Bitcoin’s Short-term Holder Realized Price Surpasses Long-term Holders, Indicating Bull Market Transition
Per data from on-chain analytics platform Glassnode, the short-term holder realized price of Bitcoin has surpassed the long-term holder’s realized price, which historical data has marked the transition from bear market to bull market.
Data from CryptoQuant suggests that BTC’s Spent Output Profit Ratio (SOPR) is at a low level similar to that which occurred in November 2020, indicating a potential bullish sentiment in the market. Despite a decline in BTC’s weighted sentiment since March 12, the Open Positions count has increased by 31% in the past 20 days, signaling growing investor interest in the coin. Positive funding rates during this period suggest a positive price rally.
Crypto analytics platform Santiment suggests that traders should monitor the combined buying power of stablecoins such as Tether, USD Coin, Binance USD, Pax Dollar, and Dai for a potential Bitcoin rally. The firm notes that the combined buying power of the top five stablecoins has doubled since March 2021 and currently stands at $126.31 billion. Santiment believes that a rise in stablecoin market cap would increase the probability of Bitcoin rising.
Bitcoin is aiming for its highest weekly close in ten months as it holds steady at around \(28,000. Analysts warn that if Bitcoin rises to take out ask liquidity around \)30,000, this could trigger “massive” liquidations, leading to further upward momentum. However, the current trading zone represents a major hurdle for bulls to overcome.
Altcoins Trading Flat with Minor Changes
Ethereum, along with other major altcoins, didn’t see huge volatility during the weekend. ETH posts a -0.43% change in price throughout the day, while SHIB, ATOM, and XLM record an over 3% gain. DOGE seems to be the biggest winner among the top 20 crypto currencies by market cap today with an outstanding 7.63% increase.
SHIB Sets New Record as Network Activity Surges, Leading to Major Price Increase
The price of SHIB has increased to its highest point since March 14th, with a 1,632% increase in the burn rate in the past 24 hours.
Shiba Inu’s network activity has hit a record high in 2023, with nearly 36,000 SHIB addresses transacting on the network. The surge in interaction occurred just before the SHIB price breakout after a long period of accumulation and a decline in volatility. According to IntoTheBlock, the majority of transactions made during the surge in network activity were in the \(10-\)100 range, although there were also some big deals involving SHIB.
HT Stabilizes as Tron Founder Justin Sun Denies Reports of Selling Stake in Huobi Global
Tron founder Justin Sun has denied rumors that he is looking to sell an undisclosed stake in crypto exchange Huobi Global. A Bloomberg report on April 1 claimed Sun was seeking to sell a stake in the exchange to raise funds. Sun has denied the speculation and said that Huobi is committed to providing a safe and reliable platform for trading and investment in cryptocurrency. At the time of writing, Huobi Token (HT) has nearly been back to its daily high of \(3.68 after falling under \)3.65.
Top Altcoin Gainers and Losers
Kaspa KAS (+15.58%)
Aptos APT (+10.64%)
Dogecoin DOGE (+7.63%)
eCash XEC (-8.18%)
Conflux CFX (-5.50%)
Arbitrum ARB (-4.49%)
NFT Market Map
Surprisingly, Wrapped Cryptopunks is the only collection in the top 10 NFT projects by volume traded to mark a whooping 1,393.14% surge in volume today. DeGods has a good start on Ethereum as its trading volume has risen by 554.04% over the past 24 hours.
Yuga family collections still dominate the leaderboard, but they don’t see a huge spike in trading volume. Otherdeed only adds 0.97% to its volume today, while Bored Ape Yacht Club’s number has dropped by -33.50%.