Get Smarter About Crypto

₿itcoin reached $61,912. -0.43%

♢Ethereum reached $3,405. -0.71%

What we will talk about today...

📈🚀 Why Solana (SOL) Is Rising

🌐🐋 Why Whales Are Pushing Bitcoin to $70,000

💰🔥 Ethereum ETFs

Why Solana (SOL) Is Rising

Solana (SOL) is the top winner among the big cryptocurrencies in a week when Bitcoin also rose a lot. SOL’s value went up 34.37%. What are the reasons for Solana’s big rise?

📊 Market Success and Strength: 

Solana’s price rose 10.13% in 24 hours, reaching $135.22. The 24-hour trading volume also went up 11.88%, totaling $7.01 billion. Solana is ranked 5th by CoinMarketCap, with a market value of $60 billion, showing its importance in the crypto space.

📈 Better Performance than Top Cryptocurrencies: 

When compared to the top four cryptocurrencies, Solana did better. Bitcoin and Ethereum went down a little, while Solana went up a lot. This shows Solana’s growing popularity and strength in the changing market.

📈 Reasons for Solana’s Rise:

Bitcoin’s Comeback: Solana’s rise is partly because of Bitcoin, which reached $64,000 on February 28. Bitcoin’s comeback, helped by spot Bitcoin ETFs approval and use, got a lot of investor attention. The money coming into these funds affects the whole market, including Solana.

Meme Coin Effect: 

The more interest in the memes coin, which runs on the Solana network, helped Solana’s rise. The meme coin’s value went up over 69%, making people excited and invested in the Solana system.

Hope in the Solana System: 

Solana’s big growth and more hope in its system play an important role. As of March 1, 2024, Solana got a top 5 position in DeFi systems, with $2.55 billion in Total Value Locked (TVL) and a growth rate of 71.19% in the past month. This good direction shows Solana’s ongoing growth.

Bitcoin Halving Expectation: 

The upcoming Bitcoin halving event, expected in mid-April, is making people expect and boost market gains. As a big player in the crypto market, Solana (SOL) could get more investor interest and gains because of changes in the Bitcoin system.

Why Whales Are Pushing Bitcoin to $70,000

Bitcoin rose a lot and reached $64,000 on February 28, the highest in 830 days. The crypto market is excited and hoping for a new record high, above $70,000. Bitcoin whales, who own a lot of the total supply, are leading this rise, with signs of a bullish market.

🐋 Bitcoin Whales in Charge: 

Owning 60% of Total Supply The approval of Bitcoin ETFs was a big moment for the crypto sector, leading to a huge $450 billion rise in the total market value, reaching a three-year high of $2.25 trillion. The money came mostly from the demand for 10 new Bitcoin ETFs, which bought over 665,850 BTC (about $40 billion) in less than six weeks.

Besides the ETF holdings, data from the crypto network shows that big companies and rich investors have entered the Bitcoin market a lot, because of the approval by the U.S. SEC. The Santiment chart shows the history of Bitcoin balances in whale wallets, showing a big change in buying since the SEC confirmed Bitcoin filings by BlackRock around September 2023.

📊 Bitcoin Whales’ Holdings and Market Changes 

Bitcoin whales now hold 11.7 million BTC, worth about $714 billion, making up 60% of the total supply. This is the highest in over two years. The big buying by big investors, who invest for a long time, lowers the supply, making it scarce and pushing the price up.

📈 Price Prediction: 

Bitcoin’s Way to $70,000 Bitcoin’s current price is $61,912, and if the whale buying continues into March 2024, analysts think it could rise to $70,000. But, past buying trends show strong resistance around the $62,400 level. To show this, IntoTheBlock’s in/out of the money data shows a lot of addresses holding Bitcoin at the highest price of $62,424.

Breaking this resistance could make a strong bullish move, pushing Bitcoin to new record highs. On the other hand, bears might take over if a big drop below $55,000 happens. But, the big support buy-wall around the $57,360 level suggests that this is less likely now.

As Bitcoin’s journey goes on, the whales and market changes will keep shaping the direction, giving both chances and challenges for investors in the crypto space. 🚀📈

What Jim Cramer Says About Ethereum ETFs

Jim Cramer, the host of CNBC’s Mad Money show, is hopeful about a spot Ethereum ETF, saying that it will “soon bloom.” Cramer’s view is based on the great success of spot Bitcoin ETFs, which recently broke many records.

📈 Bitcoin ETFs Success as Reason: 

Cramer talked about the success of spot Bitcoin ETFs, which got a total net inflow of $673.4 million in one day. This was more than the previous record set on the first day of trading for the 10 funds, which was $655.2 million. Blackrock’s Ishares Bitcoin Trust (IBIT) alone got $612.1 million, breaking its own record.

🌐 Ethereum ETFs Waiting for Approval: 

Right now, there are several applications for spot Ethereum ETFs waiting for approval from the U.S. SEC. The SEC is expected to decide by May. While some experts, including Standard Chartered Bank, expect approval, there is doubt, especially because of SEC Chairman Gary Gensler’s view on whether Ethereum is a security or commodity.

🔄 The “Reverse Cramer Effect” and Doubt: 

Jim Cramer has a history of making predictions about Bitcoin that sometimes lead to the “reverse Cramer effect.” This means that Bitcoin’s price moves the opposite way of Cramer’s predictions. In January, Cramer was negative about Bitcoin’s future, warning of a possible drop.

Cramer’s recent positive words about the possible success of a spot Ethereum ETF have got mixed reactions. Some responses are doubtful, with worries about the reverse Cramer effect affecting the future of Ethereum ETFs. The crypto community, known for its humor and doubt, keeps watching the ETF space.

As the crypto market changes, the ETF approvals and their effect on digital assets keep shaping the story, with market people closely watching the SEC decisions and important voices in the money space. 🚀📉

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

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