A sell-off in technology stocks weighed on major U.S. indices on Wednesday, with the S&P 500 closing down 0.17% and the Nasdaq Composite down 0.54%.
But Bitcoin's rise continues. According to Bitpush terminal price data, the current price of Bitcoin is $73,196.40, up 3.3% in the past 24 hours.
Earlier in the day, the Ethereum blockchain successfully completed the Dencun upgrade. However, ETH encountered resistance near the $4,100 mark and lost the key $4,000 level one after another. As of press time, the trading price is $3,988.90, up 1.36% in 24 hours.
Data from IntoTheBlock shows that Ethereum’s Netflow indicator rose significantly, with transaction volume reaching 8,529,000 ETH. This suggests that Ethereum inflows to exchanges are outpacing outflows, causing the trading platform’s reserves to grow. It hints at the possibility of an imminent price reduction.
Solana broke through $160 on Wednesday, reaching an intraday high of $166.45, its highest price since January 2022, a 24-hour increase of 13% and a month-on-month increase of 44.8%.
WIF surpasses FLOKI to become the fourth largest meme token by market capitalization
Dogwifhat (WIF) has become an instant hit since its launch at the end of last year. Following Dogecoin (DOGE), Shiba Inu (SHIB), Bonk and other tokens, WIF has become one of the most popular meme coins in this round of market cycle. The community announced today that its "sphere wif hat" plan has successfully raised more than $670,000 and will place advertisements on the new landmark building MSG Sphere in Las Vegas, USA.
Perhaps influenced by this news, WIF rose 35% in the past 24 hours, surpassing floki (FLOKI) to become the fourth largest meme token by market value, with a market value of US$2.6 billion a few months after its launch.
WIF is currently ranked 52nd among all cryptocurrencies, while the largest meme token DOGE is ranked 10th with a market cap of 24 billion.
Impact of US CPI data
Broader financial markets are digesting a U.S. CPI report for February that showed inflation remains stubbornly high, which could hamper the Federal Reserve's willingness to start cutting interest rates. Rate traders are betting the Fed will keep rates unchanged in March and May before potentially cutting them for the first time in June, according to CME Group's FedWatch tool. However, FedWatch is pricing in a 58% chance of a rate cut in June, with more than 35% of rate traders still betting on a pause that month.
Nansen Principle analyst Barthere does not expect a sharp sell-off in cryptocurrencies. He said: "Because this repricing has happened in the past few months, there is no need to question whether it is a bull market consolidation or a sharp sell-off."
However, Swissblock analysts warned that BTC's upward momentum is fading, based on the chart between Bitcoin price and the RSI momentum indicator on the 4-hour chart. RSI is a widely used momentum indicator that measures the speed and scale of asset price changes. "We expect BTC to fall to $58,000-59,000 next (a 20% drop from the current price), followed by a resumption of the upward trend as the top has not yet been reached," the analysts said.
