Bitcoin (BTC) bulls confronted robust headwinds on March 22 that shortly dampened any try at a breakout above the $58,000 degree regardless of feedback from United States Federal Reserve Chair Jerome Powell which referred to as the high cryptocurrency a “substitute for gold.”
Knowledge from Cointelegraph Markets and TradingView present that merchants made a number of makes an attempt to push BTC above $58,000 over the previous two days solely to be rejected, with Monday’s failure leading to a pullback to the $54,000 support degree.
BTC/USDT 4-hour chart. Supply: TradingView
On-chain evaluation exhibits that whereas BTC price struggles to climb again above $60,000, whale wallets have been in accumulation mode over the previous 30 days indicating that a few of the wealthiest Bitcoin holders nonetheless see extra upside for the present bull market.
Mainstream cryptocurrency adoption good points traction
The macro image for the cryptocurrency sector continues to enhance as the globally acknowledged TIME journal revealed that it’s on the lookout for a CFO who’s snug with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of one-of-a-kind non-fungible tokens primarily based on a few of its most iconic covers.
Now that blockchain know-how has developed to the level the place it may possibly deal with processes like video and music streaming, platforms with a first-mover benefit in these sectors have seen their costs breakout over the previous few months as mainstream audiences are more and more uncovered to the cryptocurrency ecosystem.
Theta (THETA) and Theta Gasoline (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the twin token system having fun with astronomical development in 2021 that continues to push its price to new all-time highs.
THETA/USDT vs. TFUEL/USDT 4-hour chart. Supply: TradingView
Audius (AUDIO), a music streaming platform, has additionally rallied strongly over the previous month as its price elevated from $0.356 on Feb. 28 to a brand new all-time excessive at $2.05 on March 16.
VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for AUDIO on March 1, prior to the latest price rise.
The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest price actions and Twitter exercise.
VORTECS™ Rating (inexperienced) vs. AUDIO price. Supply: Cointelegraph Markets Professional
As seen in the chart above, the VORTECS™ rating for AUDIO was in the inexperienced late in February and hit a excessive of 68 on March 1, roughly 24-hours earlier than the price started to improve by 400% over the subsequent two weeks.
Following the price peak on March 16, AUDIO price and its VORTECS™ rating skilled a pullback that lasted a number of days. The VORTECS™ rating then turned inexperienced once more and reached a excessive of 71 on March 20, roughly 15 hours earlier than its latest price rise.
Day by day cryptocurrency market efficiency. Supply: Coin360
Different notable altcoin performances on March 22 embrace Augur (REP), which has seen its price improve 30% to a multi-year excessive of $39.30, and XRP, which spiked 20% to an intraday excessive at $0.60 as members of the XRP military look to get the token relisted on exchanges that suspended providers in response to th actions from the U.S. Securities and Trade Fee.
The general cryptocurrency market cap now stands at $1.746 trillion and Bitcoin’s dominance price is 59.8%.
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a call.