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Cryptocurrency News Articles

Crypto Market Weathering Volatility, with Optimism and Caution Coexisting

Apr 17, 2024 at 07:39 pm

The cryptocurrency market remained relatively stable on Tuesday, with low volatility across major assets. Bitcoin's market share surpassed 54%, attributed to the Bitcoin-ETF and waning altcoin enthusiasm. Despite a dip in Bitcoin and Ethereum prices last week, the market seems poised for a lull, potentially leading to downward pressure on Bitcoin and Ethereum towards $52-55K and $2500, respectively.

Crypto Market Weathering Volatility, with Optimism and Caution Coexisting

Crypto Market Navigates Volatility Amidst Bullish Sentiments

The crypto market has remained relatively stable over the past 24 hours, exhibiting low volatility and hovering around $2.3 trillion in market capitalization. The Crypto Fear and Greed Index has risen to 67, indicating a prevailing sentiment of greed among investors.

Bitcoin Dominance on the Rise

Bitcoin's market dominance has surpassed 54%, continuing an upward trend that began in December 2022. This resurgence is attributed to the launch of the Bitcoin-ETF and a waning interest in altcoins.

Technical Analysis Raises Concerns

However, technical indicators for Bitcoin paint a concerning picture. The lack of rebound following price declines on Friday and Saturday, coupled with the market's apparent acceptance of current prices, suggests anticipation of a potential price correction. Ethereum's price action has mirrored Bitcoin's, with a significant sell-off from the 50-day moving average last week. The cryptocurrency is currently hovering near the psychological level of $3000.

Crypto Behavior Points to Potential Storm

Analysts anticipate that the lack of significant market movements could be the calm before the storm, a brief lull before renewed volatility. If this prediction holds true, Bitcoin could experience a drop to $52-55K, while Ethereum may fall to $2500.

Market News and Developments

CryptoQuant has observed that the crypto market is "halfway to bitcoin euphoria." Newly established Bitcoin miners have acquired up to 9% of the circulating BTC supply, anticipating further price increases. This imbalance between supply and demand could drive prices higher in the coming months.

Despite optimistic projections, Bloomberg has expressed skepticism regarding the performance of Hong Kong-listed cryptocurrency ETFs, suggesting that raising $500 million in aggregate would be a fortunate outcome.

The number of crypto assets in existence has soared to over 2.52 million, representing a 5.7-fold increase since the end of 2021. The pace of new coin creation surged in 2024, with approximately 5,300 tokens launched daily.

In a move to support the development of meme coins, The Open Network (TON) has launched Memelandia, a hub dedicated to meme coin creators. The project aims to raise awareness and provide resources for the emerging category of cryptocurrencies.

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