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FlipCoin has been a member since January 21st 2015, and has created 2566 posts from scratch.

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Dogecoin Soars 17% To Break $0.21 As Volume Explodes

Dogecoin has jumped 17% in the past 24 hours to break past the $ 0.21 barrier as on-chain data shows a significant increase in volume for the memecoin.

Dogecoin Beats Market With 17% Rally In The Last Day

Most of the top cryptocurrencies have seen flat returns in the last 24 hours, but Dogecoin has gone its own way as the original meme coin has enjoyed a strong rally.

The below chart shows what the asset’s performance has looked like during the last few days:

Dogecoin Price Chart

In this latest rally, Dogecoin has surged more than 17% in the last 24 hours and has cleared the $ 0.21 level. Among the top 100 cryptocurrencies by market cap, only Bitcoin Cash (BCH) has registered comparable profits in the same period.

DOGE still beats BCH in the 1-week timeframe, however, as the memecoin has managed returns of more than 40% in this period, while the Bitcoin hard-fork has seen 33%.

The reason behind these two assets in particular seeing a strong performance may lie in the fact that Coinbase plans to add futures products for them starting the 1st of April. Litecoin (LTC) is also set to see a listing on the same day, but its performance has been much weaker than the other two.

In terms of market cap, Dogecoin is currently the eighth-largest coin in the sector, as the table below shows:

Dogecoin Market Cap

From the table, it’s apparent that the gap to USD Coin (USDC) in seventh isn’t too much right now, so if Dogecoin can keep up its surge, it’s possible that it may be able to flip the stablecoin.

DOGE Transaction Volume Has Observed A Sharp Increase Recently

Something that would confirm that widespread speculation around Dogecoin is ripe for a rally currently would be its Transaction Volume. As a user on X pointed out using data from the on-chain analytics firm Santiment, DOGE’s Transaction Volume has shot up recently.

The “Transaction Volume” keeps track of the total amount of tokens (in USD) for a given cryptocurrency that has observed some movement on the blockchain in the past 24 hours.

When the value of this metric is high, it means that the users are transacting large amounts on the network right now. Such a trend implies the trading interest around the asset is high currently.

On the other hand, low values of the indicator can be a sign that the general interest in the cryptocurrency, both as an asset and a network, is low at the moment.

Now, here is a chart that shows the trend in the Dogecoin Transaction Volume over the past year:

Dogecoin Transaction Volume

As is visible in the chart, the Dogecoin Transaction Volume has experienced quite a boost recently, and what has accompanied this rise has been the latest rally.

A rising volume can often be a positive sign for the sustainability of any rally, as it means that interest in the asset is going up, and thus, more fuel is potentially coming in.

Something to keep in mind, though, is that selling and buying alike affect this indicator, so a mass selloff would also register as a spike in the metric. Thus, while high volumes are usually a requirement for rallies to continue (as without interest, the run can easily die down), they alone can’t predict a further rise, as the nature of this activity can be hard to ascertain.

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The Road To $100,000: Bitcoin Whale Accumulation Explodes

Bitcoin reaching $ 100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $ 73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC.

Large Bitcoin Whales Buy More BTC

As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $ 70 million on the low end, have bought up a large tranche of coins over the last three months.

Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply.

The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months.

Bitcoin whales

To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits.

Spot ETF Inflows See 2,600% Spike

After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $ 14.5 million, bringing a welcome change from the almost $ 900 million worth of outflows that was recorded in the prior week.

This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $ 418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved.

This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $ 60,000. The price has since sprung back up above $ 70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit.

Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving.

Bitcoin price chart from Tradingview.com

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Social Media Storm Gives Dogecoin 14% Price Boost – Details

Dogecoin (DOGE), the meme-inspired cryptocurrency, has experienced a rollercoaster ride in recent days. A surge in social media activity surrounding the coin coincided with a price increase of over 14% within the last week. However, technical indicators hint at a potential pullback, leaving investors to grapple with mixed signals.

Social Media Frenzy Fuels Optimism

Data from LunarCrush, a crypto analytics platform, revealed a significant uptick in social media interactions related to DOGE. Likes, comments, retweets, and upvotes on various platforms reached a staggering 30 million within a 24-hour period. This surge in social volume not only placed DOGE at the forefront of meme coin discussions but also suggests renewed investor interest.

Regulatory Integration Paves The Way For Institutional Adoption

Adding fuel to the fire, Coinbase Derivatives recently filed with the CFTC to introduce US-regulated futures contracts for DOGE, alongside Litecoin and Bitcoin Cash. This regulatory move signifies a growing acceptance of established cryptocurrencies beyond the realm of traditional financial institutions. Integration with established players could lead to greater market stability and wider adoption for DOGE.

April: Historically A Bullish Month For Dogecoin?

The report also highlights a historical trend – April has proven to be a particularly strong month for DOGE in previous years. This historical data injects a dose of optimism into the current scenario, hinting at a potential price upswing in the coming weeks. However, past performance doesn’t guarantee future results, and investors should be cautious about relying solely on historical trends.

Technical Indicators Flash Caution

Despite the positive social media sentiment and historical precedent, technical indicators paint a somewhat contrasting picture. The Aroon Up Line, an indicator that gauges trend strength, suggests a weakening uptrend for DOGE. Additionally, the Chaikin Money Flow (CMF) – a measure of money flow – currently displays a negative value, indicating potential selling pressure.

Dogecoin Bearish Signals 

The Moving Average Convergence Divergence (MACD) indicator, often used to identify trend changes, further reinforces the bearish sentiment. Readings show the MACD line crossing below the signal line in mid-March, potentially marking the beginning of a short-term downtrend.

Lastly, the Parabolic SAR indicator, which identifies potential trend reversals, positions its dotted lines above the current DOGE price, suggesting increased selling activity.

Navigating The Uncertain Waters

The current situation surrounding DOGE presents a complex scenario with both positive and negative factors at play. While social media buzz and regulatory progress offer reasons for optimism, technical indicators warn of a potential short-term price correction.

Featured image from Pexels, chart from TradingView

NewsBTC

Bitcoin ETF Netflows May Experience Rebound If This Price Is Attained, Analyst Explains

In line with the decline in Bitcoin’s price, the spot Bitcoin ETF market has appeared rather gloomy in recent days. According to data from analytics firm BitMEX Research, these BTC ETFs have recorded a negative netflow for the last four trading sessions. 

This situation has been marked by large levels of Grayscale’s GBTC outflows and the record low inflows for the other ETFs, mainly the market leaders BlackRock’s IBIT and Fidelity’s FBTC. However, amidst these persistent declining netflows, Ki Young Ju, a prominent analyst and Chief Executive Officer at Cryptoquant, has predicted a possible resurgence in the spot Bitcoin ETF market.

Analyst Pinpoints $ 56,000 Level As Critical To Bitcoin ETF Recovery

In a post on X on March 22, Ki Young Ju shared that a rise in spot Bitcoin ETFs netflows could occur even as the BTC price decline continues. Using data from the historical netflow trends, the analyst noted that demand for Bitcoin ETFs usually kicks in when the cryptocurrency traces to certain support levels. 

Young Ju stated that, in particular, new BTC whales, especially ETF buyers, have shown to have a $ 56,000 on-chain cost basis. This suggests that the new significant holders of Bitcoin, particularly those invested in ETFs, usually purchased Bitcoin at an average price of $ 56,000.  Following this trend, the crypto quant boss believes the spot Bitcoin ETF market could experience massive inflows if BTC reached the specified price level.

For now, Bitcoin’s price has oscillated between $ 62,000 and $ 68,000, as seen in the last week. However, Young Ju believes that such a descent is quite feasible as price corrections usually see a maximum decline of 30%. Using BTC’s most recent high of $ 73,750, the analyst predicts the asset price could still trade as low as $ 51,000. 

BTC Price Overview

At press time, Bitcoin continues to trade at $ 64,065.74, representing a decline of 3.73% and 7.17% in the last one and seven days. Meanwhile, the asset’s daily trading volume is down 3.53% and valued at $ 39.62 billion. 

Following historical trends of the bull cycle, it is possible that BTC may have reached its price peak leading up to the halving event in April. If that is the case, Bitcoin may likely not return to previous high price levels soon and could experience further price drops in the coming weeks.  

Bitcoin

NewsBTC

Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time

Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here?

Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows

The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $ 326.2 million, a new record for Bitcoin funds.

Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $ 261.5 million, and on Thursday, March 22, net flows came out to $ 94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year.

The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $ 339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week.

Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC.

What Happened To BTC The Last Time?

The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end.

However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward.

In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply.

With the climb came a more established rally in the Bitcoin price, causing it to go from $ 40,000 to over $ 70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes.

Bitcoin price chart from Tradingview.com

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