Crypto Market Analysis: The increasing demand from the traditional market through spot BTC ETFs continues to strengthen the underlying asset Bitcoin. Rallying for five consecutive days, this digital asset recorded 17% growth to reach a currency trading price of $59722.
On February 27, the cryptocurrency market saw significant activity with more than $2 billion traded across the Nine ETFs, including a record $1.3 billion in trade for $IBIT. In addition, LookonChain reported significant institutional interest in Bitcoin, with eight spot ETFs adding 9,901 BTC ($564 million).
Fidelity led these additions with 4,460 BTC ($254 million), followed by ARK21Shares with 2,394 BTC ($136.4 million), and Blackrock with 2,051 BTC ($116.85 million), while Grayscale increased its holdings with 921 BTC ($52.5 million) decreased. This 10x to 12x demand of the traditional market versus the 900 Bitcoin mined every day highlights an aggressive accumulation trend among investors.
Amid the bullish trend, altcoins such as Ethereum (ETH), Gala and Pepecoin (PEPE) may provide additional opportunities to enter long positions.
Also Read: MicroStrategy Follows Bitcoin With MSTR Share Gaining 10%, What’s Next?
Ethereum Profitable Transfer Ratio Hits Record High, Fuels Rally Optimism
The second largest cryptocurrency Ethereum is actively following the trail of Bitcoin which records a jump of 15.3% in a week. The ETH price is currently trading at $3345 and has seen an increase of almost 50% since last month.
According to the latest data from Santiment, a well-known crypto analysis firm, the Ethereum network is currently experiencing a significant increase in the ratio of profitable transfers in the chain. As of this week, Ethereum boasts its highest ratio since November, with 2.3 profitable transfers for every one that takes place at a loss. This indicates a prevailing bullish sentiment among Ethereum holders, with many able to move their coins at a profit.
An analysis of the daily chart shows that the recent upswing gave a decisive breakout of the upper boundary of the growing channel pattern on February 26. An upward breakout from the setup that carried a bullish rally for more than 100 days suggests that the buyers are pushing for an even more aggressive rally.
The post breakout rally could reinforce the Ethereum price chase potential target of $3600 followed by $3950.
Also Read: Ethereum ICO Investor Ignite Massive Coinbase Dump As ETH Price Rises To $3200
What lies ahead for Pepe Coin after 200% surge in a week
The frog-themed memecoin PEPE entered an aggressive recovery trend last week when the price bounced back from the $0.0000011 support. Within a week, the coin price has increased by over 200% to currently trade at $0.0000034.
Amid the broader market sentiment, the PEPE price saw additional momentum with the breakout of inverse head and shoulders patterns. Additionally, a wallet that was reactivated after 650 days of dormancy withdrew $1.03 trillion in $PEPE tokens from Binance, according to Lookonchain, a keen observer of activity in the chain.
The withdrawal preceded a sharp increase in $PEPE’s value, resulting in an unrealized profit of $1.34 million, a 95.3% gain, in less than three days. This fortuitous timing raises questions as to whether this was a case of smart trading strategies or potential insider knowledge.
With an intraday uptick of 25%, the Pepe price recently breached the $0.00000287 resistance. If the price shows sustainability above this level, the Pepe coin could rise to $0.00000386, followed by $0.0000044.
Also Read: Bitcoin Nears $60K: Reasons Why BTC, ETH, XRP, PEPE Price Rises Today
GALA Price escapes an 18-month downtrend
GALA, the core utility token for Gala Games showed almost 86.6% growth in a month as price rose from $0.02 to $0.038. This recovery coupled with increasing volume and a massive surge in public interest reflects sustainable growth.
Recent data from Coinglass, a provider of derivatives market analysis, indicates a significant increase in the GALA Futures Open Interest, which rose 168% in just one month, from $46.54 million to $127.8 million. This significant increase implies a growing interest of traders and investors in the future price movements of GALA.
Amidst the recent rally, the GALA price gave a decisive breakout from a descending trendline that had been trending downward for the past 18 months. This breakout indicates a change in traders’ sentiment and the potential for a new recovery trend. With an intraday loss of 8%, the GALA price could retest the immediate support of $0.0355 or breach the trend line at $0.032.
A post-test rally could strengthen buyers to chase the $0.5 and $0.627 potential targets.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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