Crypto Market Slowdown Amid Rally? Prices Remain Strong With Bitcoin Above $62K
01 Março 2024 - 4:00PM
NEWSBTC
The crypto market has shown an incredible performance over the past
week. Bitcoin has sustained momentum and risen above the $60,000
level, reaching $64,000. The levels reached at the end of February
have suggested to many investors that March could be an even more
impressive month for the current bullish rally. However, no
prediction is set in stone, as many factors could swing investors’
sentiments and move the trends in the opposite direction. At the
moment, the crypto market seems to have taken a small pause to
catch its breath. Related Reading: Bitcoin Volatility Induces $700
Million Carnage In Crypto Futures Crypto Market Momentarily Slows
Down The global crypto market reached a significant milestone for
this bullish run a few days ago. As reported, the total crypto
market cap hit $2T on February 27, an accomplishment not seen since
April 2022. As March begins, the market cap for the crypto market
sits at $2.3 trillion, representing a 17.97% surge in the 7-day
timeframe. This growth has surpassed the level established in early
2022 and potentially clears the path to the $2.4 trillion mark seen
in December 2021. Nonetheless, the market rise seemingly slowed
down momentarily. The current market cap of $2.31 trillion
represents a modest 1.32% decrease over the last day, according to
CoinMarketCap data. Similarly, the total crypto market trading
volume was around $127.9 billion at writing time, registering a
significant 35.77% drop from yesterday. Trading volume chart in the
last 24 hours. Source: CoinMarketCap The data shows that Bitcoin
and Ether have faced over 40% market activity decrease compared to
the trading volume registered 24 hours ago. Similarly, some of the
largest memecoins showed a slowdown in performance. As the list
below shows, Dogecoin (DOGE) registered a 5.9% price drop on the
last day. Likewise, Shiba Inu’s (SHIB) price decreased by 5.8% in
the same timeframe. Price performance of the top ten
cryptocurrencies in the last 24 hours. Source: CoinGecko On the
contrary, Solana (SOL) performed better on the last day than the
top ten cryptocurrencies, registering a 4.1% price surge.
SOL’s $134 price places it alongside DOGE as the
best-performing cryptocurrencies among the top ten in the last
seven. Among the largest gainers on the last day, PEPE reversed
yesterday’s 12% price drop after registering a 10.9% growth during
the past 24 hours. Similarly, the dog-themed memecoins dogwifhat
(WIF) and (BONK) registered a price increase of 20,66% and 6.65%,
respectively. Bitcoin And Ether Remain Strong Amid The Market
Volatility Some analysts expect a significant halving-related drop
in Bitcoin’s price. Meanwhile, the King of crypto has shown strong
resistance above a massive support wall, as crypto analyst Ali
Martinez suggests. Over 1 million addresses are buying over 671,000
BTC within the $60,000 and $62,000 price range. Which, according to
the analyst, highlights a strong investor confidence. This
confidence could be a crucial support level and a cushion against a
future price drop. #Bitcoin holds above a massive support wall,
with 1 million addresses buying over 671,000 $BTC within the price
range of $60,334 to $62,155. This accumulation zone highlights
strong investor confidence and could serve as a crucial level of
support for #BTC, potentially… pic.twitter.com/lmghohWR1U — Ali
(@ali_charts) March 1, 2024 At writing time, the flagship
cryptocurrency trades at around $62,052.71, which only accounts for
a 1% decrease from the day before. BTC has increased over 21.8% in
the last week, and it’s only 10.34% lower than its all-time high
(ATH) of $69,000 registered in November 2021. Likewise, it’s worth
noting that Ether (ETH) has been showing a robust performance in
the past few days amid the volatile crypto market. Maintaining its
price range in the past 24 hours, the ‘king of altcoins’ registered
only a 1.8% price decrease from yesterday. ETH currently trades at
$3,411.88, representing a notable 16.2% rise in the past week.
Related Reading: Who Let The DOGE Out? Dog-Themed Coins Soar By
12%, WIF And FLOKI Lead The Way Bitcoin performance in the 1-day
chart. Source: BTCUSDT on TradingView.com Featured image from
Unsplash.com, Chart from Tradingview.com
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