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Crypto News Today: SHIB Joins DOGE in the Top Ten as BTC Nears ATH

By:
Bob Mason
Published: Mar 5, 2024, 04:06 UTC

Key Points:

  • BTC surged 8.02% on Monday, closing the session at $68,201.
  • Optimism toward the BTC-spot ETF market and MicroStrategy-related news supported a breakout Monday session.
  • SHIB and DOGE dwarfed BTC gains on Monday, with SHIB moving into the top 10 by crypto market cap.
Crypto News Today

In this article:

BTC Marches Toward the 2021 All-Time High

On Monday, BTC surged 8.02%. Following a 1.80% gain from Sunday, BTC ended the session at $68,201.

MicroStrategy Announces Fundraising to Fill Bitcoin Coffers

On Monday, MicroStrategy (MSTR) founder and Chairman Michael Saylor announced a $600 million fundraising campaign, saying,

“MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes.”

According to the press release, MicroStrategy plans to raise $600 million through convertible senior notes in a private offering. MicroStrategy will use the proceeds from the sale of the notes to purchase bitcoin and for general corporate purposes.

BTC-Spot ETF Market Flows Send BTC to a 2024 High

On Tuesday, BTC struck a new 2024 high of $68,735. Investors reacted positively to BTC-spot ETF market data for Monday, March 4.

According to available data, Grayscale Bitcoin Fund (GBTC) saw net outflows fall from $492.4 million to $368.0 million on Monday, March 4. The pullback in net outflows aligned with investor expectations that GBTC net outflows have peaked. Net outflows surged after the  February court approval for Genesis Global Holdco LLC to liquidate GBTC shares worth approximately $1.3 billion.

The BTC-spot ETF market will see net inflows on March 4 despite GBTC outflows.

According to Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows jump from $49.3 million (March 1) to $404.6 million (March 4). The BTC-spot ETF market saw total net inflows of $164.6 million, excluding flow data from iShares Bitcoin Trust (IBIT), Invesco Galaxy Bitcoin ETF (BTCO), and Valkyrie Bitcoin Fund (BRRR).

BTC-spot ETF market sees net inflows
Farside 040324 BTC-Spot ETF Market Flows

Memecoins Outmuscle BTC and the Broader Crypto Market

Dogecoin (DOGE) dwarfed BTC and the broader market on Monday, surging 17.85% to end the session at $0.1816. On Tuesday, DOGE continued its extended rally since February 26, striking a session high of $0.2069. DOGE last visited the $0.20 handle in January 2022.

DOGE returns to $0.20
DOGE Daily Chart 050324

However, shiba inu (SHIB) led DOGE by percentage gains on Monday, rocketing 59.67% to end the session at $0.00003599. SHIB was up 20.23% to $0.00004327 on Tuesday. Significantly, SHIB struck an early Tuesday high of $0.00004575 before easing back. SHIB last visited the $0.000045 handle in December 2021.

SHIB revisits $0.000045.
SHIB Daily Chart 050324

The breakout trends have sent DOGE to the number 8 spot by market cap and SHIB into the top ten, according to CoinMarketCap.

Technical Analysis

Bitcoin Analysis

BTC remained well above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the Tuesday high of $68,735 would support a break above the all-time high of $69,276.

BTC-spot ETF market flows remain the focal point.

However, a break below the $67,500 handle would support a fall to the $65,000 handle.

The 14-Daily RSI reading, 85.55, shows BTC in overbought territory. Selling pressure could intensify at the Tuesday high of $68,735.

BTC Daily Chart sends bullish price signals.
BTCUSD 050324 Daily Chart

Ethereum Analysis

ETH sat well above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH break above the $3,683 resistance level would support a move toward the $3,750 handle.

ETH-spot ETF-related updates also need consideration.

However, an ETH drop below the $3,500 handle would bring the $3,412 support level into view.

The 14-period Daily RSI, at 85.19, shows ETH in overbought territory. Selling pressure could intensify at the $3,683 resistance level.

ETH Daily Chart sends bullish price signals.
ETHUSD 050324 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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