“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
Topics of the episode: Bitcoin’s new all-time high, the beginning of hodlers’ “unloading,” the impending altseason, and the soaring fear index.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
Special guest: ERGO founder Alexander Chepurnoy.
Bitcoin Hits New ATH
On March 5, the leading cryptocurrency surpassed $69,000 on Coinbase and several other exchanges. The last time such levels were seen was in November 2021.
A rapid correction to $59,000 followed, accompanied by mass liquidations of long positions.
However, shortly after, Bitcoin’s price nearly fully recovered its lost ground. Ethereum’s quotes even approached $4,000.
This price peak for Bitcoin occurred for the first time before the halving (within the market cycle).
On March 8, digital gold recorded a new ATH near the $70,000 mark.
Kaiko noted trading volumes that “reached a multi-year high, exceeding $20 billion.”
Fear Index Soars
The cryptocurrency fear and greed index reached a level of 90, the highest since February 2021.
For several years, the metric remained below 70. Market participants’ sentiment noticeably improved since last autumn amid market recovery and its transition to a bullish phase.
The ongoing rally is also evidenced by the high “kimchi premium” on South Korean exchanges and technical glitches on Coinbase.
The Most Patient Bitcoin Whale
An unknown user sold 1,000 BTC mined in 2010, earning approximately $68 million.
In early March, an early Bitcoin miner consolidated coins from several wallets.
On March 5, amid the new price peak, they transferred the amount to Coinbase.
When the user mined the cryptocurrency in 2010, Bitcoin’s rate was about $0.28.
Some commentators suggested that the “dump” of such an amount was one of the reasons for the short-term correction of digital gold.
Meme Madness as a Sign of Altseason
Experts at K33 Research concluded that meme coins like DOGE, SHIB, BONK, PEPE, and WIF are early indicators of altcoin season.
CoinDesk noted that in the past, such episodes were harbingers of Bitcoin reaching a local peak.
Shiba Inu surpassed projects like Avalanche, Polkadot, and Tron in capitalization. The total market value of the coin exceeded $20 billion. Open interest in perpetual contracts on SHIB surpassed $100 million for the first time since August 2023.
Meanwhile, Solana was flooded with meme tokens featuring spelling errors like Jeo Boden, Danold Tromp, and Olen Mosk. Martin Lee from Nansen Data explained FOMO by the network’s low transaction fees.
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