Market update

Cointree Crypto Market Update - March 13th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$108,103, rising +7.49% at the time of writing. Meanwhile, Ethereum continues to breaks past $6k to AU$6,012, increasing +7.40% week-on-week. And in other altcoin movements, Avalanche rises +35.33%, Cardano +3.99%, and Solana +15.66%.

🗞 What’s happening in the news?

Today is a big day for Ethereum.

The Ethereum network is on the cusp of the Dencun upgrade, a transformative event that includes the eagerly awaited EIP-4844, or proto-danksharding. This upgrade, heralded as the biggest since The Merge, aims to drastically reduce gas fees on Layer 2 networks and introduce "data blobs" for temporary storage space. These advancements promise to significantly enhance scalability, reduce transaction costs, and improve cross-chain communication, marking a pivotal moment for Ethereum and its community.

This upgrade is set to herald a new era of scalability, reduced costs, and enhanced network efficiency through several key enhancements:

1. Enhanced Scalability

2. Reduced Gas Fees

3. Enhanced Security

4. Improved Cross-Chain Communication

5. Better Data Storage

6. Setting the Stage for Full Danksharding

Amid this exciting transition, it's crucial to remain vigilant against potential scams. A reminder to the community: if you receive unsolicited messages instructing you to bridge your ETH, download files, or take any other actions… it's very likely a scam. Stay alert and proceed with caution to protect your assets and personal information.

Riding the wave of the Dencun upgrade, as well as a potential ETH ETF approval, Ether's price rises past AU$6,000, sparking fresh debates on its lasting value. The rally, which outperformed the broader market, has been fueled by anticipation for a spot Ethereum ETF and the network's ongoing upgrades. However, with the SEC's final decision on the ETF looming and the Dencun upgrade set to reduce transaction fees, the Ethereum ecosystem stands at a crossroads, balancing between short-lived hype and sustainable support.

Analysts are asking themselves, is this price hike simply a “sell the news” situation?

And finally, in notable altcoin news, the Solana network has hit a new milestone, registering an all-time high in daily new addresses. This surge in network engagement suggests a growing user base and hints at Solana's potential to reach new price heights. With Solana already boasting more daily transactions than several other major blockchains combined, its ascent in the market cap rankings seems increasingly likely.

📖 What we’ve been reading

Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash

“From bottom buys to stimulus checks, Bitcoin has richly rewarded those who used the events during the COVID-19 pandemic to increase BTC exposure.”

Bitcoin miner revenue hits all-time high amid price surge

“Mining revenue for bitcoin has hit its all-time high over the weekend as the value of the world’s largest cryptocurrency continued to rise.”

Bitcoin has 6 months until ETF ‘liquidity crisis’

“Bitcoin ETFs are sucking up the BTC available for purchase, and the tipping point in supply dynamics will come this year, one analyst says.”

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.