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Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000: ETH, PEPE, GALA

Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000: ETH, PEPE, GALA WikiBit 2024-02-28 21:00

Crypto Market Analysis: The increasing demand from the traditional market through spot BTC ETFs cont

Crypto Market Analysis: The increasing demand from the traditional market through spot BTC ETFs continues to bolster the underlying asset Bitcoin. This digital asset raising for five consecutive days has recorded 17% growth to reach a currency trading price of $5922.

On February 27, the cryptocurrency market saw significant activity with over $2 billion traded across the Nine ETFs, including a record $1.3 billion in trades for $IBIT. Alongside, LookonChain reported substantial institutional interest in Bitcoin, with eight spot ETFs adding 9,901 BTC ($564 million).

Fidelity led these additions with 4,460 BTC ($254 million), followed by ARK21Shares with 2,394 BTC ($136.4 million), and Blackrock with 2,051 BTC ($116.85 million), while Grayscale reduced its holdings by 921 BTC ($52.5 million). These 10x to 12x demand from the traditional market against the 900 Bitcoin mined every day, accentuates an aggressive accumulation trend among investors.

Feb 27 Update:

8 ETFs added 9,901 $BTC($564M) today while #Grayscale only decreased 921 $BTC($52.5M).#Fidelity added 4,460 $BTC($254M);#ARK21Shares added 2,394 $BTC($136.4M);#Blackrock added 2,051 $BTC($116.85M);

— Lookonchain (@lookonchain) February 27, 2024

Amid the bullish trend altcoins like Ethereum (ETH), Gala, and Pepecoin (PEPE) may offer additional opportunities to enter long positions.

Also Read: MicroStrategy Follows Bitcoin With MSTR Share Gaining 10%, Whats Ahead?

Ethereum Profitable Transfer Ratio Hits Record High, Fueling Rally Optimism

Ethereum| Tradingview

The second-largest cryptocurrency Ethereum is actively following the trail of Bitcoin recording a 15.3% jump within a week. Currently trading at $3345, the ETH price has witnessed a rally of nearly 50% since last month.

According to the latest data from Santiment, a renowned crypto analytics firm, the Ethereum network is currently experiencing a significant uptick in the ratio of profitable on-chain transfers. As of this week, Ethereum boasts its highest ratio since November, with 2.3 profitable transfers for every one that occurs at a loss. This indicates a prevailing bullish sentiment among Ethereum holders, with many able to move their coins at a profit.

???? This week, the #Ethereum network is seeing its highest ratio of profitable #onchain transfers since November, with a 2.3 to 1 ratio of coins moving at a profit vs. loss. Meanwhile, #Bitcoin's ratio is also quite high at 1.8 to 1. #Cardano is one of the few seeing more loss…

— Santiment (@santimentfeed) February 27, 2024

An analysis of the daily chart shows the recent upswing gave a decisive breakout from the upper boundary of the expanding channel pattern on February 26th. An upside breakout from the setup which carried a bullish rally for over 100 days indicates the buyers are pushing an even more aggressive rally.

The post-breakout rally may bolster the Ethereum price chase potential target of $3600, followed by $3950.

Also Read: Ethereum ICO Investor Ignites Massive Coinbase Dump As ETH Price Soars To $3200

Whats Ahead for Pepe Coin After 200% Surge In a Week

Pepe Coin| Tradingview

The Frog-themed memecoin PEPE entered an aggressive recovery trend last week when the price rebounded from the $0.0000011 support. Within a week, the coin price surged over 200% to trade at $0.0000034 currently.

Amid the broader market sentiment, the PEPE price witnessed additional momentum with the breakout of inverted head and shoulder patterns. Moreover, a wallet reactivated after 650 days of dormancy withdrew 1.03 trillion $PEPE tokens from Binance, according to Lookonchain, a keen observer of on-chain activities.

The withdrawal preceded a sharp increase in $PEPEs value, leading to an unrealized profit of $1.34 million, a 95.3% gain, in under three days. This fortuitous timing raises questions about whether this was a case of smart trading strategies or potential insider knowledge.

A wallet withdrew 1.03T $PEPE($2.76M currently) from #Binance before the price of $PEPE increased, with an unrealized profit of $1.34M(+95.3%) in less than 3 days.

This wallet had been inactive for over 650 days before withdrawing $PEPE from #Binance.

Smart trader or insider?????

— Lookonchain (@lookonchain) February 28, 2024

With an intraday of 25%, the Pepe price recently breached the $0.00000287 resistance. If the price shows sustainability above this level, the Pepe coin may rise to $0.00000386, followed by $0.0000044.

Also Read: Bitcoin Nears $60K: Reasons Why BTC, ETH, XRP, PEPE Price Are Rising Today

GALA Price Escapes an 18-Month Downtrend

GALA Price| Tradingview

GALA, the core utility token for Gala Games has showcased nearly 86.6% growth within a month as price surged from $0.02 to $0.038. This recovery in tandem with increasing volume and a massive surge in Open interest reflects sustainable growth.

Recent data from Coinglass, a provider of derivative market analytics, indicates a significant spike in the GALA Futures Open Interest, which has soared by 168% in just a month, climbing from $46.54 million to $127.8 million. This substantial increase implies a growing interest from traders and investors in the future price movements of GALA.

GALA Futures Open Interest (USD)| Coinglass

Amid the recent rally, the GALA price gave a decisive breakout from a downsloping trendline which carried a downtrend for the past 18 months. This breakout signals a change in traders sentiment and the potential for a fresh recovery trend. With an intraday loss of 8%, the GALA price may retest the immediate support of $0.0355 or breach the trendline at $0.032.

A post-test rally may bolster buyers to chase the $0.5 and $0.627 potential targets.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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