Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000: ETH, PEPE, GALA
Release: 2024/02/28 20:39 Reading: 382
Crypto Market Analysis: The increasing demand from the traditional market through spot BTC ETFs continues to bolster the underlying asset Bitcoin. This digital asset raising for five consecutive days has recorded 17% growth to reach a currency trading price of $5922.
On February 27, the cryptocurrency market saw significant activity with over $2 billion traded across the Nine ETFs, including a record $1.3 billion in trades for $IBIT. Alongside, LookonChain reported substantial institutional interest in Bitcoin, with eight spot ETFs adding 9,901 BTC ($564 million).
Fidelity led these additions with 4,460 BTC ($254 million), followed by ARK21Shares with 2,394 BTC ($136.4 million), and Blackrock with 2,051 BTC ($116.85 million), while Grayscale reduced its holdings by 921 BTC ($52.5 million). These 10x to 12x demand from the traditional market against the 900 Bitcoin mined every day, accentuates an aggressive accumulation trend among investors.
Feb 27 Update:
8 ETFs added 9,901 $BTC($564M) today while #Grayscale only decreased 921 $BTC($52.5M).#Fidelity added 4,460 $BTC($254M);#ARK21Shares added 2,394 $BTC($136.4M);#Blackrock added 2,051 $BTC($116.85M);https://t.co/xsTRw2YsSJ pic.twitter.com/FTkY2FF9lj
— Lookonchain (@lookonchain) February 27, 2024
Amid the bullish trend altcoins like Ethereum (ETH), Gala, and Pepecoin (PEPE) may offer additional opportunities to enter long positions.
Also Read: MicroStrategy Follows Bitcoin With MSTR Share Gaining 10%, What’s Ahead?
Ethereum Profitable Transfer Ratio Hits Record High, Fueling Rally Optimism
The second-largest cryptocurrency Ethereum is actively following the trail of Bitcoin recording a 15.3% jump within a week. Currently trading at $3345, the ETH price has witnessed a rally of nearly 50% since last month.
According to the latest data from Santiment, a renowned crypto analytics firm, the Ethereum network is currently experiencing a significant uptick in the ratio of profitable on-chain transfers. As of this week, Ethereum boasts its highest ratio since November, with 2.3 profitable transfers for every one that occurs at a loss. This indicates a prevailing bullish sentiment among Ethereum holders, with many able to move their coins at a profit.
? This week, the #Ethereum network is seeing its highest ratio of profitable #onchain transfers since November, with a 2.3 to 1 ratio of coins moving at a profit vs. loss. Meanwhile, #Bitcoin's ratio is also quite high at 1.8 to 1. #Cardano is one of the few seeing more loss… pic.twitter.com/wLpCEpt7bZ
— Santiment (@santimentfeed) February 27, 2024
An analysis of the daily chart shows the recent upswing gave a decisive breakout from the upper boundary of the expanding channel pattern on February 26th. An upside breakout from the setup which carried a bullish rally for over 100 days indicates the buyers are pushing an even more aggressive rally.
The post-breakout rally may bolster the Ethereum price chase potential target of $3600, followed by $3950.
Also Read: Ethereum ICO Investor Ignites Massive Coinbase Dump As ETH Price Soars To $3200
What’s Ahead for Pepe Coin After 200% Surge In a Week
The Frog-themed memecoin PEPE entered an aggressive recovery trend last week when the price rebounded from the $0.0000011 support. Within a week, the coin price surged over 200% to trade at $0.0000034 currently.
Amid the broader market sentiment, the PEPE price witnessed additional momentum with the breakout of inverted head and shoulder patterns. Moreover, a wallet reactivated after 650 days of dormancy withdrew 1.03 trillion $PEPE tokens from Binance, according to Lookonchain, a keen observer of on-chain activities.
The withdrawal preceded a sharp increase in $PEPE’s value, leading to an unrealized profit of $1.34 million, a 95.3% gain, in under three days. This fortuitous timing raises questions about whether this was a case of smart trading strategies or potential insider knowledge.
A wallet withdrew 1.03T $PEPE($2.76M currently) from #Binance before the price of $PEPE increased, with an unrealized profit of $1.34M(+95.3%) in less than 3 days.
This wallet had been inactive for over 650 days before withdrawing $PEPE from #Binance.
Smart trader or insider?? pic.twitter.com/sDLJcVl5EF
— Lookonchain (@lookonchain) February 28, 2024
With an intraday of 25%, the Pepe price recently breached the $0.00000287 resistance. If the price shows sustainability above this level, the Pepe coin may rise to $0.00000386, followed by $0.0000044.
Also Read: Bitcoin Nears $60K: Reasons Why BTC, ETH, XRP, PEPE Price Are Rising Today
GALA Price Escapes an 18-Month Downtrend
GALA, the core utility token for Gala Games has showcased nearly 86.6% growth within a month as price surged from $0.02 to $0.038. This recovery in tandem with increasing volume and a massive surge in Open interest reflects sustainable growth.
Recent data from Coinglass, a provider of derivative market analytics, indicates a significant spike in the GALA Futures Open Interest, which has soared by 168% in just a month, climbing from $46.54 million to $127.8 million. This substantial increase implies a growing interest from traders and investors in the future price movements of GALA.
Amid the recent rally, the GALA price gave a decisive breakout from a downsloping trendline which carried a downtrend for the past 18 months. This breakout signals a change in traders’ sentiment and the potential for a fresh recovery trend. With an intraday loss of 8%, the GALA price may retest the immediate support of $0.0355 or breach the trendline at $0.032.
A post-test rally may bolster buyers to chase the $0.5 and $0.627 potential targets.
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