Key Points
- The global economy is recovering but growth is predicted to slow in 2024 and 2025.
- Cryptocurrency markets are booming, with Bitcoin and Ethereum hitting new highs, and increased interest from big investors.
The world economy is on the path to recovery after a period of stagnation, with major indices showing positive trends. However, achieving the Central Banks’ 2% target remains a challenge due to persistent inflation.
Economic Outlook
Senior Vice President and Chief Economist of The World Bank Group, Indermit S. Gill, forecasts slower growth for both advanced and developing economies in 2024 and 2025 compared to the pre-COVID-19 decade.
The Crypto Fear & Greed Index, which ranges from 0 (extreme fear) to 100 (extreme greed), has remained above 70 for over three weeks, indicating potential market correction. The crypto market has experienced unprecedented demand levels in the past two months.
Big Players in Crypto
According to a March 2024 research report, U.S. billionaires, including JPMorgan Chase & Co. CEO Jamie Dimon, have been selling their stocks, possibly due to increasing interest in cryptocurrencies.
Bitcoin, the leading cryptocurrency, hit a new All-Time-High (ATH) at $73,797.35 on 14 March, with its market cap surpassing that of Silver. Despite predictions of Bitcoin reaching $100k, the report suggests that Bitcoin hasn’t reached its ATH yet.
As Bitcoin crossed the $72k level, the Long-Term Holder cohort increased their distribution pressure, resulting in over $2.6B/day in realized profit. The arrival of a Bitcoin spot ETF has boosted Bitcoin, with inflows of about $12.1 billion by the end of the first quarter.
Ethereum, after its Dencun upgrade, has successfully maintained its $3500 support and reached $4000, its highest point in nearly two years. This is attributed to increased DeFi activity and anticipation of the Dencun upgrade.
Future of Crypto
In the past month, meme coins like WIF, PEPE, and FLOKI have seen a significant surge in their prices. Analysts predict that during 2024-25, DePIN will be the most important trend in the crypto world.
However, the NFT market is experiencing its first real bear market, with a decrease in sales volume and transactions, but an increase in sellers. The report reveals a surprising outperformance by Bitcoin NFTs compared to their Ethereum counterparts.
AMBCrypto’s latest report provides a comprehensive analysis of March’s market trends, offering valuable insights for predicting market movements in April. The report covers key topics like Bitcoin vs. inflation, BTC’s next ATH projection, Ethereumization of Bitcoin, ETH’s price potential, NFT market dynamics, and the market forecast for April.
