Updated March 4th, 2024 at 11:53 IST

Bitcoin briefly breaches $64,000 mark, memecoins ride strong BTC rally

Memecoins are riding the Bitcoin rally with dog-based Shiba Inu surging close to 20 per cent and PEPE recording a 65 per cent rise in the last 24 hours.

Reported by: Anirudh Trivedi
Bitcoin | Image:Republic
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Crypto market overview: Bitcoin, the leading cryptocurrency by market capitalisation, crossed its two-year high by breaking the mark of $64,000 briefly. Following the rally, Ethereum also crossed $3,500 before settling above $3,460 along with Dogecoin which recorded a sky-high rise of 18 per cent in the last 24 hours. 

Apart from Dogecoin, other popular memecoins are also riding the Bitcoin rally with dog-based Shiba Inu surging close to 20 per cent and PEPE recording a 65 per cent rise in the last 24 hours. 

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Image credit: Alternative.me

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Sharing the inputs on Bitcoin’s recent momentum, CoinDCX Research Team said, “Over the weekend, the crypto market remained steady, but today it surged, surpassing the $2.5 trillion mark, with BTC hitting $64,000 and ETH reaching $3,500. Technically, BTC was consolidating but now appears to be attempting to break out of that range. However, $64,000 remains a key level, and BTC must surpass it to target new levels at $65,500 and $69,000. For ETH, it needs to break and sustain above $3,500 to aim for $3,830 and $3,965.” 

“This week may see increased volatility due to several macro events such as US Job Openings, US Non-Farm Employment Change, and the US Unemployment Rate, which could impact the market further,” added CoinDCX. 

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Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “Data shows that BTC withdrawals from exchanges are happening at a rapid pace, indicating rising investor activity. This could be a signal of a bullish future, given that BTC’s prices are maintained and the Crypto Fear and Greed Index continues to stay in the ‘Extreme Greed’ region with a score of 82/100.” 

“In terms of spot BTC ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are leading the space with a combined share of 79 per cent of the total inflows,” added Chaturvedi. 

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Sharing the potential of Bitcoin breaking past its all-time high in the coming weeks, Edul Patel, CEO, Mudrex said, “Bitcoin traded at the $63,000 mark during the weekend, registering a 23 per cent surge in the last seven days and an impressive 45 per cent increase in the past 30 days. A total of 97 per cent of all Bitcoin addresses are currently in a profitable state, marking the first time in over two years, according to IntoTheBlock. The surge in value is linked to the rising mainstream acceptance of spot Bitcoin ETFs and the nearing Bitcoin Halving event. BTC is now targeting the $67,150 resistance level, and a breakthrough this week could suggest the potential for a new all-time high.” 

Vikram Subburaj, CEO, Giottus said, “From a daily low of $61,600 to a high of $64,100, BTC is creating havoc to leverage traders with more than $300 million liquidated overnight. Analysts anticipate Bitcoin to revisit its previous all-time high in March though the ride may be bumpy. Meanwhile, Ethereum is trading near $3,500 with a 2 per cent daily gain. As Bitcoin dominance hovers around 54 per cent, memecoins such as Dogecoin and Shiba Inu have registered strong gains ( more than 80 per cent) on a weekly basis. This indicates that the market sentiment continues to be bullish and will remain so as long as Bitcoin stays above $60,000.” 

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“Key upside targets for altcoins: Ethereum ($3,550), BNB ($450), Solana ($132), Cardano ($0.8), and Avalanche ($45),” added Subburaj.

Sharing the speculations of ETH breaking a major resistance, Shivam Thakral, CEO of BuyUcoin said, “Bitcoin surged above $64,000 again, being only 10 per cent away from its all-time high  ($69,000). Bitcoin's market capitalisation currently stands at $1.25 trillion with market dominance at 52.23 per cent, after seeing an increase of 0.54 per cent in the last 24 hours. Ethereum, on the other hand, is trying to break the $3,600 level, which could potentially push the second-largest cryptocurrency beyond $4,000." 

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Published March 4th, 2024 at 11:53 IST