Bitcoin, along with prominent altcoins such as Ethereum, Dogecoin, Ripple, Solana, and Litecoin, faced substantial declines.
Following the release of the U.S. Producer Price Index inflation report on 14th March, the cryptocurrency market, led by
Bitcoin, which had been on a bullish trend, saw its value drop from $73,000 to below $68,414 at press time, marking a 6.80% decrease. This abrupt shift in the crypto landscape occurred amid concerns surrounding inflation and its potential impact on the broader financial markets.“They’ve been tracking Bitcoin gains post ETF approvals, but obviously they lack the $500M to $1B daily inflows we have. That should be the main indicator that their gains are unsustainable.
Drawing attention to the substantial difference in daily inflows between Bitcoin ETFs and other cryptocurrencies, Mow has raised concerns about the lack of significant investment influxes in altcoins when compared to Bitcoin.“Solana market cap is $73B, whereas $MSTR is $30B. That’s just nuts. Alts are overdue for a major correction.”
This juxtaposition, he suggests, reveals an imbalance in the market. He anticipates a rare scenario wherein there’s a substantial dip in altcoins while Bitcoin continues to rise, diverging from the usual pattern.showed that the altcoin market capitalization was $1.177 trillion, marking a 51.62% increase since the beginning of the year. Bitcoin’s dominance, with over $1.34 trillion in capitalization and a 61.61% value increase, underscores Mow’s caution.
Hence, his warning urges investors to navigate the evolving crypto market dynamics carefully. Amid growing speculation and greed, his words highlight the inherent risks of chasing lofty gains in the altcoin sector.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana price hits 2 year peak yet falling short to 1000x A.I. token O2TWhile Solana (SOL) has been basking in the glow of reaching a two-year price peak, a new player, Option2Trade (O2T),
Read more »
As Solana’s price nears $150, ChatGPT has an interesting predictionSolana has emerged as quite the market leader with its price moves in the past, ChatGPT thinks it will reach $800 by Q4 of 2024.
Read more »
Solana’s price can rally to $200 if this prediction comes to passSolana is projected to continue its rally of the past few months. The $150 mark posed some resistance but would soon be overcome.
Read more »
Solana: Whales handing off SOL holdings means this for price predictionAs prices experienced a surge, large Solana holders decided to liquidate their holdings. How will price be impacted?
Read more »
$250M USDC gets minted on Solana – What’s happening?$250 million worth of USDC was generated on the Solana network. How will SOL be impacted by this and will its price grow?
Read more »
Solana flips Ethereum on this front, thanks to the memecoinsSolana's [SOL] share of the total decentralized exchange (DEX) volume has grown significantly over the past year.
Read more »