Accéder au contenu principal

Is the Bitcoin Rally Cooling Down? Altcoin Seasons Starts Brewing (Analysis)


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.

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.”

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:

“Until crowd euphoria and coin stagnancy take hold on the Bitcoin network once again, market caps have a path to continue climbing.”

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.

“I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.”

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.

“This is a realistic target of the potential size of spot bitcoin ETFs over time perhaps within a time period of two to three years,” wrote bank analysts led by Nikolaos Panigirtzoglou.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).




Source link

The post Is the Bitcoin Rally Cooling Down? Altcoin Seasons Starts Brewing (Analysis) appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

13 Apps and Websites That Will Pay You To Watch Ads

Do you know you may get paid to look at advertisements? You possibly can, however b efore you get too excited, perceive that watching advertisements will not exchange your day job or purchase you a brand new automotive. They do, nonetheless, create nice alternatives to monetize your downtime.  How To Watch Adverts for Cash Should you personal a smartphone, there are a lot of methods to earn cash on this gig financial system. Watching advertisements is a wonderful method for 14 and 15-year-olds in search of work  to earn money. Earn cash by watching advertisements briefly bursts in your free time, like when your youngsters are napping or throughout a espresso break. You might also be capable to redeem factors without cost Amazon present playing cards or present playing cards from different retailers . Which brings us to the query, how precisely do you receives a commission to look at advertisements, and the way a lot cash are you able to anticipate to make? What websites do y...
Enregistrer un commentaire
Lire la suite

AI research highlights in finetuning ChatGPT-like LLMs

This article is a compilation of 23 AI research highlights, handpicked and summarized. A lot of exciting developments are currently happening in the fields of natural language processing and computer vision! In addition, if you are curious about last month’s highlights, you can find them here: AI Research Highlights In 3 Sentences Or Less (April-May 2023) Direct Preference Optimization: Your Language Model is Secretly a Reward Model ( https://ift.tt/fV1dLTZ , 29 May 2023) Direct Preference Optimization (DPO) is a new alternative to reinforcement learning with human feedback (RLHF) with Proximal Policy Optimization (PPO), which is used for instruction-finetuning models like ChatGPT. Here, the researchers show that the cross-entropy loss for fitting the reward model in RLHF can be used directly to finetune the LLM. According to their benchmarks, it’s more efficient to use DPO and often also preferred over RLHF/PPO in terms of response quality. LIMA: Less Is More for Alignme...
Enregistrer un commentaire
Lire la suite

MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC

MicroStrategy, the NASDAQ-listed business intelligence software giant that made waves over three years ago with its pro-Bitcoin strategy, has gone on another buying spree. The firm’s former CEO and founder – Michael Saylor – outlined the latest BTC purchase, which was worth nearly $600 million. Saylor asserted that the company he founded over three decades ago had spent $593.3 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin. This has become MicroStrategy’s second BTC purchase for November. As reported before, the firm bought 155 BTC for $5.3 million at the start of the month. The latest acquisition puts the company’s total stash at 174,530 BTC. It spent just under $5.3 billion to purchase the amount. This means that MicroStrategy sits on a massive unrealized profit of over $1.2 billion, given BTC’s current price of $37,750. MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin . As of 11...
Enregistrer un commentaire
Lire la suite