As the cryptocurrency market experienced a long-lasting bearish period, there seems to be hope on the horizon with a potential bullish period emerging. The market cap has decreased from $3 trillion to around $1.9 trillion since 2021, leading investors to struggle. However, recent developments with Bitcoin and some altcoins indicate a potential turnaround, leading to an extended period of bullish market trends.
Bitcoin’s Bull Market Approaching Fast
Bitcoin’s derivatives trading volume has experienced a faster surge than its spot trading volume. BTC’s 7-day average spot trading volume has only increased by $24 billion, while the derivatives volume has reached nearly $1 trillion on various exchanges, which is the highest ever in Bitcoin’s history. The surge in derivatives volume could be due to the US bank crisis, as traditional bankers view Bitcoin as a valuable alternative.
The recent rise in Bitcoin’s open interest to around $12.14 billion suggests that institutional investors are now entering the BTC market, which is a positive sign of an approaching bull market. Despite a dip from a high of $28,783 to a low of $27,000, BTC is now trading at $28,343, with recent gains pushing BTC above a macro downtrend, confirming the start of a new bull market. Expect bullish moves from Bitcoin soon.
Tether Becomes The Most Reliable Stablecoin
Tether, despite long-standing concerns about its opaque asset backing and parent company Tether Global, has maintained its position and even traded at a premium in the following days. Recent data reveals that over the past few weeks, at least $5 billion of inflows into USDT have brought its market capitalization to over $77 billion as of Wednesday. One reason for this may be USDT’s supposed low exposure to the US banking system, making it one of the safest stablecoins to pivot to currently. USDT’s liquidity has been further maintained by the trading of USDC and DAI for USDT.
Tether’s lack of direct exposure to SVB, unlike other major stablecoins like DAI, which were indirectly exposed and depegged due to their collateralization by USDC, has allowed it to weather the crisis. Tether’s strategy of holding a variety of assets to back its stablecoins has helped to minimise duration risk. The flight to USDT as a safe haven should be seen as confidence in Tether’s portfolio risk management strategy, which has enabled it to perform well during the crisis.
Big Eyes coin Launches New NFTs
Big Eyes Coin (BIG), a meme coin that funnels wealth into the DeFi ecosystem, operates on the Ethereum Blockchain and utilises the ERC-20 standard. With Ethereum being the largest DeFi market in terms of active users, Big Eyes Coin has access to a highly liquid market, ensuring a prosperous future for the project. The ICO for the meme coin started in Q3 2022 and is currently in its 12th stage of the presale, having raised a remarkable $32.75 million. The team is preparing to enter the presale phase as they prepare for the highly anticipated launch.
Big Eyes Coin’s mascot is launching a new collection of NFTs that can be minted on the ETH blockchain. These NFTs will be launched on March 31 and will be available through custom and unique cards as rewards inside Loot boxes. When opened, users will receive both a card and BIG tokens, with the option to mint the card as an NFT. However, each card can only be minted once.
Starting April 3rd, this NFT collection will be listed on Opensea, the Ethereum NFT Market. Each NFT can be minted for 0.05 ETH and is intended for collecting and trading on Opensea, which is sure to enhance your meme coin experience by several notches.
With Stablecoins like Tether reinstating the trust of investors in crypto and Bitcoin on the verge of hitting the Bull Market Phase, It is a welcome move for Big eyes Coin to launch its NFT.
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Opensea: https://opensea.io/collection/big-eyes-lootbox-cards
