Key Points
- Bitcoin’s price might dip below $69,000 due to capital outflow.
- Despite gains, Ethereum’s price could potentially reach $4,500 soon.
The month of March has seen a positive start for leading cryptocurrencies, including Bitcoin and Ethereum, despite earlier predictions of a bearish market.
Bitcoin’s Performance
Bitcoin, for instance, reached a new all-time high, surpassing $72,000 on March 11th.
However, despite its impressive performance, data from Glassnode reveals a negative Hodler Net Position Change, indicating that holders might be cashing out, which could potentially cause a decrease in Bitcoin’s price.
If this trend continues, it’s possible that Bitcoin’s price could dip below $69,000 in the coming week.
Ethereum’s Potential
Ethereum, which had been lagging, has seen a price gain of 8.59% in the last seven days, pushing its value above $4,000.
The Market Value to Realized Value (MVRV) ratio for Ethereum is currently at 19.30%, which is considered low in a bull market and could imply that the altcoin is undervalued.
If this is the case, Ethereum’s price might increase further in the coming week, potentially reaching $4,500.
Ripple [XRP], despite its ongoing lawsuit with the U.S. SEC, saw a price increase of 18% in the last 24 hours, almost touching $0.74.
However, the Mean Dollar Invested Age (MDIA) metric for XRP shows a downward trend, indicating a movement of previously idle tokens which could potentially lead to a price decrease to $0.65.
On the other hand, if the MDIA slope rises, it could invalidate the bearish bias and drive XRP towards $0.75.
Please note that this information should not be considered as financial, investment, or trading advice.
