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Bitcoin Tops $43K, Massive Jupiter (JUP) Airdrop and Solana’s Rise: This Week’s Crypto Recap

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The market continues its recovery from the plunge that took place last week and is currently stable above the $1.7 trillion mark in terms of total capitalization. This comes on the back of increases in Bitcoin’s price, a massive airdrop, as well as a proper performance from some major altcoins.

Starting with Bitcoin – managed to push past the $43K level and even attempted a shot at $44K but came short. This puts BTC at an increase of slightly less than 5% for the past seven days, which marks yet another week of recovery.

Market participants are eager to find out whether the next few weeks will see the bull run continue or if there is more pain ahead.

It was another event that took center stage this week, however.

We’re talking about the Jupiter airdrop on Solana, of course. JUP was airdropped to users who had traded on the platform before November last year. The token currently sits at around $0.63 and has a total market capitalization of $850 million. In essence, it trades at a fully diluted valuation upwards of $6 billion, which makes it one of the most successful airdrops in crypto history.

All the attention seems to have been shifted to the ecosystem, which is perhaps why Solana is also up 10% over the same period. SOL trades at $100 and it’s interesting to see whether or not it will manage to push above that pivotal technical and psychological level at last.

In any case, the week was indicative of the multiple opportunities that regularly abound in the cryptocurrency market and is perhaps a testament to the fact that it remains one of the most exciting industries out there.

Let’s see what happens next, especially with the Bitcoin halving around the corner!

Market Data

Market Cap: $1.74T | 24H Vol: $75B | BTC Dominance: 48.8%

BTC: $43,202 (+4.8%) | ETH: $2,303 (+2.6%) | SOL: $100 (+10%)

This Week’s Headlines You Better Not Mis

XRP Price Crashes 5% as Ripple’s Chris Larsen Confirms Breach of Personal Wallets. Reports emerged that Ripple has been exploited, leading to the loss of more than $100 million worth of XRP. Chris Larsen – one of the co-founders – was quick to clarify that it’s only been his personal XRP that’s been compromised and not that of the company.

Bitcoin (BTC) Miners Unleash Biggest Selling Wave Since May 2023. If you’re wondering why the Bitcoin price has headed down over the past couple of weeks, look no further. It appears that miners unleashed the biggest selling wave all the way back in May 2023.

BlackRock’s Bitcoin ETF Surpasses Grayscale in Daily Trading Volumes. The Bitcoin ETF of the world’s largest asset manager – BlackRock – is taking the lead in terms of trading volumes. The investment instrument was able to surpass that of Grayscale for the first time earlier this week.

Bankrupt Genesis Global Resolves SEC’s Earn Lawsuit. Genesis Global – the crypto lender that went bankrupt earlier last year – has settled with the United States Securities and Exchange Commission in a lawsuit that’s related to the defunct Gemini Earn lending program.

El Salvador to Continue with Bitcoin-Backed Bonds, Says Vice President. El Salvador – the first country to officially recognize Bitcoin as legal tender – will continue with its Bitcoin-backed bonds. That’s according to the vice president of the country.

Biden Admin Launches “Emergency” Survey Of Bitcoin Miners’ Electricity Usage. The administration of the President of the United States is looking into the electricity usage of Bitcoin miners. This comes in the form of an emergency survey, announced earlier this week.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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Cryptocurrency

BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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Cryptocurrency

3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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