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The Weirdest Bitcoin Bull Market Ever

by Drop Gorn
April 2, 2024
in Crypto
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The Weirdest Bitcoin Bull Market Ever
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  • Memecoin madness is breaking the typical Bitcoin halving cycle patterns, with liquidity flowing from Bitcoin straight into memecoins instead of the usual path through Ethereum and other major cryptocurrencies.
  • This bull market has been described as the weirdest on record, with Bitcoin reaching a new all-time high before its upcoming halving event, which is unusual compared to previous cycles.
  • Venture capital funding into crypto projects surged 53% in March, with $1.16 billion raised across 180 investments, led by Optimism’s $89 million private token sale and Zama’s $73 million Series A funding.

The current Bitcoin halving cycle is being called the strangest bull market on record. This is due to a premature Bitcoin all-time high and a massive rush into memecoins.

Bitcoin Market Cycle Patterns Broken

Typically, bull runs would see liquidity flow into Bitcoin first before moving into Ethereum and other high-market cap coins, and finally down the chain. However, this market skipped a couple steps seen in previous cycles. Money flowed directly from Bitcoin into memecoins, which is unusual.

Liquidity Skipping Steps

Historically, liquidity would move from Bitcoin to Ethereum and other large coins before reaching smaller cap memecoins. But this cycle, funds went straight from BTC to memecoins, bypassing the normal steps.

Memecoin Capitalization Surges

Memecoin total capitalization surged to $70 billion on April 1, driven by pumps in new tokens like Solana-based DOG and older memecoins. Platforms like Coinbase’s Base layer-2 network have also become hotbeds of memecoin speculation.

Market Fundamentals Not Driving Valuations

Analysts say market fundamentals are not playing much of a role right now. We are in an attention economy based on narratives, not real fundamentals. Retail is not participating in a meaningful way. Isolated pumps are being driven by crypto natives.

Bitcoin Hits ATH Before Halving

Another unusual factor is Bitcoin reaching an all-time high before the halving. In past cycles, the Bitcoin ATH came the year after halving. This time, BTC hit $73,734 on March 14, while the halving is just 18 days away on April 20.

Pre-Halving Retrace Over

Analysts predict the pre-halving retrace is already over. BTC reclaimed a key Fibonacci ratio level seen in past cycles, but this time before halving.

Tags: $DOGBaseBitcoinCoinbaseethereumMemecoinSolana
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