Wednesday’s sell-off in technology stocks weighed on major US indexes, with the S&P 500 closing down 0.17% and the Nasdaq Composite dropping 0.54%. However, Bitcoin’s rally continues, with the latest data from BitPush showing that its current price is $73,196.40, a 3.3% increase in the past 24 hours.
Earlier in the day, the Ethereum blockchain successfully completed the Dencun upgrade. However, ETH faced resistance near the $4,100 mark and lost the crucial $4,000 position. As of writing, its trading price is $3,988.90, with a 24-hour increase of 1.36%. According to data from IntoTheBlock, Ethereum’s Netflow indicator has significantly increased, with a trading volume of 8,529,000 ETH. This suggests that the amount of Ethereum flowing into exchanges exceeds the outflow, leading to a continuous increase in the platform’s reserves and implying a possible price decline.
Solana broke through $160 on Wednesday, reaching a high of $166.45, the highest price since January 2022, with a 24-hour increase of 13% and a monthly increase of 44.8%. WIF has surpassed FLOKI to become the fourth largest meme token by market capitalization. Dogwifhat (WIF) gained popularity since its launch at the end of last year, following tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk. The community announced today that its “sphere wif hat” plan has successfully raised over $670,000 and will advertise on the new landmark building MSG Sphere in Las Vegas.
Potentially influenced by this news, WIF has risen 35% in the past 24 hours, surpassing FLOKI to become the fourth largest meme token by market capitalization, reaching a market value of $2.6 billion a few months after its launch. WIF currently ranks 52nd among all cryptocurrencies, while the largest meme token, DOGE, ranks 10th with a market value of $24 billion.
The broader financial market is digesting the US CPI report for February, which indicates that inflation remains high, potentially hindering the Federal Reserve’s willingness to cut interest rates. According to the CME Group’s FedWatch tool, rate traders are betting that the Fed will keep rates unchanged in March and May and may cut them for the first time in June. However, FedWatch predicts a 58% chance of a rate cut in June, with 35% of rate traders still betting on a pause in rate cuts that month.
Analyst Barthere from Nansen Principle expects that there will not be a significant sell-off in cryptocurrencies. He stated, “Because this repricing has happened over the past few months, there is no need to question whether it is consolidation in a bull market or a significant sell-off.”
However, analysts from Swissblock warn that based on the trend between Bitcoin’s price and the RSI momentum indicator on the 4-hour chart, BTC’s upward momentum is weakening. RSI is a widely used momentum indicator to measure the speed and scale of asset price changes. The analyst stated, “We expect BTC to fall to $58,000-$59,000 (a 20% decline from the current price) in the next step and then resume its upward trend as the top has not been reached yet.”
Author: BitPushNews Mary Liu
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Tags:
2023 Market Trend
Dencun
DOGE
Floki
MEME
SHIB
Solana
WIF
Ethereum
BitPush Daily Market Dynamics
Bitcoin
Bull Market
Market Trend
Note: The views expressed in BitPush articles represent the author’s opinion and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6383872
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