Bitcoin and Ethereum flat, AI-themed coins lead the gains
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Bitcoin and Ethereum flat, AI-themed coins lead the gains
Bitcoin and Ethereum face resistance at key levels.
Navigating Web3 tides with focused insightsBy Mary Liu, Bitpush News
Crypto market activity cooled slightly on Wednesday. As of the close of U.S. equities trading, total crypto market capitalization had declined 1.2% to $2.6 trillion. Bitcoin and Ethereum faced resistance at key levels.
Bitcoin reached an intraday high of $71,754 before pulling back to $69,793, down 1.2%. Ethereum was trading at $3,516, down 1.35% over the past 24 hours.
In the altcoin market, native tokens of blockchain AI projects Fetch.ai, SingularityNET, and Ocean Protocol surged following a proposed merger plan dubbed the "Artificial Superintelligence Alliance." The merged entity's token will be named Artificial Superintelligence (ASI).
Following the announcement, existing tokens of the three projects rallied significantly: over the past 24 hours, Fetch.ai (FET) rose 15%, SingularityNET (AGIX) gained 12%, and Ocean Protocol’s OCEAN led with over 36% growth. The three projects submitted integration proposals to their respective governance communities today, launching a 14-day consultation period, with voting expected between April 2 and April 16.
The Base chain continues to lead the meme coin surge, with its most popular token BRETT rising 11% in the past 24 hours. Inspired by the cartoon character created by artist Matt Furie, BRETT briefly approached a $500 million market cap. Coingecko wrote in a newsletter: “It’s now clear that meme coins have evolved from a cultural movement into a key driver for new blockchain adoption.”
However, the hype has drawn regulatory scrutiny. The UK Financial Conduct Authority (FCA) issued a warning urging KOLs to exercise caution regarding “misleading” crypto meme projects. Paid promotions must receive regulatory approval to avoid potential criminal charges, with the FCA listing “meme” projects as a priority area for online misconduct.
Crypto market is “midway through a bull run”
According to a recent Grayscale report, market cycle indicators suggest the cryptocurrency market is currently “midway through a bull market,” supported by strong fundamentals and technical factors.
Although Bitcoin rose from $63,800 to $70,000 over five days ending March 27, only $151 million in leveraged short positions were liquidated in the BTC futures market. This indicates that despite net outflows of $888 million from U.S. spot Bitcoin ETFs last week, bears remain cautious.
On the positive side, Bitcoin has shown resilience. A drop from $73,757 on March 14 to $60,795 on March 20 did not trigger panic among spot ETF investors. This week saw a reversal in spot ETF flows, with a net inflow of $418 million recorded on March 26.
Additionally, Grayscale reported a significant decline in Bitcoin holdings on exchanges—down 7% since the local supply peak in May 2023—indicating tightening supply, partly due to spot Bitcoin ETFs transferring BTC into custodial cold wallets for long-term storage as investors anticipate future price increases.
Has the pre-halving BTC correction ended?
Analyst Rekt Capital stated on X that Bitcoin’s pre-halving price adjustment aligns with historical pullbacks. In a post on March 25, he wrote: “The pre-halving correction played out as expected. Now Bitcoin is back near $70,000.”
In a video analysis yesterday, Rekt Capital noted that if the historical high of $69,000 turns into support, Bitcoin could break to new all-time highs. He said: “Bitcoin has reclaimed its previous all-time high, potentially setting up for the end of the pre-halving correction.”
According to a research report from Bitfinex analysts, last week’s Bitcoin price correction suggests a local bottom has formed or is forming. The analysts stated: “We believe last week’s Bitcoin pullback from its current all-time high of $73,666—representing a roughly 17.5% correction—indicates we are nearing the establishment of a local bottom. In fact, the market has already begun to follow this pattern.”
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