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As per Santiment’s analysis, the March rally in crypto prices is legitimate, and the upward trend is expected to continue over the weekend. Bitcoin may soon cross the $30k mark, while Ethereum is on the verge of reaching $2k in parallel.
📊 The March breakout is real, and prices appear to be continuing to pump into the weekend. With #Bitcoin’s reintroduction to $30k looking more realistic, and #Ethereum nearing $2k in tandem, read our recap on the first half of March and what’s to come! https://t.co/tfP1Lx8Tat pic.twitter.com/I4pA0nGV73
— Santiment (@santimentfeed) March 18, 2023
At the time of writing, Bitcoin is trading at around $27,500, up nearly 7% over the last 24 hours. Meanwhile, Ethereum is trading at around $1,820.
Distrust of traditional currency has led to a surge in anti-fiat options, including stablecoins. However, recent controversy has caused the depeg of USDC, leading to a crisis. Instead of accumulating Bitcoin, traders put their money into altcoins or swapping stablecoins. CZ Binance has announced that its exchange will convert $1 billion into native crypto, which could be correlated with the recent surge in Bitcoin prices.
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
— CZ 🔶 Binance (@cz_binance) March 13, 2023
While accumulation signs for Bitcoin are fairly flat, the number of whale transactions has been steadily growing since December. Token circulation is also picking up, which is a positive long-term sign. However, the on-chain profit-taking ratio is at its highest since December 2020, increasing the likelihood of a short-term correction.
Altcoin traders should closely monitor the market, as many assets are overheated. While traders may show high FOMO in the coming days, discipline is important in decision-making. It is crucial to de-risk and take the profit out amid rising funding rates and unironic calls for lambos and moons.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.