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The bull market engine MicroStrategy continues to exert force, spending approximately $800 million to purchase 12,000 BTC, fueling BTC to break through $72,000 and achieve a historic high. Here are some highlights:
1. The sectors showing strong wealth creation potential are: blue-chip sectors, old public chain projects.
2. User trending tokens and topics include: Blast ecosystem leading Dapps, METIS, UNIBOT, CELO, GROK.
3. Potential airdrop opportunities include: Mode Network, Stack.
Historically, March 12th has seen significant corrections in the crypto market, leading investors to adopt a cautious bullish stance. The trend of MicroStrategy and Wall Street capital continuing to buy BTC remains unchanged, hence BTC is poised to continue its upward trend. The Cancun upgrade is set to activate on March 13th, presenting potential wealth opportunities for beneficiary projects, including: ARB, METIS, IMX, among others.
Data was recorded on March 12, 2024, at 4:00 (UTC+0).
1. Market Environment:
In the past 24 hours, BTC hit a new all-time high breaking $72,000, while ETH rose above $4,000, setting a new phase high. MicroStrategy, the bull market engine of the crypto market, bought approximately $800 million worth of 12,000 BTC, a significant factor contributing to BTC's critical breakthrough. Bullish sentiment is high, with active funds in the market, suggesting the potential for BTC to continue its upward trajectory.
Both of the two US presidential candidates yesterday sent positive signals for the crypto market: Biden mentioned that the Federal Reserve is about to cut interest rates, while Trump stated that his election as president would not suppress BTC. During presidential election years, fiscal policies tend to be more aggressive, favoring the continuous upward trend of the crypto market. Meme sectors may continue to show volatility due to liquidity. It is advisable to pay attention to them.
2. Wealth Creation Sectors:
1) Blue-chip sectors (BTC, ETH):
Main reasons: 1. MicroStrategy invested $800 million directly in BTC; 2. Continuous net inflow of BTC ETFs;
Rise situation: BTC broke through $72,000, setting a new all-time high; ETH stabilized above $4,000;
Factors affecting the future market:
Whether the net inflow of BTC ETFs can continue: The net inflow data of BTC ETFs has maintained for several trading days, and the volume of net inflow is gradually decreasing. It is necessary to pay attention to whether the net inflow of BTC ETFs can continue. If there is a first net outflow, consider reducing leverage;
Crypto market sentiment: Today is March 12th. Historically, there has been a significant correction in the crypto market today. Market participants will be cautious about the risk of retracement, thereby adopting a cautious bullish strategy. It is recommended to set reasonable stop-loss lines for the next two trading days to prevent unexpected market retracements.
2) Old public chain projects (XRP, LTC):
Main reasons: 1. BTC and ETH broke through their highs, leading the overall market upwards; 2. With hot money inflows, the volume of open contracts for XRP and LTC increased significantly;
Rise situation: XRP, LTC, RVN rose by about 15%;
Factors affecting the future market:
Changes in trading strategies: After BTC broke through the new high, XRP and LTC performed significantly weaker than the overall market, leading to a rally. Taking LTC as an example, LTC is currently at $100, with a bottom support of $70 and a previous high of $270. LTC's maximum drawdown is 30%, while the trading rate of return is 270%, with a high risk-reward ratio, attracting attention from the market; XRP and LTC are likely to experience a rally in the near future, so it is recommended to pay attention;
Changes in the volume of open contracts: The volume of open contracts for XRP and LTC surged yesterday, indicating an influx of hot money. Funds need to push up XRP and LTC spot prices to take profit. According to the recent habit of main funds pushing up the market, spot assets are likely to experience two to three rounds of ups and downs. Therefore, it is advisable to focus on the changes in the volume of open contracts for XRP and LTC.
3) Sectors to Watch: Cancun Upgrade Sector
Main reasons: The ETH Cancun upgrade will be activated tomorrow (3/13), improving the execution transaction efficiency of the ETH network and enhancing the narrative space for ecological projects;
Specific currency list:
ARB: The TVL of the Arbitrum ecosystem has continued to rise during the bear market, providing original funds for the development and deployment of projects, but the ARB token has shown weak performance and has room for a rebound;
METIS: The first to use both OP Rollup and ZKPs Rollup, the performance of METIS is expected to rise significantly after the Cancun upgrade. METIS has recently been actively supplemented by exchanges, with great potential for future growth;
IMX: A leading target in the gaming L2 sector, after the Cancun upgrade, TPS will significantly improve, which is more conducive to on-chain gaming data, reducing user interaction costs, and IMX will directly benefit from the Cancun upgrade. |
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Post time 23-3-2024 12:52:58
