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Why is Bitcoin Crashing?
After hitting a new all-time high of $73,750 on Thursday, March 14th the price of Bitcoin has suddenly begun to crash, losing more than 8% of its price in just a few days.
If you have been in the market for a while, you should know that after reaching a new all-time high - it is to be expected that the price. After any new all-time high, it's an absolute certainty the price will drop, it's a question of timing.
As for timing, the Consumer Price Index (CPI) numbers were released this week and this coincided nicely as the catalyst to trigger the drop in the price of Bitcoin as the numbers were higher than the market had estimated.
- Inflation data:
- CPI +3.2% (estimated: 3.1%)
- Core CPI +3.8% (estimated: 3.7%)
- PPI +1.6% (estimated: 1.1%)
Consumer Index Numbers Released - Repricing of Bitcoin
The impact of higher-than-estimated CPI numbers tends to result in the readjustment of asset classes to reflect the higher yields. Its not just Bitcoin that is affected, but all asset classes and in this case negatively, except the US Dollar - which has increased in the last few days as a result of these numbers.
Also, the massively overleveraged long positions on Bitcoin have contributed to the sudden drop in the price of Bitcoin (and will likely continue to drop in price).
Future New All-Time Highs for Bitcoin?
While the market is trending downward at the moment, we do expect to see this trend continue in the short term. However, in the longer term, we anticipate Bitcoin to exceed $100,000 before the end of 2024- which seems much more realistic today than it did even just 30 days ago 😄.
Join Us - As We Prep for The Crypto Run-Up
The price of Bitcoin is now sitting above the $66k mark and while this may sound like a lot of money for a single Bitcoin, we believe this is just the beginning of what will become one of the biggest growth opportunities we have seen in the crypto space for at least the last four years.
If you haven't already started diversifying your portfolio with crypto, it's still not too late. Now is an excellent time to enter the market while prices remain relatively low.
If you want to know what we are buying, you are welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - Become a member to gain access.
Richard.
Top 100 Trending Altcoins
CryptoBubbles.net -
In many months, this is the first week of RED in the crypto market.
Today's Crypto Fear & Greed Index
Today's Crypto Fear and Greed Index = EXTREME GREED –> Decreased to 81 (from 84 last week).
Bitcoin & Ethereum Price Movement
Bitcoin decreased 1.4% in the last week, currently trading at $67,348. In the previous 90 days, Bitcoin has increased by 56.7%.
Ethereum decreased 7.1% in the last week, currently trading at $3,619. In the previous 90 days, Ethereum has increased by 41.6%.
Global cryptocurrency market capitalization has decreased to $2.55T (from $2.58T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
BOOK OF MEME (BOME) +2,129% - Ranked #98
The BOOK OF MEME (BOME) project aims to bridge the gap between meme culture and the DeFi (Decentralized Finance) space, leveraging the viral potential of memes to engage and expand its community. BOME operates within the broader cryptocurrency ecosystem, focusing on creating a platform where memes are not just for entertainment but also hold value and can be traded or utilized within the project's ecosystem.
BOME tokens serve as the primary currency for transactions and interactions within this ecosystem, incentivizing participation and contribution to the meme culture in a decentralized setting. The project represents a novel approach to integrating popular digital culture with blockchain technology, aiming to attract users through humor, engagement, and financial incentives.
0x Protocol (ZRX) +110% - Ranked #94
The 0x Protocol (ZRX) is a foundational infrastructure that facilitates the peer-to-peer exchange of assets on the Ethereum blockchain. Aimed at providing a high degree of flexibility and scalability, 0x enables developers to build their decentralized exchanges (DEXs) or other financial applications that can seamlessly exchange Ethereum-based tokens.
At its core, 0x uses smart contracts to allow users to trade directly with one another, bypassing the need for centralized exchanges and reducing the associated risks and fees. ZRX, the native token of the 0x Protocol, facilitates governance decisions within the network, allowing token holders to vote on proposals that affect the system's upgrade and future development.
Jupiter (JUP) +68.8% - Ranked #64
Jupiter (JUP) is a decentralized exchange (DEX) aggregator on the Solana blockchain, focusing on aggregating liquidity to offer users optimal prices and minimal slippage for trades. It bridges assets between blockchains, supports decentralized perpetual trading with high leverage, and includes a launchpad for new Solana projects.
The project emphasizes a community-centric approach, with plans for its JUP token to facilitate governance, engagement, and incentivization within its ecosystem. Jupiter's infrastructure aims to be a central liquidity solution for Solana, enhancing user experience in DeFi by integrating with numerous DEXs and providing advanced trading features.
Pyth Network (PYTH) +39% - Ranked #72
Pyth Network (PYTH) is a decentralized oracle service delivering real-time financial data to DeFi applications, powered by first-party data from over 90 global sources. It aims to provide accurate, timely market information directly on blockchain networks, supporting a variety of applications in trading, lending, and more.
Pyth stands out by offering data directly from producers, ensuring high fidelity and reducing dependency on third-party data providers. This model supports scalability and integration across multiple blockchains, facilitating DeFi's expansion into new markets and asset classes. Pyth uses a native token, PYTH, for incentive alignment and data accuracy.
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos weekly, looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days)
- FAKEAI +4,392% - Telegram Bot DeepFake AI (Nano-Cap)
- EVEAI +1,218% - Generative + Adult-Themed AI (Micro-Cap)
- LIMA +902% - Messenger & Crypto Wallet (Micro-Cap)
- AEGIS +491% - AI-Powered Blockchain Tools (Micro-Cap)
Meme Coins:
Meme Coins, are cryptocurrencies inspired by internet memes, humor, and or online communities. Overall the meme coin sector has continued to perform well this week.
However, as fun and novel as these projects may be, the majority of meme coins have no intrinsic value and often suffer from pump-and-dump schemes. While we don't recommend investing in these types of coins, it is always interesting to watch this sector perform in a bull market.
Top Performing Meme Coins
Meme coins continue to soar, Taylor Swift's Cat takes the prize for the largest gains of over 23,976% in the last 30 days.
Monthly Altcoin Pick
Two weeks ago, we released our March Altcoin Pick, a Layer-1 AI-Powered Oracle.
This project uses AI to gather, verify, and provide external (real-world) data from smart contracts. This new functionality is a game changer when it comes to the automation and self-execution of smart contracts. You can learn more about AI-powered Oracles here.
If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a few cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks, this is the methodology we use.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
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