Ethereum and Green Bitcoin are sizzling hot.
While ETH has plunged below $4000, indicators show that the downtick is temporary.
With Bitcoin breaking past $70K, long-term investors are optimistic that Ethereum is headed for a new all-time high. Green Bitcoin has also been capitalizing on the pre-halving rally. The sensational new cryptocurrency has broken past the $3.4 million milestone in its presale, hinting at an early sell-out.
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Ethereum Eyes a New ATH
The social momentum surrounding Ethereum, which propelled it to $4000 just recently, indicates that the world’s second-largest cryptocurrency is ready for another all-time high.
As the market approaches the much-awaited Bitcoin halving milestone, Ethereum’s network activity is rising to unprecedented levels. The soaring transaction costs have not been able to stop investors from pouring money into the market. The generous returns from the bull run are too compelling to ignore at this point.
Source: The Block
On Monday, Ethereum saw an 81% increase in trading volume. At the time of this writing, the 24-hour trading volume sits at a gigantic $24,730,618,629. The market cap, on the other hand, has expanded to $478,773,383,652.
Ethereum DEXs Record Increasing Activity, Dencun Upgrade Boosts Speculative Buys
Trading volumes on Ethereum-based decentralized exchanges (DEXs) are growing, pushing the price of ETH. Ethereum’s token-burning scheme has also been contributing to the frenzy by cutting down the token’s supply and intensifying price movements.
Source: DeFiLlama
Another catalyst for Ethereum’s price action this week is the Dencun upgrade, scheduled for March 13. It promises increased scalability, efficiency, and security to the network by introducing ‘proto-danksharding’. The mechanism is expected to lower transaction costs in the short term.
Meme Coins Add to the Craze
Meme coins are another catalyst of the increasing activity on the Ethereum network. High-cap Ethereum meme coins like Pepe and Shiba Inu have seen significant growth over the last few weeks, reaching market capitalizations of $3.5 billion and $19 billion respectively.
But low-cap meme coins are stealing the spotlight with bigger pumps. Solana meme coin SMOG, for instance, made a 168% surge over the past week, contrasting with a 30% increase for Shiba Inu.
SMOG has grown to a $230 million market cap over the last few days. But it has more steam for explosive price action.
SMOG 7-day price action, CoinMarketCap
In addition to the lower market cap, SMOG’s dragon-themed airdrops have ignited fresh excitement in the meme coin market. SMOG is expected to gain strength over the week and lead the meme coin rally.
Scotty the AI ($SCOTTY) is another hot meme coin. The AI crypto meme coin has become an instant viral phenomenon, sending the presale to a rapid sell-out ahead of schedule.
Early investors have a short window to purchase $SCOTTY at discounted fixed prices before the eagerly awaited exchange launch. $SCOTTY is selling for $0.01 now. On its release, it could climb 10X to 15X up the charts in a fertile broader market environment.
Could Ethereum Touch $5000 This Week?
$5000 is an ambitious target for ETH this week. Factors like heightened network activity driven by meme coin speculation and anticipation surrounding the Dencun upgrade could expedite ETH’s journey to $5000.
But the price momentum triggered by the upgrade is expected to taper off after March 13. Escalating transaction costs is another challenge, hindering network accessibility. The diminishing enthusiasm for Ethereum ETFs may also negatively influence the ETH price dynamics this week.
🚨SCOOP: Optimism about the @SECGov approving the $ETH spot ETFs by May 23rd is waning.
— Eleanor Terrett (@EleanorTerrett) March 10, 2024
Based on my conversations with people familiar, meetings in recent weeks have been very much one sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but…
That said, the trajectory of ETH price will be largely determined by the broader market landscape. Given the predominantly optimistic narrative, $5000 remains within reach for ETH this month, if not this week.
Source: CoinMarketCap
Green Bitcoin Presale Breaks Past $3.5M
With Bitcoin predicted to touch $100,000 over the next few months, investors are looking for more ways to gain exposure to the bull market.
Bitcoin’s gigantic market cap of $1407.54B leaves little room for returns to investors who were late to the rally. This is where new projects like Green Bitcoin ($GBTC) enter the picture.
Like meme coins, these new cryptocurrencies act as magnets for investors looking to capitalize on the pre-halving rally. As of Tuesday, the Green Bitcoin presale has raised $3.46 million in funds.
But what sets apart Green Bitcoin from meme coins and other money-making schemes is its long-term relevance. Being a utility-rich ecosystem focused on prediction markets, Green Bitcoin has a robust foundation. The green tag of the project, in addition, offers an eco-friendly alternative to investors who are reluctant to be a part of proof-of-work blockchains like Bitcoin.
According to analysts, Green Bitcoin is turning heads with its ‘predict-to-earn’ push. But there are more factors that underpin the growing popularity of the project.
The attractive passive rewards from staking with a per-annum reward rate of 140%, for example, allow investors to grow their wealth during the holding period. Active participants, on the other hand, can predict the daily price movements of bitcoin to win bigger rewards from the gamified staking platform.
The Green Bitcoin presale is headed toward an early sell-out as the buyer frenzy grows to new heights in the pre-halving rally.
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