- Bitcoin's 30-day volatility surpasses Ether's, hitting nearly 60%, indicating higher market fluctuations.
- Amid Bitcoin's price drop to $66,000, with Ether touching $3,319, liquidations totaling $157 million occurred, mainly from long orders.
The most anticipated crypto event of the year—Bitcoin halving—is just around the corner. It is a significant event as the price of Bitcoin could enjoy a parabolic move to the upside after it takes place. And there’s no denying that a lot is happening amid all the excitement.
Bitcoin is typically perceived as offering stability compared to other digital assets, shielding traders' portfolios from drastic market fluctuations. However, according to a report, bitcoin has recently exhibited higher volatility than Ether. Over the past week, Bitcoin's 30-day realized volatility reached almost 60%, surpassing Ethereum's by nearly 10 percentage points.
Moreover, WuBlockain on X (formerly Twitter) reported that Binance indicated a sudden drop in Bitcoin’s price to a low of $66,000, while Ether briefly dipped to $3,319. Within the last hour (at the time of writing this article), the network saw $157 million in liquidations, with long orders accounting for $144 million.
Binance shows that Bitcoin suddenly fell to as low as $66,000. ETH briefly fell to $3,319. In the past hour, the entire network liquidated $157 million, and long orders liquidated $144 million. https://t.co/YQ6p9AZeYG pic.twitter.com/MOkuYmN9CA
— Wu Blockchain (@WuBlockchain) April 2, 2024
Beyond the volatility, Bitcoin is also witnessing talks around a different aspect. In an X post on April 1, Zach Rynes aka ‘ChainLinkGod’, Chainlink community liaison, said that this bull market has been weird.
I think most people would agree this bull market has been weird
— Zach Rynes | CLG (@ChainLinkGod) April 1, 2024
BTC performance has been clearly supercharged by the ETF launch, injecting liquidity into the space
But liquidity that has flowed directly to memecoins ?
The market skipped a couple steps that we have seen with…
According to Rynes, in the past, during bull runs, funds typically entered Bitcoin first, then Ethereum and other major coins, before trickling down. However, this cycle saw a deviation, as capital flowed directly from Bitcoin to memecoins.
In response to Ryne’s post, an X user named Crypto Cat commented that the market is realizing meme coins are the most suitable utility in crypto, ideal for quick wealth accumulation, as they uniquely leverage blockchains.
However, Rynes disagreed, noting that casinos are one of many blockchain use cases. He highlighted the $140 billion in stablecoins circulating and BlackRock's recent tokenization of a $200+ million fund on Ethereum.
Edited by Harshajit Sarmah
