The cryptocurrency sector remains bullish since the recent Bitcoin (BTC) rally helped boost the value of the top-ranked cryptocurrency after the South Korean won.
Data from Cointelegraph Markets and TradingView show that the price of bitcoin fell in the early hours, pushing the price up to $ 54,948 before the bulls returned to push the price above $ 57,000 for a short period.
Regardless of the bitcoin dynamics, institutional investors are constantly showing interest in bitcoin. MicroStrategy today announced the acquisition of an additional 262 BTC at an average price of $ 57,146, bringing the company’s total assets to 91,326 BTC.
According to David Lifshitz, Investment Manager at ExoAlpha, the price development in the next few days will “show whether Bitcoin is ready to reach new heights or whether it will fall.”
Lifshitz pointed out that the BTC price fell slightly on Friday after stopping “just a few basis points from its full-time job”, most likely due to profits “from those who earned 10% of the profits from $ 45,000 to $ 57,000” . … …
Bullish indicators of bitcoin identified by Lifshitz include institutional buying interest of around $ 45,000 and President Biden’s recent stimulus package, which he says “can directly affect the purchase of digital currency.”
Lifshitz acknowledged that while the price of bitcoin is in a long-term bullish trend, there are several reasons for a more bearish outlook in the short term. There are several factors to consider, and the upcoming US tax season may lead some investors to sell some of their assets to raise money to pay income tax in 2020.
Another short-term negative factor, identified by Lifshitz, is the potential side effect that can occur from the sale of traditional assets, which “stretches in all sizes and can lead to some short-term profits.”
In general, Lifshits came to the conclusion:
Lateral consolidation here is likely in the short term ahead of a potential breach of the new ATH if the withdrawal remains stable as described above.
Investors turn to tokens that can not be fungal.
Impossible exchange tokens remain the dominant hot topic in the cryptocurrency area after the Beeple NFT auction record of over $ 69.3 million was set on March 11.
Chili’s (CHZ) was the star of today’s hack, raising $ 5.55 billion in 24-hour trading volume, a blockchain-based fan exchange platform, climbing 82% to a record $ 0.59.
VORTECS ™ data from Cointelegraph Markets Pro opened an optimistic perspective for CHZ on March 10 before the last rally.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As you can see from the chart above, the VORTECS steg valuation rose from the lowest level 49 on March 8 to the highest 84 on March 10, almost 24 hours before the price rose 175% to a record high over the next two days.
Decentralized finance projects have recently undergone a consolidation phase following major advances in the first two months of 2021, as major DEX and DeFi platforms explore alternatives such as online trading and Layer 2 solutions as a postponement of Ethereum’s (ETH) higher transaction costs. …
Polygon (MATIC) and SCALE (SKL) are two Ethereum scaling solutions that surpassed their altcoin peers this week after both tokens increased almost 100% after listing on Coinbase on March 9th.
In general, the cryptocurrency market has come under some pressure since the beginning of the weekend. The recall is likely to be the result of a deviation in the price of bitcoin near a full-time high, rather than a sign of a change of direction, but still most large cryptocurrencies fell by 2-10%.
The total market value of the cryptocurrency is now $ 1.71 trillion, and bitcoin dominance is 62%.