Bitcoin, virtual gold, made headlines again this week by reaching a historic high. According to Santimenta provider of on-chain analytics, despite Bitcoin’s remarkable feat, fatigue seems to be setting in within the trading community, with growing interest in altcoins.
Historic summit
On March 8, Bitcoin briefly crossed the threshold $70,000 on Coinbase, reaching a new peak. However, it quickly fell back from that peak for the second time in a week, stabilizing around 68,000 dollars shortly after. This back and forth raises a pertinent question: and altcoins in all this?
This recent surge in crypto markets has been widely fed by institutional investors, as evidenced by consecutive days of high trading volumes and entries into the new spot Bitcoin ETFs launched last January.
Santiment data also shows that Bitcoin “social activity” remains strong compared to other assets, maintaining a robust 27.5%. As a reminder, the “social activity” of a token is its popularity on social networks. In the case of Bitcoin, this means that 27.5% of posts, articles, analyzes, etc. in the crypto field talk about Bitcoin.
Bullrun or not?
Santiment especially notices one thing: previously inactive cryptos begin circulating again at a rapid pacea common phenomenon observed on the eve of a bullrun. Santiment suggests that until we see widespread euphoria and stagnant movement of currencies on the Bitcoin network, there is potential for the overall market capitalization to continue to climb.
The well-known crypto investor on Scott Melker said he was very optimistictelling his large audience on March 8 that he anticipated the start of a Bullrun for Bitcoin, as well as for the crypto market as a whole.
Bitcoin Hits $72,000 | Crypto Bull Run | Macro Monday https://t.co/OkHDXXPDlt
— The Wolf Of All Streets (@scottmelker) March 11, 2024
“I believe we are seeing the beginnings of a Bullrun, where even coins without fundamental value could see astronomical gains before an inevitable correction. »
At the time of writing, the market capitalization of the crypto market stands at $2.72 trillionits level the highest since December 2021 and only 12% below its peak.
On the JPMorgan side, analysts have projected the potential size of the Bitcoin ETF market at around 62 billion dollars within two to three years.
This period appears to mark a turning point in the crypto landscape, where interest is diversifying beyond Bitcoin, sparking the altcoin season. And of course, common wisdom reminds traders to navigate these volatile waters with caution, watch out!
Sources: SantimentScott Melker, DailyCoinPost
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