In case you hadn’t heard (or choose to ignore such things), bitcoin is back. The original — and still biggest — cryptocurrency surged to a record high of more than $72,000 on Monday, having more than tripled in value in the space of a year. Other crypto tokens, such as ethereum and dogecoin — beloved by Elon Musk — have also been rallying, with the estimated value of the market climbing to above $2.7tn for the first time in more than two years.
The funny thing is, though, that there’s a chance you have actually not heard. There’s not so much talk about which token is next going “to da moon” or so many instances of “Wen Lambo?” this time around. Newspapers aren’t running stories about how hilariously rich everyone is getting apart from you. Worldwide search traffic for “bitcoin” and “crypto” has climbed in recent days but it is still only about half the level it was the last time a record was hit in 2021, according to Google Trends.
No, crypto in 2024 (so far, at least) is a rather more subdued affair. And the reason is that the factors reckoned to be driving rising prices are far from the kind of wild crazes we’ve seen before, such as the mania for initial coin offerings in 2017 or for non-fungible tokens in 2021.
Instead, there are some rather more prosaic things going on. These are: supply and demand dynamics in the lead-up to the “halving” expected in April, when the number of new bitcoins mined every 10 minutes halves to 3.125; the prospect of lower interest rates; and institutional capital flows into the 11 bitcoin-based exchange traded funds approved by the US Securities and Exchange Commission this year.
The last factor is probably having the most impact. More than $50bn has been cumulatively traded in bitcoin ETFs, according to data from crypto platform The Block, with the one launched by BlackRock, the world’s biggest asset manager, already the firm’s third-biggest exchange-traded product and the fastest ETF ever to reach $10bn. Some of the world’s biggest banks — Morgan Stanley, Wells Fargo and Bank of America — are all reportedly lining up to get involved in bitcoin, too. (The painful lessons of the financial crisis, about avoiding high-risk, toxic assets, have been forgotten, it seems.)
The buyers using these new ETFs are conventional investors who see it as a way of diversifying, rather than true believers. So you might think bitcoiners would be unimpressed by their anarchic cryptocurrency — whose raison d’être is, it seems, to circumvent such middlemen and provide a decentralised, censorship-resistant form of money — being overtaken by the world of traditional finance. Bitcoin has always been about sticking it to the man, surely, not making rich banker-men richer.
But you would be wrong. “The OTC desks are running out of $BTC . This is why we are pumping so hard. Institutional FOMO is starting now, $100k will come very soon,” posted one much-followed crypto account on X. “I’ve become pro-ETF, because . . . anyone who’s got some kind of exposure is now incentivised to be Team Bitcoin,” said Peter McCormack recently on his What Bitcoin Did podcast. “Let’s just say it’s good to have [BlackRock CEO] Larry Fink on your side. This is the great thing about bitcoin — all our incentives align.”
He’s right, of course: when something is backed only by belief, you want as many believers as you can get. But this does rather give the game away about what motivates people to be on “Team Bitcoin”.
The institutional investors entering the market do not believe bitcoin is the future of money, nor that it will revolutionise and overthrow the financial system; these companies are the financial system. They buy bitcoin because they calculate they can eke out extra returns by doing so. Furthermore, Fink is not really Team Bitcoin at all — he has said he also “see[s] value” in an ethereum ETF.
The reality is that the embrace of crypto by the world of traditional finance, or “TradFi”, as crypto types like to call it, is just as hypocritical as crypto’s embrace of institutional investors. I heard one of the hosts of another bitcoin-focused podcast, the Wolf of All Streets, say recently that “TradFi is just as degen” — a crypto word describing a reckless (and degenerate) gambler — “as the crypto community is” and this, unfortunately, is not wholly unjustified.
With the advent of bitcoin ETFs, what was once a relatively clear boundary between crypto and conventional finance has been broken down for good. And the world of TradFi has shown the emptiness of its talk of learning the lessons of the financial crisis. It has shown that — like the world of crypto — it is really just as greedy as ever.
#Bitcoin

On March 13, 2024, bitcoin achieved a new peak in its market value, reaching an unprecedented high of $73,679. In the past 24 hours, bitcoin not only increased by 1.8% but also showed notable gains over the week (10.7%) and the last two weeks (23.3%), elevating its market cap to an impressive $1.43 trillion.
Bitcoin
(BTC) 1-hour chart analysis uncovers a volatility pattern, swiftly rebounding from a significant price decline on Tuesday. This movement indicates a robust support level of around $68,636. The trend remains upward, as evidenced by the formation of higher lows and higher highs, hinting at the ongoing uptrend’s persistence despite slight consolidations. On the 4-hour chart, bitcoin’s upward trend is more distinctly visible, with crucial support established at $66,264, a level where notable buying activity is detected.
The 4-hour chart exhibits a sequence of rapid ascents, showcasing BTC’s consistent bullish momentum. The daily chart provides a more comprehensive view, affirming bitcoin’s strong upward trajectory. Since hitting the last major support near $45,252, bitcoin has been consistently achieving higher highs and higher lows. The existing resistance at $73,679 might be a temporary barrier, with potential entry points emerging upon retesting breakout levels or moving averages.
On March 13, 2024, bitcoin achieved a new peak in its market value, reaching an unprecedented high of $73,679. In the past 24 hours, bitcoin not only increased by 1.8% but also showed notable gains over the week (10.7%) and the last two weeks (23.3%), elevating its market cap to an impressive $1.43 trillion.
Strategic exit plans could focus on observing signs of trend reversals or aiming for psychological resistance levels, like the $75,000 milestone. Overall, oscillators such as the relative strength index (RSI), Stochastic, commodity channel index (CCI), and the moving average convergence divergence (MACD) mainly signal positive momentum, with a few neutral stances indicating a balanced market sentiment.
The consensus across moving averages (MAs) is decisively bullish, ranging from short-term (10-day) to long-term (200-day) analyses, all supporting a bullish outlook. Integrating the analyses from the 1-hour, 4-hour, and daily charts with oscillators and MAs presents a clear depiction of bitcoin’s market stance. It illustrates a landscape filled with bullish sentiment, backed by strong trading volume and market capitalization, eloquently narrating bitcoin’s potential path forward.
Bull Verdict
The analysis of bitcoin’s current market dynamics, oscillators, and moving averages collectively points to a bullish outlook for the foreseeable future. The market’s sentiment is overwhelmingly positive with bitcoin setting new all-time highs and demonstrating robust gains over various time frames. The technical indicators, especially the unanimous bullish signals from both short-term and long-term moving averages, alongside positive signals from key oscillators, reinforce the strength of the ongoing trend.
Bear Verdict:
Despite the current bullish sentiment surrounding bitcoin, a cautious approach is warranted for a potential bearish reversal in the medium to long term. The extremely bullish sentiment, as evidenced by the high RSI and the stretched positions in other oscillators, could signal overbought conditions, raising the possibility of a corrective pullback. Furthermore, the significant price gains in a short period might prompt profit-taking actions, potentially leading to increased selling pressure.
What do you think about bitcoin’s market action on Wednesday? Share your thoughts and opinions about this subject in the comments section below.

In the last week, XRP experienced a 19.9% increase in its value against the U.S. dollar, reaching a peak of $0.744 per coin on March 11, 2024. Its price has since retreated a hair, now trading at $0.685 per XRP. Although the digital currency’s market results haven’t captured as much attention as bitcoin and ethereum, proponents of XRP, the sixth biggest cryptocurrency by market capitalization, anticipate it’s poised for an upswing.
Amidst a Flourishing Crypto Economy, XRP Enthusiasts Bet on a Bright Future
The crypto market has experienced significant growth recently, with the combined value of the myriad cryptocurrencies currently standing at approximately $2.7 trillion. Bitcoin (BTC) and a number of other digital currencies have either hit record price levels or are nearing their previous highs. In contrast, XRP’s performance has been relatively modest. For example, while BTC has climbed 172% in the last six months and ETH has increased by 146%, XRP has only registered a 42% increase against the U.S. dollar during the same period.
Seven-day statistics show XRP has increased by 19.9% and 17.9% over the past two weeks. Despite the subdued market results, XRP enthusiasts and members of the so-called ‘XRP Army’ believe the digital currency is on the brink of a substantial uplift. One advocate recently mentioned that XRP’s price trends appear “eerily similar to 2017 before it,” while another commented that XRP will “leave all crypto in the dust.” “You can’t stop the inevitable XRP,” the X account dubbed Black Swan Capitalist wrote.
XRP has consistently ranked among the top ten crypto assets for several years, yet the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has loomed large over the cryptocurrency. Additionally, the personal XRP accounts of Ripple Labs co-founder Chris Larsen were compromised, resulting in the freezing of assets due to unauthorized access. This breach event garnered considerable focus within the cryptocurrency sphere and might have contributed to a hindrance for XRP amidst the recent crypto economy’s ascent.
Online forecasts are quite optimistic, with a Primexbt report stating that XRP is undervalued and some “pundits” believing it “could be worth as high as a maximum price of $4.” Predictions featured on the Changelly blog suggest XRP could achieve a value of $0.846 per unit by Mar. 30, 2024. This year, Changelly anticipates XRP will close with a minimum price of $0.983, an average value of $1.01, and a peak price of $1.16 per coin. Additionally, the projected minimum price for 2025 is $1.39 per XRP, with the highest expected price being $1.69. The blog’s forecasts, extending up to 2027, still do not surpass XRP’s historic peak.

Online forecasts are quite optimistic, with a Primexbt report stating that XRP is undervalued and some “pundits” believing it “could be worth as high as a maximum price of $4.” Predictions featured on the Changelly blog suggest XRP could achieve a value of $0.846 per unit by Mar. 30, 2024. This year, Changelly anticipates XRP will close with a minimum price of $0.983, an average value of $1.01, and a peak price of $1.16 per coin. Additionally, the projected minimum price for 2025 is $1.39 per XRP, with the highest expected price being $1.69. The blog’s forecasts, extending up to 2027, still do not surpass XRP’s historic peak.
XRP proponents fondly recall the 2017 bull run as it approached the time when the digital currency neared its all-time price peak. It wasn’t until Jan. 7, 2018, that XRP reached $3.40 per coin, nearly six years ago. Unlike BTC and ETH, which reached new zenith prices during the 2021 bull run, XRP did not surpass its previous high. Today, it still needs to rise by 75% to even approach its 2018 highs, and in this bull run, it faces a host of new crypto competitors in the top ten rankings.
What do you think about XRP’s performance during the crypto economy’s upswing and the optimistic sentiment from supporters? Share your thoughts and opinions about this subject in the comments section below.