Is the Bitcoin Rally Cooling Down in the Short Term? Altcoin Seasons Starts Brewing (Analysis)

On March 8, on-chain analytics provider Santiment reported that despite the incredible milestone for Bitcoin, “there is a combined sense of exhaustion and altcoin distraction coming from the trading community right now.”However, it sharply retreated from this level for the second time in a week, falling to around $68,000 a few hours later.Santiment also reported that social activity, or the percentage of discussions related to BTC versus other assets, is at a fairly healthy 27.5% right now.

“Until crowd euphoria and coin stagnancy take hold on the Bitcoin network once again, market caps have a path to continue climbing.”his 946,000 X followers on March 8 that he believes that we are just at the start of a major bull run for both Bitcoin and the broader crypto market in general. “I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.”

At the time of writing, crypto market capitalization was $2.72 trillion, its highest level since December 2021 and just 12% down from its all-time high.In related news, JPMorgan analysts estimated the potential magnitude of the bitcoin ETF market size to reach around $62 billion. Net inflow into spot bitcoin ETFs is currently around $9.2 billion, however, some may have been rotated out of similar products such as Grayscale’s GBTC which has seen daily outflows since its conversion.

“This is a realistic target of the potential size of spot bitcoin ETFs over time perhaps within a time period of two to three years,” wrote bank analysts led by Nikolaos Panigirtzoglou.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions.

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