Bitcoin, Ethereum, Dogecoin Trade Mixed As Two-Week Rally Slows Down: Analyst Says Post-Halving Correction Could Take King Crypto To $40K
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Cryptocurrencies experienced mixed trading on Sunday evening after a two-week run, with the apex cryptocurrency Bitcoin taking a breather hovering near the $52,000 level.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +0.52%$51,539Ethereum ETH/USD +2.67%$3,107Dogecoin DOGE/USD -0.66%$0.085
What Happened: Analysts are keeping a close eye on the inflows into spot Bitcoin ETFs as they seek to predict the next move for Bitcoin.
Data from BitMEX Research indicates that Grayscale Bitcoin Trust GBTC outflows hit a low of just $44 million on Feb. 23, marking the lowest level since Jan. 11.
In January, GBTC reported total withdrawals of $5.64 billion, with $640 million exiting on Jan. 22 alone. February has witnessed a decline in outflows, totaling $1.8 billion so far. Since its inception, GBTC has observed total withdrawals amounting to $7.4 billion.
On the other hand, BlackRocks IBIT IBIT has garnered over $6.6 billion in investment since its launch, followed by Fidelity's FBTC FBTC with over $4.7 billion in capital.
Ethereum has pierced through the $3,000 threshold after lingering beneath it for several days. This rebound into a higher price bracket has been a key factor in the steady increase in the percentage of Ethereums total supply that is profitable. Data from Santiment indicates profits expanding by roughly 1 million ETH in a mere three-day span.
Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Flare FLR/USD +15.91%$0.046Mantle MNT/USD +14.72%$0.90Arweave AR/USD +12.13%$15.94
The global cryptocurrency market cap now stands at $1.94 trillion, showing a 2.19% decrease in the past 24 hours.
U.S. stock futures showed minimal movement on Sunday as investors awaited the latest data on the Federal Reserves preferred inflation reading.
Futures linked to the Dow Jones Industrial Average declined by 0.04%, while S&P 500 futures and Nasdaq 100 futures both recorded slight decreases of 0.04% and 0.05% respectively.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe remains uncertain about the possibility of a correction on Bitcoin in the short term.
"Im unaware whether we will get this correction on Bitcoin in the short term. I think that this rally is going to peak between $54-58K and provide a substantial correction to $40-42K after the halving has taken place."
Glassnode co-founders Jan Happel and Yann Allemann, known as Negentropic on X, assert that the Ethereum versus Bitcoin (ETH/BTC) ratio serves as a crucial indicator for the performance of altcoins. Their analysis indicates that following an extended consolidation period, the ETH/BTC ratio has surged, signaling a potential upswing for altcoins.
"The Ratio which drives Altcoins Bull Market' ETH/BTC ratio is a gauge on the crypto market. Higher ratio the more risk-on in crypto (altcoins). When ETH/BTC rallies, altcoins rally. And we have just broken higher after a long consolidation since late 2021. Altcoins will soar. All points to a blow-off top as suggested by Henrik Zeberg."
"The Ratio which drives Altcoins Bull Market"#ETHBTC ratio is a gauge on the #Crypto Market. Higher ratio the more Risk-On in Crypto (Altcoins)
When ETHBTC rallies #Altcoins rallies.
And we have just broken higher after long consolidation since late 2021.#Altcoins will pic.twitter.com/XpvBkv44fn Loading… Loading…
