2024-03-09 13:33:27
“Should have bought” is a news podcast with the editors and friends of ForkLog regarding the main industry events of the week and the “hottest” tokens.
Topics of the issue: a new historical maximum for Bitcoin, the beginning of the “unloading” of hodlers, the impending altseason and an off-scale fear index.
Contributed by: ForkLog Lena Jess, Alex K., Vasily Smirnov.
Special guest: ERGO founder Alexander Chepurnoy.
Bitcoin updated ATH
On March 5, the first cryptocurrency surpassed the $69,000 level on Coinbase and a number of other exchanges. The last time such values were observed was in November 2021.
A rapid correction to $59,000 soon followed, accompanied by massive liquidations of long positions.
However, following a short time, the price of Bitcoin almost completely regained the lost ground. Ethereum quotes are very close to $4000.
The Bitcoin price maximum update occurred for the first time before the halving (within the market cycle).
On March 8, digital gold recorded a new ATH near the $70,000 mark.
Kaiko drew attention to trading volumes, which “reached a multi-year high of more than $20 billion.”
The fear index is off the charts
The cryptocurrency fear and greed index reached 90, the highest level since February 2021.
For several years, the metric was below 70. Market sentiment began to improve noticeably since last fall as the market recovered and entered a bullish phase.
The fact that the rally is in full swing is also evidenced by the high “kimchi premium” on South Korean exchanges and technical glitches on Coinbase.
The most patient Bitcoin whale
An unknown user sold 1,000 BTC mined in 2010, earning approximately $68 million.
In early March, an early Bitcoin miner consolidated coins from several wallets.
On March 5, as the price reached a new high, he transferred the amount to Coinbase.
The Bitcoin exchange rate at the time the user was mining the cryptocurrency in 2010 was regarding $0.28.
Some commentators have suggested that the “dump” of such an amount was one of the reasons for the short-term correction in digital gold.
Meme madness as a sign of altseason
K33 Research experts have concluded that the “X” of meme coins like DOGE, SHIB, BONK, PEPE and WIF is an early sign of altcoin season.
CoinDesk noted that in the past, such episodes were harbingers of Bitcoin reaching a local peak.
Shiba Inu bypassed in terms of capitalization, projects such as Avalanche, Polkadot and Tron. The total market value of the coin has exceeded $20 billion. Open interest for perpetual contracts on SHIB exceeded $100 million for the first time since August 2023.
Meanwhile, Solana was flooded with misspelled meme tokens like Jeo Boden, Danold Tromp, and Olen Mosk. Martin Li of Nansen Data explained FOMO low network transaction fees.
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