Skip to main content

In What Areas are the Markets Focused on This Week?

Date Time Exchange Expectation Data announced last month
12.03.2024 10.00 EUR Germany Consumer Price Index (CPI) (Year-on-Year) 2,5% 2,9%
12.03.2024 15:30 USD
Consumer Price Index (CPI) (Annual)
3,1% 3,1%
13.03.2024 ETH
Ethereum Dencun upgrade happening
14.03.2024 15:30 USD
Core Retail Sales (Monthly)
0,5% -0,6%
15.03.2024 ETH ETHGlobal London event starts

 

 

Bitcoin’s Rise May Continue

Billionaire investor Bill Ackman stated that Bitcoin could reach much higher levels than expected and explained the reason behind it. Bill Ackman, founder and CEO of Pershing Square Capital Management, known for his previous cautious stance on Bitcoin and cryptocurrencies, made an announcement that excited investors this time. Emphasizing that the price of Bitcoin could reach much higher levels than everyone expects, he attributed this to the halving cycle. Ackman stated that the increasing mining difficulty levels after the halving process create a more competitive environment, leading to a cycle of price increases. He also pointed out the possibility of rising energy prices and potential economic turmoil. Furthermore, looking at the latest data on the chain, Bitcoin BTC whales don’t seem inclined to exit the current rally that has pushed Bitcoin above $70,000.

BTC DOMINANCE

BTC Dominance:

When BTC dominance is above 50%, it means that the market value of Bitcoin is greater than the total market value of all other cryptocurrencies combined. In this case, Bitcoin may be considered to have a relatively stronger position in the market. We can also see from the chart that Bitcoin is making steady progress.

  • ETH Upgrade

The long-awaited upgrade of Ethereum is scheduled for Wednesday. This upgrade, eagerly awaited after the recent Shapella Update, is expected to bring a significant decrease in Layer-2 costs. It introduces “Proto-Danksharding” in Ethereum blockchain with EIP-4844. This innovative concept is designed for Layer-2 blockchains aiming to reduce transaction costs and increase scalability by partitioning data into smaller subsets called “shards”. The upgrade, successfully tested on Test Networks, will go live on Wednesday, March 13th.

Record Transaction Fees on Ethereum Network The recent meme coin frenzy has led to the highest transaction fees on the Ethereum network in the past 2 years. According to data from the on-chain analysis platform IntoTheBlock, the increased interest in meme coins has also pushed transaction fees on the Ethereum network to record levels. According to these data, transaction fee revenue from the Ethereum network has exceeded $193 million.

BTC:

If we evaluate Bitcoin this week with the ITB analyses available on our EgeMoney website;

 

 

We observe that the percentage of investors holding Bitcoin at a profit, meaning those whose cost is below the current price, has reached 100%. This is a scenario we haven’t seen in a long time. It means that everyone holding Bitcoin is currently making gains. We’ve had a fantastic start to the week. However, when we look at the signals section, a downward trend is highlighted, indicating expectations of a correction. This suggests that a correction may be on the horizon. It’s advisable to use ‘Take Profit’ and ‘Stop Loss’ orders in our trades.

 

“The investment information and opinions contained in this research report are not investment advice.”

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.