Crypto currency market has seen a significant increase of 2.2% in 24 hours, reaching a value of $2.66 trillion, driven by intense buying in what some might call “veteran” but others refer to as “old” altcoins. The Crypto Fear and Greed Index climbed to its highest level since March 27, hitting 80, which indicates a state of extreme greed. There are developments that prove the crypto market is now in a bull phase. Here are some of them.
Bitcoin Gains 5% in Value
Bitcoin saw a significant rise yesterday, gaining over 5% in value and reaching up to $72,800, which is about a thousand dollars below its all-time high. The price increase served as a reminder that this is a bull market for cryptocurrencies. The corrective pullback from the highest levels of March has turned into a much-needed break, allowing for further upward movement in Bitcoin.
Ethereum also experienced a rise yesterday, gaining approximately 10% in value and surpassing its highest level since March 15 at $3700. There has been a pullback since Tuesday morning, but it seems more like a profit-taking attempt after six consecutive days of gains rather than the start of a downturn.
Inflows into Crypto Investment Products
According to CoinShares, inflows into crypto investment products amounted to $646 million. Bitcoin investments saw an inflow of $663 million, Solana $4 million, and Litecoin $4.4 million. There are signs that the excitement around ETFs is waning. CoinShares noted that last week’s trading volume fell from $43 billion in the first week of March to $17.4 billion.
Santiment predicts that inflows into spot bitcoin ETFs will continue until the halving event, but does not attempt to forecast investor behavior after the event.
Ripple CEO Brad Garlinghouse believes that the total value of the crypto market will double by 2024, exceeding $5 trillion. He expressed great optimism about the emergence of spot bitcoin-ETFs in the US, which he says will “bring real institutional money to the table for the first time”.
Developments in Cardano and Solana
Cardano Blockchain co-founder Charles Hoskinson announced that there will be two major updates, one of which is planned for 2024. He stated that the Chang hardfork is scheduled for the second quarter and that it will be the biggest upgrade since the launch of Vasil in September 2022.
Solana Labs co-founder Anatoly Yakovenko mentioned that Solana developers are looking for solutions to combat network congestion, but it will take time. The Solana Blockchain has faced a series of failed transactions in recent weeks due to the meme coin explosion and significant increases in DEX trading volumes within the ecosystem.
