The global crypto market capitalization is down to $2.07 trillion, down 6% in the past 24 hours. Bitcoin fell about 5 percent in the past day. Price fell from above $47,000 on Thursday to around $45,000 early Friday. Whereas, the largest altcoin, Ethereum saw a fresh correction of 4% in 24 hours. As of press time, it is trading at the $3.3k mark.
So what comes next? Fear? ROI loss?
do you think the grass is green
First, let’s talk about the fear factor. The Fear and Greed Index (which analyzes feelings and emotions from a variety of sources) stood at 50. it represents more neutral feeling across the board.
Following this, holders of Bitcoin and Ethereum seem to be taking profits as both saw a surge in transactions a few days back. The given insight analyzes whether a transaction is made when a position is in profit or loss. For the first time since November, profit transactions versus loss transactions were more than three times as high, according to data from Sentiment.
To put this in more perspective or to support, one can use IntoTheBlock’s insights. Speaking of bitcoin, 71% of BTC holders made huge gains while 28% saw losses. On the other hand, 80% of ETH holders saw gains compared to only 18% of ETH holders who saw losses.
A widely followed crypto strategist charted the Bitcoin (BTC) and Ethereum (ETH) trajectories in separate tweets. He expects a rise to $51k-$53k for most major cryptocurrencies. Indeed, the Luna Foundation Group get more BTC will accelerate this growth.
Pentoshi, a pseudonymous crypto analyst, had this to say,
One should expect the annual open and the purple box to act as support for now.
Possible small pullback as LFG and Do Kwon appears to be AFK of the green button
Looking to continue till 51-53k during the next rally $BTC pic.twitter.com/uMQhUI5XqB
— pantoshi (@pantosh1) 30 March 2022
The trader weighs in on the forecast for ETH following the recent $600+ million hack in the Ethereum side-chain Ronin network. The merchant believed that the hack may well have happened. Second largest crypto asset by market cap can go ahead and Push it above the $3,600 level.
,Personally believe this is a bullish hack. looking as $ETH Sent to FTX. Think 36xx is coming within days.”
This story is depicted in the graph below.