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Cryptocurrency investors are currently experiencing an exciting and hopeful start to Thursday, March 21. Bitcoin’s price has once again climbed above $68,000, just 50 minutes after the daily close. The outflow of GBTC has slowed, and the fear of the Fed is now being shrugged off by investors. So, what’s the latest situation?
Current State of Cryptocurrencies
Bitcoin‘s price recently dropped below $61,000 and fell to $60,774 on the Binance exchange. Experts have been suggesting, and we have discussed here, that a close below $68,000 would trigger the $60,000 support level. We have largely witnessed this scenario unfold.
According to data from investment firm Farside, the third day of the week saw the lowest GBTC outflows. With the increase in the BTC price, it is expected that ETFs will start the day with buying interest when the US markets open in about 12 hours, which could drive cryptocurrencies higher.
For now, forecasts are becoming optimistic and even stronger as the US market opening time approaches. Aside from ETF demand, amidst volatility, MicroStrategy’s BTC holdings have increased to 214,246. This means that roughly 1% of Bitcoin’s supply is in the hands of Michael Saylor’s company. This also implies that the available supply for sale (unless they act contrary to their long-term holding claim) is becoming even more scarce.
Among the top 100 cryptocurrencies, FLOKI, STX, RUNE, and PEPE Coin continue the day with a 20% increase.
TRU and ETHFI Coin Analysis
Among the cryptocurrencies that have seen the most increase on the Binance exchange are TRU and ETHFI Coin. They continue the day with increases of 46% and 35%, respectively. The $0.1 threshold is extremely critical for TRU Coin. If the general market sentiment strengthens (currently an optimistic scenario), the key region could be surpassed, targeting $0.147 in the first quarter of 2023. Closures above this could aim for peaks of $0.21 and $0.3.
ETHFI Coin is a much newer cryptocurrency and was listed on the Binance exchange on March 18. Although it peaked at $5.3, the general market downturn has also dragged it down, regardless of its recent listing.
In the hourly chart, we see that the sideways movement, which continues below the $3.49 barrier, is disrupted by an upward breakout. A potential pullback could target $3.64, but if $4.44 is surpassed in the coming hours, bulls could push towards a new all-time high beyond $5.3. Such newly rising altcoins often exhibit much more abnormal volatility in their first few months.
