The cryptocurrency market has proven unimaginable efficiency over the previous week. Bitcoin maintained momentum, rising above $60,000 to hit $64,000.
The degrees reached in late February steered to many traders that March may very well be a extra spectacular month for the present bullish rally.
Nevertheless, no forecast is about in stone, as many components can affect investor sentiment and ship traits in the wrong way. For now, the cryptocurrency market seems to be taking a breather.
Cryptocurrency market briefly slows down
A couple of days in the past, the bullish facet of the worldwide cryptocurrency market reached an vital milestone. The whole cryptocurrency market capitalization reportedly reached $2T on February 27, an achievement not seen since April 2022.
As of March, the cryptocurrency market had reached a market capitalization of $2.3 trillion, surging 17.97% in 7 days. This progress exceeds ranges established in early 2022 and will clear the way in which for the $2.4 trillion mark to be reached in December 2021.
Nonetheless, market positive aspects look like slowing for now. In keeping with CoinMarketCap information, the present market capitalization is US$2.31 trillion, a slight lower of 1.32% from the day prior to this.
Equally, as of press time, the entire buying and selling quantity of the cryptocurrency market is roughly $127.9 billion, a major lower of 35.77% from yesterday.
Buying and selling quantity chart within the final 24 hours. Supply: CoinMarketCap
Information reveals that market exercise for Bitcoin and Ethereum has dropped by greater than 40% in contrast with buying and selling quantity 24 hours in the past. Likewise, a few of the largest meme cash have skilled slowdowns in efficiency.
As proven within the chart under, Dogecoin (DOGE) value fell by 5.9% within the final day. Likewise, the worth of Shiba Inu (SHIB) fell by 5.8% throughout the identical time interval.
Worth efficiency of the highest ten cryptocurrencies within the final 24 hours. Supply: CoinGecko
Conversely, Solana (SOL) outperformed the highest ten cryptocurrencies on the final day, with the worth surging 4.1%. SOL’s value of $134 places it alongside DOGE within the prime ten best-performing cryptocurrencies of the previous seven years.
PEPE was one of many final day’s greatest gainers, reversing yesterday’s 12% loss after rising 10.9% previously 24 hours. Likewise, the worth of dog-themed meme cash dogwifhat (WIF) and (BONK) elevated by 20.66% and 6.65% respectively.
Bitcoin and Ethereum stay sturdy amid market volatility
Some analysts anticipate Bitcoin costs to drop considerably because of the halving. In the meantime, the king of cryptocurrencies is displaying sturdy resistance above a large assist wall, as crypto analyst Ali Martinez stated.
Over 1 million addresses bought over 671,000 BTC within the value vary of $60,000 to $62,000. Analysts stated this underscored sturdy investor confidence. This confidence may very well be an important assist stage and a buffer in opposition to future value declines.
#bitcoin Staying on prime of huge assist partitions, 1 million addresses purchased over 671,000 Bitcoin USD Worth vary is $60,334 to $62,155.
This accumulation zone highlights sturdy investor confidence and will function a key assist stage #BTCdoubtlessly… pic.twitter.com/lmghohWR1U
— Ali (@ali_charts) March 1, 2024
As of this writing, the flagship cryptocurrency is buying and selling at round $62,052.71, down simply 1% from the day prior to this. BTC gained over 21.8% final week and is simply 10.34% under its all-time excessive (ATH) of $69,000 set in November 2021.
Likewise, it’s price noting that Ethereum (ETH) has carried out strongly amid a unstable cryptocurrency market over the previous few days. The “King of Altcoins” has maintained its value vary over the previous 24 hours, falling simply 1.8% from yesterday. ETH is at the moment buying and selling at $3,411.88, up a large 16.2% over the previous week.
Bitcoin efficiency within the 1-day chart. Supply: BTCUSDT on TradingView.com
Featured photographs from Unsplash.com, charts from Tradingview.com
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