The Crypto Market Officially Enters Bull Market signifies a shift in the overall crypto market trend towards the positive. This is marked by several indicators, such as:
- Significant and sustained price increases of crypto assets: Prices of Bitcoin (BTC) and Ethereum (ETH), as two renowned crypto assets, generally serve as primary benchmarks. The increase in their prices is followed by a rise in the prices of other crypto assets (altcoins).
- High trading volumes: Increased trading volume indicates high investor interest in crypto assets.
- Positive market sentiment: Positive news about crypto assets and blockchain technology, as well as the increasing adoption of crypto, can enhance investor confidence and drive positive market sentiment.
Entering mid-March 2024, market sentiment is high with Bitcoin reaching a new record above $70,000. One of those responding to the news about the current bullish market is the Victory EMC BTC Cycle Fund.
They are a compliant Bitcoin Fund parent company in Hong Kong, together with EMC Labs releasing a summary of the Bitcoin market last week. They stated that they have entered the acceleration phase of the bullish market.
Also read: Bitcoin Surpassed $70,000 and Recorded $72,000 as the New ATH on Monday
Current Conditions Mid-March 2024
Current financial conditions are very strong and have officially entered the acceleration phase of the bullish market.
Market summaries indicate price fluctuations after Bitcoin surpassed $69,000. On March 5th, there was a daily decline of around 6.67% with a price variation of 14.7%.
It is normal for market sentiment to be volatile when reaching all-time highs. The average short-term investor gains have slightly decreased from 40% to 37%.
There is a possibility that a small number of short-term investors have sold before and after the price reached its previous peak.
Despite fluctuations, underlying confidence remains high. Coinbase's trading volume, a leading platform in the United States, has been steadily increasing over the past two weeks.
From an overall market structure perspective, supply and demand remain strong. If a price correction occurs, it is likely to be temporary, as it did two months ago when the price dropped from $48,000 to $39,000 and then rebounded.
Net inflows into US BTC spot ETFs remain stable, especially on March 5th, reaching the highest peak since January. Total inflows last week almost reached $2 billion, indicating significant institutional interest.
USD Stablecoin used as the value in BTC experienced a net inflow of $3.64 billion last week, indicating a strong trend in the market. On the other hand, buying power on major exchanges continues to grow, indicating strong purchasing interest.
What's Happening in This Week?
This week, there has been a net outflow of about 40,000 BTC from BTC exchanges, indicating investors continue to accumulate assets.
EMC Labs monitoring shows that institutions, organizations, and governments worldwide now hold a total of 2.29 million Bitcoin, an increase of about 36,000 from the previous week.
Fundamental Bitcoin indicators such as the number of new wallet addresses, active entities, and chain transfer fees have essentially recovered by 10% in the last 2 weeks.
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