- Capital flowed out of Bitcoin, suggesting that the price might dip below $69,000.
- Despite increasing gains for holders, ETH’s price might hit $4,500 soon.
Top cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], and Ripple [XRP] have had a great start to March, despite earlier predictions that the month could be bearish for the market.
For instance, Bitcoin rallied to a new All-Time High (ATH) as it zoomed past $72,000 on the 11th of March,
Ethereum, which was once lagging, has been catching up. According to AMBCrypto’s assessment of the altcoin, ETH’s price gained 8.59% in the last seven days.
This performance ensured that the value rose above $4,000. Then, there is XRP, which has been a subject of controversy following Ripple’s long-standing lawsuit with the U.S. SEC.
But in the last 24 hours, XRP seemed not to care about its predicaments as its price pumped 18% and almost tapped $0.74. But can the cryptocurrencies maintain this momentum in the coming week?
Bitcoin price prediction
Bitcoin’s impressive performance since the year began has been connected to the surge in institutional interest through ETFs.
But the past few days have seen a spike in retail interest, indicating that the bull run might already be here.
However, a look at the Hodler Net Position Change revealed that the high-flying price might take a chill pill. Employing Glassnode’s data, we noticed that the metric had dropped into negative territory.
If the Hodler Net Position Change was positive, it would have meant that investors were accumulating BTC. But the metric being at -31.531 BTC means that holders were cashing out.
If investors continue to book profits, then Bitcoin’s price might decrease.
Source: Glassnode
A considerable price that it could hit in the coming week could be below $69,000 which was a key resistance area. However, traders might need to watch out for institutional inflow.
Should inflows from the ETFs hit new highs, then Bitcoin’s price might rally to another ATH.
Ethereum price prediction
For Ethereum, AMBCrypto considered the Market Value to Realized Value (MVRV) ratio.
At press time, the 30-day MVRV ratio was 19.30%, which means that if all ETH holders sell their tokens, they would make an average gain of 19.30% profit.
In a bull market, this reading is considerably low and might imply that the altcoin was undervalued. For instance, the bull market of 2016-2017 saw the MVRV ratio rise as high as 81.6%.
In 2021, the metric also surged higher. With this state, ETH’s price might rise higher in the coming week, and a 10.22% hike to $4,500 might be plausible.
Source: Santiment
Another reason for this could be a decline in Bitcoin’s dominance. Should this be the case, ETH might get a big share of the redistribution, which could drive the price upwards.
XRP price prediction
XRP seems to be enjoying the capital rotation from Bitcoin into altcoins. Previously, AMBCrypto reported how the token was struggling to rise past the $0.62 resistance.
As of this writing, the price had declined to $0.69 after initially hitting $0.71. When we considered the 90-day Mean Dollar Invested Age (MDIA), we observed that the metric slid.
Realistic or not, here’s XRP’s market cap in BTC terms
Dips like this indicate a sudden movement of previously idle tokens. Concerning the price, it could indicate distribution. If this continues, XRP’s price might decrease to $0.65.
Source: Santiment
However, the metric showed signs that a rising slope could be in the works. A confirmation of this slope might invalidate the bearish bias, and drive XRP toward $0.75.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
