Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume.

The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000 suggests that investor confidence has increased.

BNB Approaches $5 Billion TVL

Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to $5 billion. It’s crucial to remember that the current upward trend in BNB is what’s responsible for the TVL spike.

According to data from DefiLlama, this represents a notable rise over the $3.50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance (DeFi) protocols on the chain.

With 425 million unique users, BNB chain held the top spot at the time of publication, according to Crypto Rank data, which displayed the total number of unique users across the top 15 networks.

Top 15 Blockchains by the Number of Unique Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao – 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@base – 65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9M@avax – 17.7M… pic.twitter.com/lGYGfjTaea

— CryptoRank.io (@CryptoRank_io) February 28, 2024

On-chain volume on BNB Chain saw a notable spike this week, peaking at about $1.4 billion. According to DefiLlama, this is the greatest volume seen in 2024 and the second-highest day volume on the chain in more than a year. An increase in activity suggests that users are more engaged and that the ecosystem has room to develop.

BNB Breaches $400 Level

The price of BNB has recently increased to levels not seen in months, which is quite notable. The coin has moved into previously unobserved price ranges as of April 2022.

The 24-hour period chart analysis showed that BNB ended trading on a high note. Though there has been a slight decline of less than 1% as of this writing, BNB is still trading at $405.

The excitement around the web3 game project Portal’s airdrop farming campaign is partly responsible for the recent increase in BNB’s price. Users were able to take part in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, which increased interest and engagement in the BNB Chain ecosystem.

Meanwhile, bulls will retake control and be ready to challenge the market’s upper resistance level of $420 this week if the price moves over the resistance level of $401. If the price stays there, the BNB coin will be ready to try testing its upper limit of $435 in the following weeks.

The notable variation in pricing is observed despite Binance being subjected to one of the most serious criminal penalties in the history of the United States. Following the consent of a judge, the exchange reached a plea agreement amounting to $4.3 billion, which pertained to allegations associated with violations of anti-money laundering regulations and penalties.

Featured image from Pexels, chart from TradingView

Ethereum price climbed to a new multi-month high above $3,500. ETH is correcting gains like Bitcoin and might find strong bids near the $3,250 zone.

Ethereum extended its increase above the $3,500 resistance zone.
The price is trading above $3,300 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $3,260 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but dips might be limited below the $3,260 support zone.

Ethereum Price Eyes Fresh Increase

Ethereum price gained pace after it broke the $3,200 resistance zone, like Bitcoin. ETH cleared many hurdles near the $3,320 and $3,400 levels. Finally, it spiked above the $3,500 level.

A new multi-month high was formed near $3,515 before there was a downside correction. The price declined below the $3,420 and $3,400 levels. It even tested the 50% Fib retracement level of the upward wave from the $3,110 swing low to the $3,515 high.

Ethereum is now trading above $3,300 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,260 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,110 swing low to the $3,515 high.

Immediate resistance on the upside is near the $3,420 level. The first major resistance is near the $3,450 level. The next major resistance is near $3,500, above which the price might gain bullish momentum.

Source: ETHUSD on TradingView.com

If there is a move above the $3,500 resistance, Ether could even rally toward the $3,620 resistance. Any more gains might call for a test of $3,800.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,420 resistance, it could start a downside correction. Initial support on the downside is near the $3,310 level.

The first major support is near the $3,260 zone or the trend line. The next key support could be the $3,250 zone. A clear move below the $3,250 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,260

Major Resistance Level – $3,420

Cardano (ADA) is gaining pace above the $0.635 resistance zone. ADA is consolidating gains and might aim for more upsides above the $0.70 resistance.

ADA price is holding gains and facing resistance near the $0.70 zone.
The price is trading above $0.640 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.6350 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could attempt a fresh increase if the bulls remain active above the $0.6220 support.

Cardano Price Eyes Another Increase

After forming a base above the $0.5650 level, Cardano started a fresh increase. ADA price was able to climb above the $0.600 and $0.6220 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The bulls pushed the pair above the $0.650 resistance zone. However, the bears were active near the $0.700 resistance zone. A high was formed near $0.7084 and the price started a downside correction. There was a move below the $0.6750 level.

The price declined below the 23.6% Fib retracement level of the upward wave from the $0.5685 swing low to the $0.7084 high. ADA price is now trading above $0.640 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support at $0.6350 on the 4-hour chart of the ADA/USD pair. The trend line is near the 50% Fib retracement level of the upward wave from the $0.5685 swing low to the $0.7084 high.

Source: ADAUSD on TradingView.com

The bulls might remain active near the $0.6350 support. On the upside, immediate resistance is near the $0.6750 zone. The first resistance is near $0.692. The next key resistance might be $0.700. If there is a close above the $0.700 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.750 region. Any more gains might call for a move toward $0.80.

Downside Correction in ADA?

If Cardano’s price fails to climb above the $0.6750 resistance level, it could continue to move down. Immediate support on the downside is near the $0.6350 level.

The next major support is near the $0.6220 level. A downside break below the $0.6220 level could open the doors for a test of $0.600. The next major support is near the $0.5680 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.6350, $0.6220, and $0.6000.

Major Resistance Levels – $0.6750, $0.6920, and $0.7000.

Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA.

Bitcoin price is correcting gains below the $62,250 resistance zone.
The price is trading above $60,000 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.

Bitcoin Price Starts Correction

Bitcoin price extended its rally above the $62,000 resistance zone. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction.

The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.

There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair. Bitcoin is still trading above $60,000 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $62,200 level. The next key resistance could be $62,850, above which the price could rise toward the $64,000 resistance zone. If the bulls remain in action, the price could even surpass $64,000 and test $65,000. Any more gains might send the price toward the $68,000 zone.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $62,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level and the 61.8% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.

The first major support is $58,000 or the 100 hourly SMA. If there is a close below $58,000, the price could start a decent pullback toward the $56,500 zone. Any more losses might send the price toward the $55,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,000, followed by $58,000.

Major Resistance Levels – $62,200, $62,850, and $64,000.

Cardano (ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022. 

This marks a pivotal moment for ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, ADA now sets its sights on the $1 mark, which it last achieved in April 2022.

ADA Primed For New All-Time Highs? 

The recent price breakout has sparked predictions of an imminent continuation of ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of ADA and issued an alert, signaling the possibility of a new all-time high.

According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for ADA to close the gap and rally to $3.6.

Furthermore, Trend Rider highlights the bullish nature of ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding ADA’s potential for growth. 

Additionally, the analyst emphasizes that ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for ADA’s price trajectory. 

Cardano Market Cap And Trading Volume Soars

Coupled with ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal. 

Over the last 30 days, ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by ADA holders have decreased, providing further insight into the token’s recent performance.

Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all ADA tokens if they were in circulation. 

Similarly, the circulating market capitalization, which reflects the value of ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.

Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases ADA’s robust liquidity and investor interest.

As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for ADA holders during the given period. 

Currently, ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively. 

Featured image from Shutterstock, chart from TradingView.com

Bitcoin, the world’s largest cryptocurrency, faces a potential downturn in its price following the anticipated halving event scheduled for April, according to analysts at JPMorgan led by Nikolaos Panigirtzoglou.

This event occurs approximately every four years and is expected to slash miner rewards from 6.25 BTC per block to 3.125 BTC. As a result, JPMorgan analysts have warned that the Bitcoin price could drop toward $42,000 post-halving.

Reason Behind The Potential Crash To $42,000

The analysts attribute this potential decline to the reduced profitability for miners and the subsequent increase in BTC production costs. The analysts disclosed that the Bitcoin production cost has historically served as a “lower bound” for its prices, with the estimated range doubling post-halving to around $53,000.

Nonetheless, a potential 20% reduction in the BTC network’s hashrate looms is primarily attributed to the departure of less efficient mining rigs from the operational landscape.

Consequently, this scenario may drive the estimated production cost range to $42,000, calculated under an average electricity cost of $0.05 per kilowatt-hour (kWh).

According to the analyst, Bitcoin miners with “below-average electricity costs” and “more efficient equipment” are expected to fare better following the halving event. In contrast, those with “higher production costs” may struggle to remain profitable.

Consequently, analysts anticipate an increased concentration within the Bitcoin mining industry, with publicly listed miners likely to hold a higher share.

Moreover, there is the prospect of “horizontal integration” via “mergers and acquisitions” among miners spanning different regions, aiming to leverage “synergies and minimize” collective operational expenses.

Bitcoin Market Sentiments And Potential Surge

Meanwhile, as JPMorgan analysts suggest a potential drop in Bitcoin’s price post-halving, Hunter Horsley, CEO of Bitwise, remains optimistic about Bitcoin’s long-term outlook. Horsley predicts that the cryptocurrency will surge to $250,000 sooner than anticipated.

Bitcoin is going to eat into gold’s TAM faster than people expect.

$250k Bitcoin could happen much sooner than most who’ve followed the space for years would imagine.

Why? For 15 years, Bitcoin proved it’s merits but was only accessible to some.

Bitcoin ETFs were Bitcoin’s…

— Hunter Horsley (@HHorsley) February 28, 2024

Meanwhile, many metrics within the BTC market signal a potential surge for Bitcoin. On-chain data reveals that the Bitcoin MVRV ratio has reached levels reminiscent of the parabolic bull run experienced in 2020, suggesting a forthcoming surge may be imminent.

MVRV hit 2.5, indicating a +150% average profit for all #Bitcoin wallets.

In Nov 2020, MVRV was 2.5 at $18K, preceding the all-time high and parabolic bull run.https://t.co/cx8nYhNeeI pic.twitter.com/PgRLietkkz

— Ki Young Ju (@ki_young_ju) 2

Amid these varying forecasts and market sentiments, BTC trades at $63,391, marking a slight retracement from its recent peak above $64,000 – the highest level traded in the past two years.

Featured image from Unsplash, Chart from TradingView

Data shows the cryptocurrency futures market has seen liquidations amounting to $700 million in the past day as Bitcoin has gone through its volatility.

Bitcoin Has Seen Intense Price Action In Past 24 Hours

The past day has been a bit of a rollercoaster for Bitcoin, with the asset registering sharp price action in both directions but ultimately going up as the bulls win out.

The chart below shows what the price action for the cryptocurrency has looked like recently.

From the graph, it’s visible that Bitcoin initially witnessed some sharp bullish momentum, in which the coin not only broke above the $60,000 level, but went up to touch the $64,000 mark.

This high, which is the peak for the year so far, only lasted briefly, however, as BTC crashed down spectacularly to under the $59,000 mark. The asset has since recovered to higher levels, now floating around $62,700.

The rest of the cryptocurrency sector has also gone through its volatility, with prices fluctuating across the coins. As is usually the case with such sharp price action, the futures market has suffered many liquidations.

Crypto Futures Market Has Gone Through A Squeeze In The Past Day

According to data from CoinGlass, the cryptocurrency futures market has witnessed the liquidation of contracts worth more than $700 million in the last 24 hours.

The table below displays the relevant information about the liquidations.

It would appear that only $131 million of the liquidations came within twelve hours, suggesting that most of the flush was situated inside the preceding half-day period. This makes sense, as Bitcoin was most volatile inside this window.

It also seems that the long-to-short ratio in this liquidation event has been quite balanced, even though the price has increased in the past day. This would suggest that some aggressive longing occurred as Bitcoin approached $64,000, and the subsequent pullback wiped these top buyers.

The table below shows how the distribution has looked for the various symbols.

As is generally the case, Bitcoin futures contracts have again been responsible for the largest portion of the total market liquidations, contributing around $270 million.

What’s different this time, however, is that this share, although the largest, isn’t even half the total liquidations. This could come down to the fact that speculators may now be playing around with altcoin positions after gaining confidence from the BTC price surge.

Dogecoin, the best performer among the top coins with its 34% jump, has occupied the largest share among the alts, with almost $51 million in liquidations.

The price of Bitcoin seems on the brink of blasting past its all-time high (ATH) at the high area of its current levels. The cryptocurrency has been on a bull run due to the launch of spot Bitcoin Exchange Traded Funds (ETF), which officially onboarded institutions to the nascent sector.

As of this writing, Bitcoin (BTC) trades at around $62,900 with a 3% profit in the last 24 hours. In the previous week, the cryptocurrency recorded a critical 22% profit. It stood as one of the three top gainers in the top 10 by market cap, only surpassed by Solana (25%) and Dogecoin (57%) in the same period.

Bitcoin-Based Derivatives Hint At Further Gains

Data from the derivatives platform Deribit indicates a spike in long positions by Options operators. Since early February, these traders have accumulated important call (buy) contracts with a strike price above $65,000.

At first, as the report indicates, the increase in bullish positions was thought to be part of a Bitcoin “Halving” strategy. However, the BTC ETF Flows seem to be the key component behind the rally.

As cryptocurrency entered the $60,000 area, several operators rushed to accumulate call contracts, leading to a Fear Of Missing Out (FOMO) rally to its current levels. The chart below shows that the FOMO buying began when BTC breached the $57,000 level.

The spike in trading activity during yesterday’s session led to a significant jump in Implied Volatility (IV). Overleveraged positions further propelled the metric, Deribit stated:

The 62k to 64k surge was so quick, and with high leverage across the whole system, that when sales hit the market a cascade sent BTC down to 59k in 15mins, and some Alts (also massively leveraged) dropped 50% on some exchanges before promptly bouncing as BTC jumped to 61.5k.

As the market continues to experience sudden moves due to the high IV, there is little change in the market structure in the derivatives sector. In other words, Deribit still records a lot of bullish positions for the coming months, which suggests optimistic conviction by these players.

BTC Price On The Short Timeframe

Despite the bull run, the Bitcoin price could dip as euphoria takes over the market. According to economist Alex Krüeger, the spike in trading volume across the derivatives sector indicates the formation of a “local top.”

The analyst believes that retail has returned to the market driven by FOMO, which often hints at short-term predicaments for long traders. Krüger predicted further gains into the $70,000 area via his official X account and then a drop into the $55,000 area.

The analyst stated:

ATH are inches away. That’s price discovery territory. Thus very easy for things to get even crazier. This is just not where one opens new longs. Too easy to get a quick flush out of nowhere. Ideally we see funding cool down and price consolidate below ATH then break out.

Cover image from Dall-E, Chart from Tradingview

Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.

Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?

From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.

The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely.

As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated.

Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.

Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates

So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF). 

The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product.

Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.

However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years.

With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum’s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.

Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle. 

SOL To Rise To $600

Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run. 

Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”

Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle. 

Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year. 

Between Solana And Ethereum

Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then. 

Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume. 

The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.

At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap.