Crypto Surge Continues: Rallies and Meme Coin Mania

DAILY MARKET OVERVIEW
Ethereum rallies during the weekend, what can we expect?

In recent days, both over the weekend and today, we've witnessed a surge in the strength of the crypto market.

As Bitcoin takes a breather, Ethereum is stepping up, showing signs of resilience and gaining momentum. This is usually a good sign for altcoins as they have room to catch up before the next Bitcoin increase.

Institutions such as Blackrock and Fidelity are maintaining their momentum in purchasing Bitcoin through ETFs, with a consistent daily flow of $250-500 million worth of BTC.

This sustained institutional interest contributes to the overall bullish sentiment in the market, leading many to anticipate a bullish year ahead in 2024.

TWITTER SENTIMENT
Will Meme Coin Season Return In 2024?

Love them or hate them, meme coins have become an undeniable force in the cryptocurrency world.

But what exactly is a meme coin and why are they so popular?

Meme coins are cryptocurrencies created as jokes, often based on popular internet memes. They don't have any real value and mainly thrive on social media hype, capitalizing on people's fear of missing out.

The first meme coin ever created was Doge in 2013. It was inspired by the popular Shiba Inu Doge meme. However, things really took off in 2021 when Tesla's founder, Elon Musk, began actively endorsing Dogecoin on Twitter. This sparked widespread interest across social media and news outlets, kicking off the great Doge run.

In just 5 months, the social hype propelled Dogecoin from $0.005 to $0.68. This means a $1,000 investment could have turned into $136,000, assuming you held all the coins.

Can we expect another meme coin run in 2024?

In crypto, we can never be certain about outcomes however we can always speculate. A recent post from @MaxBecauseBTC has gathered a significant amount of attention on Twitter.

The tweet highlights similarities in the price charts of two major meme coins, Doge and Shiba Inu, compared to the chart of the newer Pepe coin.

Pepe, inspired by the beloved internet frog meme, was launched in 2023 with great success. However, the hype dwindled as we entered 2024.

Based on Max's chart comparison, we can observe striking similarities between Pepe and Doge/Shiba before they experienced significant surges.

So does that mean we are going to see Pepe skyrocket in price?

Given the positive crypto momentum in 2024 and the approaching April 20th, called "meme coin day," it may seem like the odds may be in our favor. However, it's important to remember that meme coins come with significant risks. Please do not mortgage your house and go all-in Pepe no matter how tempting it might be.

NEWS OVERVIEW
Recent Crypto News

• Bitcoin Correction Could Be Approaching

• Early Uniswap Whale Sold $1M Worth of UNI as Price Surged

• Avail, an Ethereum Data Network to Rival Celestia, Raises $27M In Seed Round

• Michael Saylor's MicroStrategy Purchased an Additional 3K BTC, Now Holds $10B Worth

• Bitcoin Investment Products Saw Inflows of $570M Last Week: CoinShares

YOUTUBE INFLUENCER SUMMARY
Bitcoin Halving. What is it and what can we expect: Benjamin Cowen.

The Bitcoin halving is a major event that occurs roughly every 4 years as part of Bitcoin's code. The halving reduces Bitcoin’s inflation rate by half by lowering rewards for BTC miners.

Bitcoin halvings often lead to big price increases. The last halving was in 2020. The next one is coming up soon in April 2024.

Leading up to a halving, Bitcoin's price often goes up a lot. After the halving, it goes up even more. But each time, the gains are smaller than the previous halving.

So far in 2024, Bitcoin's price is doing about average compared to past pre-halving years. Benjamin Cowen expects it will keep going up as the halving gets closer, but not as much as the 2017 hype.

Other cryptocurrencies like Ethereum are also doing okay so far in 2024. But they are not gaining as quickly as they did in previous halvings.

Overall, Cowen believes Bitcoin and altcoins will likely keep going up this year before and after the halving. But he expects more moderate gains compared to past cycles. The hype is lower and returns smaller each halving.

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