Market Analysis
NFT-related altcoins hit new highs after Bitcoin price rallies to $53K
The cryptocurrency market noticed an inflow of exercise on March 8 that supplied a elevate to the overwhelming majority of the highest tokens because the world celebrates Worldwide Ladies’s Day.
Bitcoin’s (BTC) restoration again above $50,000 was adopted by a new wave of bullish optimism and evaluation from Bloomberg senior commodity strategist Mike McGlone advised that Bitcoin is pushing gold apart as a retailer of worth in buyers’ portfolios.
Knowledge from Cointelegraph Markets and TradingView exhibits the price of BTC has elevated 4.6% from a low of $49,272 throughout the early buying and selling hours of March 8 to $53,300 on the time of writing.
BTC/USDT 4-hour chart. Supply: TradingView
Latest evaluation exhibits that whereas skilled merchants stay hesitant to open new BTC lengthy positions due to a strengthening greenback index and rising Treasury yields, giant firms are shopping for BTC at an accelerated fee main to heavy outflows from exchanges. Now that Bitcoin price has secured a every day shut above the $52,000 stage, its attainable that these reluctant merchants will open new lengthy positions.
Bitcoin stability in any respect exchanges. Supply: glassnode
On-chain information from glassnode additionally factors to a bullish case for Bitcoin as miners have stopped promoting BTC for probably the most half and now seem to be in accumulation mode.
NFT capabilities assist increase token costs
Altcoins additionally moved considerably larger as many prime tasks reached new all-time highs on Monday. Non-fungible tokens (NFT) tasks like Extremely (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit positive aspects and reached new yearly highs throughout at this time’s buying and selling session.
THETA/USDT vs. UOS/USDT vs. ENJ/USDT 4-hour chart. Supply: TradingView
UOS price surged 21% to set up a document excessive of $0.452 as the joy grows across the undertaking’s mainnet launch which can allow cross-chain and NFT capabilities.
Theta, a blockchain-based video streaming platform, additionally reached a new all-time excessive of $4.98 in entrance of the long-awaited onerous fork on March 10.
Theta carried out strongly all through February because the undertaking was bolstered by the introduction of NFTs for streamers and an introduced partnership that noticed Sony Europe be part of the Theta blockchain validator program.
Enjin (ENJ) additionally broke out to a new all-time excessive of $1.76 on March 5 because the undertaking’s give attention to making a wide-ranging NFT ecosystem is starting to repay.
Market-wide rally lifts the entire market cap
Latest developments for Ethereum (ETH) helped stoke an 8% rally in Ether because the group prepares to roll out the Berlin improve on April 14.
Each day cryptocurrency market efficiency. Supply: Coin360
Chainlink (LINK) is the very best performing within the prime 10, up 12% to a price of $31, whereas Dogecoin (DOGE) is up 15.73% and buying and selling at $0.58.
The general cryptocurrency market cap now stands at $1.65 trillion and Bitcoin’s dominance fee is 60.4%.
The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you must conduct your individual analysis when making a call.
