matches other analysts’ views. Vetle Lunde, a senior analyst at K33 Research, says that Bitcoin usually stays steady after halving but goes up in the next months.

🌐 Spot Bitcoin ETFs and More Investor Interest

The recent approval of spot Bitcoin ETFs has helped more investors get interested in Bitcoin. Even with a 3% drop after Grayscale’s Bitcoin Trust ETF outflows, Bitcoin’s price has gone up over 22% in the past week.

📉 Spot Bitcoin ETFs and Price-Neutral Demand

Nine new spot Bitcoin ETFs, not counting Grayscale’s, got over $2 billion in total daily volume on Feb. 28, making up 75% of new Bitcoin investments since they started on Jan. 11. These ETFs brought passive, price-neutral demand for the first time in Bitcoin’s history.

🚀 Price Predictions and Expected Achievements

Bitfinex Analysts, in a research report shared with Cointelegraph, expect careful price goals of $100,000-$120,000 to be reached by Q4 2024. The cycle peak is expected to happen sometime in 2025 in terms of total crypto market value.

As Bitcoin enters a new stage with the official start of the bull market, the market signs, ETF changes, and analyst forecasts will keep shaping the cryptocurrency space. 📈🚀

CAN YOU PREDICT THE PRICE?

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Stay tuned for more twists and turns in the crypto world & Happy Investing🚀💎