Crypto Pulse——3/18 Market Trends and Hot Project Analysis

Preface
Bitcoin and Ethereum have risen by 0.83% and 0.92% respectively in the past 24 hours, with current prices at $83,641 and $1,918. The ETH/BTC exchange rate stands at 0.023. The Crypto Fear & Greed Index is at 46, indicating fear in the market.

Market Trending

Bitcoin has remained stable over the past 24 hours, trading between $82,450 and $84,762, while Ethereum has maintained its position around the $1,900 mark. Altcoins have shown slight recovery, and the total market capitalization of the crypto market has returned to $2.8 trillion.

Bitcoin is currently in a consolidation phase, with its price nearly unchanged from last week. Although there have been no significant price fluctuations, trading volume surged to $27.14 billion in the past day, indicating a revival of buying and selling sentiment in the Bitcoin market. The second-largest cryptocurrency by market capitalization, Ethereum, has also held steady at the $1,900 level, with the number of whale addresses on the Ethereum blockchain increasing by over 4% since the beginning of the year.

Mainstream cryptocurrencies are showing that the market is undergoing a transitional phase. MicroStrategy, now known as Bitcoin Treasury Company (MSTR), took advantage of the relatively subdued prices and announced the purchase of 130 Bitcoins on Monday. Led by Michael Saylor, this business intelligence company has transformed into a pioneer of Bitcoin treasury management and is reportedly preparing for a $21 billion stock issuance to fund further Bitcoin acquisitions. Additionally, Trump’s crypto project WLFI has announced that it has included BTC, ETH, TRX, LINK, SUI, and ONDO in its strategic token reserves, indicating that institutional buying and strategic acquisitions will continue to support confidence in Bitcoin’s long-term potential.

Another noteworthy point is that the supply of stablecoins has surged to $219 billion. An increase in stablecoin supply often signals potential buying momentum from cryptocurrency investors, as stablecoins are the primary channel for investors entering the crypto world from fiat currencies. Historical data shows that peaks in stablecoin supply often coincide with market cycle tops, and with the current supply at $219 billion and still growing, it suggests that we may still be in the middle of the market cycle.

In the altcoin sector, the meme coin segment has seen slight gains, with MUBARAK rising over 150% in 24 hours, nearing $0.2; DOGE increased by 1.9%, surpassing $0.17, while PEPE and CHEEMS rose over 15%. In the DeFi sector, CAKE and BNX saw gains of over 35% in 24 hours, UNI returned to $6, and other coins like AAVE and ENA experienced slight recoveries.

Despite Bitcoin’s stable consolidation, macroeconomic factors may influence future trends. The market is focused on the Federal Reserve’s press conference on Wednesday, with investors eager to gain insights into U.S. monetary policy and potential interest rate adjustments, especially in light of recent decreases in the Producer Price Index (PPI) and initial jobless claims.

Spot Bitcoin ETF Flows

The U.S. spot Bitcoin ETF saw a net inflow of $274.59 million yesterday, with IBIT experiencing a net outflow of $42.26 million, ARKB seeing a net inflow of $88.53 million, and FBTC recording a net inflow of $127.28 million.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTC/USDT Perp!

Daily Spotlight

Today’s spotlight is PEPE, which has risen by 10.31% in the past 24 hours.

PEPE is a meme coin launched on Ethereum on April 17, 2023. This cryptocurrency was created to pay tribute to the Pepe the Frog meme created by Matt Furie. It aims to be a non-taxable, utility-free meme-based digital asset, emphasizing its unique connection to the Pepe the Frog character. PEPE attracts the crypto community by implementing a tax-exempt policy, a redistribution system that rewards long-term stakeholders, and a burn mechanism to maintain the scarcity of PEPE tokens.

PEPE has risen by 10.31% in the past 24 hours, currently priced at $0.000007246.

Check Out the Latest Prices, Charts, and Data of PEPE/USDT Spot and PEPE/USDT Perp!

The Word on the Street

WLFI has announced that it has included BTC, ETH, TRX, LINK, SUI, and ONDO in its strategic token reserves.

According to official news, Trump’s crypto project WLFI has completed a total token sale of $550 million, with over 85,000 participants completing KYC verification. WLFI’s “macro strategy” has also allocated various digital assets, including BTC, ETH, TRX, LINK, SUI, and ONDO tokens, in its strategic reserve plan. This “macro strategy” may partially support WLFI in funding innovative projects, promoting ecosystem growth, and creating new opportunities in the rapidly evolving DeFi space.

Project Funding

The crypto payment platform RedotPay has completed a $40 million Series A financing round.

According to an official announcement, the crypto payment platform RedotPay has completed a $40 million Series A financing round, led by Lightspeed, with participation from HSG and Galaxy Ventures, as well as support from institutions like DST Global Partners, Accel, and Vertex Ventures backed by Temasek. RedotPay is a blockchain technology company focused on digital currency wallets and payment solutions. Its vision is not only to provide services but also to lead a global paradigm shift in payment methods by accelerating the acceptance of cryptocurrencies in everyday transactions and payments.