2024-03-16 13:31:19
“Should have bought” is a news podcast with the editors and friends of ForkLog regarding the main industry events of the week and the “hottest” tokens.
Issue topics: activation Dencun and its impact on commissions L2 solutionsanother historical maximum of Bitcoin above $73,000 and a subsequent correction below $68,000, a new round of meme madness and record inflows into ETF.
Contributed by: ForkLog Lena Jess, Alex K., Vasily Smirnov.
Special guest: former top manager of Binance and co-founder of Blum Gleb Kostarev.
New ATH above $73,000 and subsequent Bitcoin correction
On March 11, the quotes of the first cryptocurrency exceeded the level of $70,000. The price continued to rise, passing the levels of $71,000 and $72,000. Bitcoin surpassed silver in market capitalization, and Ethereum broke through $4,000.
On March 13, digital gold updated its ATH above $73,000. However, a correction soon followed – on March 15, the price fell below $68,000, at which point the rate dropped below $66,000. Leading altcoins also found themselves in the red zone. The exception is Solana.
Glassnode specialists noted that once morest the backdrop of a cryptocurrency rally above $70,000, hodlers began selling, taking profits.
Record inflows into ETFs
On March 12, the net inflow into spot exchange-traded funds based on the first cryptocurrency amounted to $1.05 billion. The figure is 56% higher than the previous February record of $673 million.
BlackRock is still leading the ETF race – the asset manager has accumulated over 200,000 BTC in two months.
Grayscale’s GBTC is still experiencing outflows. On March 12 alone, investors withdrew regarding $78 million.
Bloomberg analyst Eric Balchunas identified two “powerful catalysts” for future activity in the segment – the addition of spot Bitcoin ETFs to the list of instruments by large platforms and the approval of options based on them.
Dencun upgrade and long-awaited reduction in commissions
On March 13, the Ethereum team successfully implemented the Dencun (Deneb-Cancun) update on the mainnet.
One of the main components of the upgrade is EIP-4844. It includes a Proto-Danksharding option designed to scale the network by creating a new type of transaction for large binary data sets (BLOBs).
The large-scale update had no impact on fees on the main network, but it did significantly reduce transaction costs for users of L2 solutions like StarkNet and Base, Optimism and zkSync.
The lowest commissions are recorded in Zora – at $0.0009.
Ethereum co-founder Vitalik Buterin announced the achievement of “basic rollup scaling.” This is one of the stages of the second phase of The Surge of the blockchain roadmap.
How to “raise” $63,400 with $4?
In five hours, a Solana holder managed to earn $63,400 on the WolfWifBallz meme coin with minimal investment.
On March 10, the user spent 0.025 SOL ($4) to buy 4,367,218.49 BALLZ. Five hours later, following a significant increase in the price of the token, he sold the assets for 428.15 SOL ($63,400).
IntoTheBlock researchers concluded that increased network activity amid the hype around meme coins benefits Ethereum investors by quickly reducing inflation, but makes it difficult to use the blockchain.
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