Crypto Price Prediction: 3 Altcoins Likely Reach New Highs As Bitcoin Targets $80,000
Crypto Price Prediction: Over the past two weeks, the largest cryptocurrency by market cap, Bitcoin has continually surpassed its own record, reaching a new peak at $73571 on Wednesday. As per the Santiment data, this bullish trend has coincided with a notable increase in the number of small Bitcoin wallets, specifically those holding less than 0.1 BTC, which saw a growth of 277,000 wallets. In contrast, the count of larger Bitcoin wallets, specifically those with more than 1K BTC, has decreased by 105.
Over the past 2 weeks, as #Bitcoin has repeatedly extended its now $72.7K #AllTimeHigh, small wallets with less than 0.1 $BTC have continued increasing in number (+277K more). Meanwhile, wallets with 1K+ $BTC have dropped (105 less). https://t.co/PwschnMmzH pic.twitter.com/KoLCEsvjo3
— Santiment (@santimentfeed) March 12, 2024
The rebound observed in the Bitcoin price has positively impacted the broader altcoin market, with many leading coins experiencing an upswing that pushed them toward testing previous highs. Accompanying BTC’s surge, THORChain and Dogwifhat coin emerged as top gainers today, obtaining significant traction among momentum traders.
Also Read: Crypto Prices Today March 13: Bitcoin At $72K, Ethereum At 4000, Pepe Coin & Toncoin Surge
1)Bitcoin (BTC)
Bitcoin (BTC) is the first and most well-known cryptocurrency that operates on a distributed ledger technology that records all transactions across a network of computers in a secure, transparent, and immutable manner. The digital asset has recently witnessed a massive inflow of investment from traditional assets through the recently launched 10 BTC ETFs.
Recent data shared by @WuBlockchain reveals a record-breaking day for Bitcoin spot ETFs on March 12, with a $1.05 billion net inflow, a significant 56% jump from the previous peak in February.
According to SoSoValue data, on March 12, the total net inflow into Bitcoin spot ETFs reached $1.05 billion, setting a new record for the highest single-day net inflow since the first trading day of the ETF, representing an increase of approximately 56% compared to the net inflow… pic.twitter.com/om83JbhG0r
— Wu Blockchain (@WuBlockchain) March 13, 2024
As of the latest update, Bitcoin price is trading at $73188, marking a 2.36% change over the past 24 hours. The market cap currently stands at $1.44 Trillion, with a 24-hour trading volume of $64. billion.
As Bitcoin is currently in a price discovery mode, the traditional pivot levels indicate notable resistance levels at $77700, and $91500. From a technical perspective, BTC has recently showcased a key support level at $69275, followed by $63200.
Also Read: Bitcoin Price: Will Bitcoin Hit $80,000 Before Halving
2)THORChain (RUNE)
THORChain (RUNE)| Tradingview
Thorchain is a decentralized liquidity protocol that allows users to swap cryptocurrencies across various networks without losing custody of their assets. Unlike other decentralized exchanges that operate within a single blockchain ecosystem, Thorchain facilitates cross-chain swaps, making it a pivotal project in the realm of interoperability.
RUNE, the native cryptocurrency of the Throchain network, has recently witnessed a massive inflow evidenced by the eight green candles in the daily chart. The positive upswing has uplifted the coin value from $4.92 to $11.3, registering 130% growth.
In the last 24 hours, the trading volume in the RUNE token reached $1.28 Billion, while the market cap stood at $3.82 Billion.
If the recovery momentum persists, the THORChain price may chase a potential target of $13.3 followed by $17.2. Conversely, the daily chart shows key support levels at $9.9 and $8.2.
Also Read: Crypto Price Prediction: Top Layer 2 Tokens to Watch Ahead of Ethereum Dencun Upgrade
3)Dogwifhat(WIF)
Dogwifhat, symbolized as WIF is a cryptocurrency that has garnered attention in the meme coin category, particularly among enthusiasts on the Solana blockchain. It draws its unique appeal from the meme culture, specifically inspired by images of dogs wearing hats, tapping into the playful and whimsical side of the crypto community.
By the press time, Dogwifhat is trading at $2.22 with a 24-hour trading volume of $410 Million. Dogwifhat boasts a market cap of $2,212,689,560, placing it as the 60th cryptocurrency by market cap rankings.
Amid the recent Memecoin Mania in the crypto market, Dogwifhat has demonstrated a notable performance as the price surged from $0.287 to $2.23 registering 678%. As assets rise in a price discovery mode, the buyers may face supply pressure at psychological levels of $2.5 and $3, while the immediate supports stand at $1.8 and $1.31.
Also Read: Binance Waives Fees For DOGE, SHIB, PEPE, BONK, WIF, FLOKI Meme Coins
Takeaway
The leading digital asset is riding steady growth accompanied by increasing demand from the traditional market and whale accumulation. Thus, the overall market movement underscores growing investor confidence uplifting the altcoin in a similar momentum. Such trends allow traders to focus on breakout strategies which are often quick in nature compared to the pullback accumulation.
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Filed under: News - @ January 1, 1970 12:00 am