Cryptomarket by Lbank Labs -March Week 3

LBank Labs
2 min readMar 20, 2024

BTC is still the top dog when it comes to its value in the crypto world. But there’s a new player on the block. In just three days, a token called $BOME has almost caught up to Bitcoin in terms of how much of it is being traded. Originating from a humble public sale with an initial cap of no more than $2 million, $BOME swiftly surged to an impressive $800 million market cap within just 48 hours, securing a listing on the Binance spot exchange. This phenomenon has not only impacted the Solana blockchain, but also spurred significant wealth creation across DEXs and other projects within the Solana ecosystem, including $PYTH and $JUP. Turns out Solana was also getting upgraded last week.

Meanwhile, Bitcoin’s price trajectory witnessed a sharp downturn on Thursday, coinciding with the cessation of large TWAP transactions. This decline hints at potential exhaustion in buying pressure from tradfi channels. Moreover, the persistent selling pressure from GBTC, which retains a substantial amount of BTC on its balance sheet, exacerbates market dynamics. Moreover, whales have been constantly selling on Bitfinex exchange since earlier this week, where there were a lot of buying happen just when BTC is at $55000 level. We still see a 30% correction happening around the halving.

$JUP, exhibiting price dynamics reminiscent of Uniswap’s nascent stages, presents a compelling case for potential appreciation, with a projected 6x increase relative to the ATH of $UNI at current price levels.

In the realm of altcoins, $SSV experienced noteworthy price fluctuations following strategic announcements and changes in market-making strategies. Despite a transient dip induced by the BTC downturn on Thursday, $SSV swiftly rebounded to levels surpassing the forties.

Meanwhile, the $APT ecosystem demonstrates burgeoning development and marketing activities, catalyzing community enthusiasm and fostering positive sentiment, which in turn contributed to price growth over the past week.

  • BTC price optimistic: $69000 — $73000
  • BTC price neutral: $65000-$69000
  • BTC price pessimistic: $61000 — $65000

Disclaimer: This article is provided for informational purposes only and should not be considered as financial advice. The cryptocurrency market is highly volatile and unpredictable. Always conduct thorough your own research and consult with a qualified financial professional before making any investment decisions.