Crypto Price Prediction: The cryptocurrency market has witnessed high volatility this week following the lead of Bitcoin price wavering around the $70000 psychological level. The BTC daily chart shows several neutral candles with higher wicks indicating no clear dominance of buyers and sellers.

Furthermore, the Deribit Exchange reported a record-breaking quarterly options expiry in the crypto market, with over $15 billion notional value across 135,000 Bitcoin options and 1.58 million Ethereum options. 

Bitcoin options closed with a Put Call Ratio of 0.85 and a Maxpain point of $51,000, while Ethereum options ended with a ratio of 0.63 and a Maxpain point of $2,600, accounting for a notional value of $5.6 billion. This event signifies a significant liquidity injection and may surge volatility in the crypto market.

Big Expiry Coming Up!

Tomorrow approximately $15.16 billion in #crypto #options are set to expire

BTC Options Notional Value: $9.53 billion
Put/Call Ratio: 0.84
Max Pain Point: $51,000

ETH Options Notional Value: $5.63 billion
Put/Call Ratio: 0.63
Max Pain Point: $2,600… pic.twitter.com/fiqDvJzN9p

— Deribit (@DeribitExchange) March 28, 2024

Also Read: Crypto Prices Today March 29: Bitcoin Exceeds $70K, Ethereum Nears $3600, SOL, PEPE, WIF Rally

1)Ethereum (ETH)

Ethereum (ETH)| Tradingview

Ethereum stands out as a pioneering blockchain platform that enables smart contracts and decentralized applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Over the past two weeks, the ETH price has witnessed a notable correction which tumbled its value from $4090 to $3561, registering a 13% drop. The Ethereum price currently trades at $3557, with a market cap of $427 Billion.

If the overhead supply at $3700 persists, the correction trend may develop a lower high and plunge the ETH coin 12% to retest $3120. 

On a contrary note, the overhead resistance stands at $3800, followed by $4100.

Also Read: Ethereum Co-Founder Vitalik Buterin Criticizes Ongoing Meme Coin Frenzy

2) Solana (SOL)

Solana (SOL)| Tradingview

Solana is a high-performance blockchain known for its incredible speed and efficiency, setting itself apart with a hybrid consensus model of proof-of-history (PoH) and proof-of-stake (PoS). 

Amid the current market correction, the Solana price trajectory shifted sideways after peaking at $210. However, a look at the 4-hour chart shows this consolidation resonating within two converging trendlines to form a pennant pattern.

The altcoin currently trades at $186 with an intraday loss of 1.82%. With a market cap of $82.7, Solana stands as the fifth largest cryptocurrency. 

Under the influence of a bullish pattern, the buyers are likely to break the overhead trendline as a signal of uptrend continuation. The post-breakout rally may push the asset potential target of $210, followed by $240.

Also Read: Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally

3)Dogwifhat (WIF)

Dogwifhat (WIF)| Tradingview

Dogwifhat(WIF) is an emerging player in the meme coin segment, seeking to blend the viral appeal of meme cryptocurrencies with utility. Defying the market pullback, the WIF price has shown a notable upswing from $2.13 to $3.67, registering a weekly gain of 70%.

This rally uplifted Dogwifhat’s market cap to $3.6, emerging as the third largest meme cryptocurrency by surpassing Pepe coin.

Amid this recent surge, the WIF price surpassed the last swing high resistance of $3.5, providing buyers the next stepping stone to surge higher. The post-breakout may drive the coin price to $5 psychological level.

Conversely, the meme coin price may face suitable demand pressure at $3.46 to $2.65.

Takeaway

The sizable options expiry today highlighted by Deribit Exchange has the potential to intensify the current volatility in the crypto market, with substantial implications for Bitcoin and Ethereum prices. Traders should brace for possible price swings and monitor market sentiment after this event.

The post Crypto Price Prediction: Market Volatility Peaks With Largest Quarterly Options Expiry appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am