On March 8, on-chain analytics provider Santiment reported that despite the incredible milestone for Bitcoin, “there is a combined sense of exhaustion and altcoin distraction coming from the trading community right now.”
BTC prices briefly topped $70,000 on Coinbase on Friday marking a new all-time high for the digital asset.
However, it sharply retreated from this level for the second time in a week, falling to around $68,000 a few hours later.
So far, it has been largely institutions driving momentum for crypto markets with consecutive days of high trading volumes and inflows for the newly launched spot Bitcoin ETFs.
Santiment also reported that social activity, or the percentage of discussions related to BTC versus other assets, is at a fairly healthy 27.5% right now. However, it is not near the euphoric levels shown when $60,000 was eclipsed less than two weeks ago.
It added that previously dormant coins are continuing to move back into circulation at a rapid pace. This is one of the common factors in nearly every bull market, it stated before adding:
Crypto investor Scott Melker was bullish, telling his 946,000 X followers on March 8 that he believes that we are just at the start of a major bull run for both Bitcoin and the broader crypto market in general.
At the time of writing, crypto market capitalization was $2.72 trillion, its highest level since December 2021 and just 12% down from its all-time high.
In related news, JPMorgan analysts estimated the potential magnitude of the bitcoin ETF market size to reach around $62 billion. Net inflow into spot bitcoin ETFs is currently around $9.2 billion, however, some may have been rotated out of similar products such as Grayscale’s GBTC which has seen daily outflows since its conversion.
The post Is the Bitcoin Rally Cooling Down? Altcoin Seasons Starts Brewing (Analysis) appeared first on CryptoPotato.
BTC prices briefly topped $70,000 on Coinbase on Friday marking a new all-time high for the digital asset.
However, it sharply retreated from this level for the second time in a week, falling to around $68,000 a few hours later.
Bitcoin Fervor Fading?
So far, it has been largely institutions driving momentum for crypto markets with consecutive days of high trading volumes and inflows for the newly launched spot Bitcoin ETFs.
Santiment also reported that social activity, or the percentage of discussions related to BTC versus other assets, is at a fairly healthy 27.5% right now. However, it is not near the euphoric levels shown when $60,000 was eclipsed less than two weeks ago.
“This is a GOOD thing. FOMO and greed are typically top signals.”
#Bitcoin has established yet another new #AllTimeHigh today, reaching a market value as high as $70,199 on #Coinbase. Despite the incredible milestone for #cryptocurrency, there is a combined sense of exhaustion and #altcoin distraction coming from the trading community right… pic.twitter.com/S4YqYkiOJ6
— Santiment (@santimentfeed) March 8, 2024
It added that previously dormant coins are continuing to move back into circulation at a rapid pace. This is one of the common factors in nearly every bull market, it stated before adding:
Crypto investor Scott Melker was bullish, telling his 946,000 X followers on March 8 that he believes that we are just at the start of a major bull run for both Bitcoin and the broader crypto market in general.
At the time of writing, crypto market capitalization was $2.72 trillion, its highest level since December 2021 and just 12% down from its all-time high.
JPMorgan on Bitcoin ETFs
In related news, JPMorgan analysts estimated the potential magnitude of the bitcoin ETF market size to reach around $62 billion. Net inflow into spot bitcoin ETFs is currently around $9.2 billion, however, some may have been rotated out of similar products such as Grayscale’s GBTC which has seen daily outflows since its conversion.
The post Is the Bitcoin Rally Cooling Down? Altcoin Seasons Starts Brewing (Analysis) appeared first on CryptoPotato.
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