Bitcoin and Ethereum: Recent Price Trends
Bitcoin (BTC) faced a sharp decline below $83,000 on March 4 when the tariffs went into effect. However, by Thursday, as certain tariffs were suspended or delayed, Bitcoin rebounded above $90,000. Despite this, Bitcoin dipped below $83,000 again by Sunday and is currently down by 11.8% over the past seven days.
Ethereum (ETH), on the other hand, is hovering above $2,000 but has seen a decline of 18.2% over the same timeframe. As we head into a new week, it’s important to keep an eye on the price action of other altcoins, especially Arbitrum, Flare, and Pi Network.
Arbitrum (ARB): Struggling with Dilution
Arbitrum has been in a strong downward trend for about two years, with a notable peak in 2023 at $2.4253. It became the second-biggest layer-2 blockchain in the industry but eventually dropped to a record low of $0.312.
Why Did Arbitrum Crash?
- Arbitrum has a highly dilutive structure, with a circulating supply of 4.41 billion tokens compared to a total supply of 10 billion coins.
- It releases 479,068 new tokens each day, with 93.2 million tokens set to unlock this week. These unlocks will continue until April 2027.
Recently, Arbitrum’s price dropped below the key support at $0.4310 and has remained below the 50-day moving average. With increasing selling pressure and volatility, the token may continue to fall, with the next potential support level at $0.25.
About Arbitrum
Arbitrum was developed by Offchain Labs, a New York-based company founded by Steven Goldfeder, Ed Felten, and Harry Kalodner. It aims to provide scalability solutions for Ethereum and other blockchains using layer-2 technology.
Flare (FLR): Key Unlock and Potential for Reversal
Flare (FLR) is another top cryptocurrency to watch as it prepares to unlock tokens worth $28.16 million, which is equivalent to 2.90% of its circulating supply. So far, about 68% of all tokens have been unlocked.
Flare has seen a decline from its high of $0.03840 on December 3 to a current low of $0.01575, the lowest level since November 15. It has also dropped below its 50-day moving average. However, it has formed a falling wedge pattern, with the two lines converging, suggesting the possibility of a bounce back.
Flare’s Future Price Movement
If Flare’s price reverses, it could retest the 50-day moving average at $0.0220. Flare plays a crucial role in the ecosystem, including governance, staking, and decentralized finance (DeFi) applications.
About Flare
Flare was developed by Flare Networks, founded by Hugo Philion, Sean Rowan, and Francisco Riordan. The blockchain aims to enable smart contracts and interoperability with non-smart-contract networks like Bitcoin and XRP.
Pi Network (PI): Falling After Token Unlock News
Pi Network, a popular tap-to-earn cryptocurrency, has faced a significant price drop in recent days. The price of Pi Network reached a low of $1.3960, its lowest level since February 2023, after it was revealed that over 1.4 billion tokens would be unlocked this year.
Price Breakdown
- Pi Network’s price has dropped below the key support at $1.5337, the neckline of a head and shoulders pattern.
- The token has also formed a small bearish pennant pattern and dropped slightly below its 50-period weighted moving average.
Technical indicators suggest that Pi’s price could continue to fall, with sellers targeting the psychological level at $1.00.
About Pi Network
Pi Network was created by Stanford graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and initially Vincent McPhillip. The project allows users to earn Pi coins by completing simple tasks on their mobile devices, without requiring the computational power typically needed for cryptocurrency mining.
Other Altcoins to Watch
In addition to Arbitrum, Flare, and Pi Network, other top altcoins like Aptos, Perpetual Protocol, and Apecoin are expected to unlock millions of tokens this week. Mainstream coins like Bitcoin, Ethereum, and XRP will also be in focus as traders closely watch their price action following weeks of tight trading ranges.
Potential Relief from Exchange Listings
Market watchers note that potential listings by top exchanges like Binance and Coinbase may provide some relief for struggling altcoins. However, much will depend on broader market trends and investor sentiment moving forward.
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