On March 13th, bulls took full control of the cryptocurrency market as Bitcoin (BTC) rose to a new permanent high of $ 61,844 after a massive increase in volume pushed the price through general resistance of around $ 58,000.
Analysts spent a week requesting a potential move above the $ 60,000 level, and social accounts showed that bullish Bitcoin sentiment continued to rise as a number of companies and institutional investors announced plans to buy Bitcoin.
Bitcoin is currently in the price discovery stage because there is a limited amount of data available in terms of technical analysis to determine where the price might go next.
A potential price target was highlighted in a recent report by Decentrader co-founder Philip Swift, which now sees a Fibonacci extension of 1,618 ($ 70,000) as the next profit target.
Cryptocurrency continues to be widely adopted
Evidence of the growing merger between the cryptocurrency sector and the mainstream industry can be found in the latest news that FTX is close to finalizing the Miami Heat sponsorship deal for the NBA and acquiring the rights to the team arena name, which will likely be renamed FTX Arena.
Upon completion, the agreement will be the first major partnership with a US sports league for a cryptocurrency project or platform.
The explosion in popularity of non-exchangeable tokens also caught the attention of the regular press after this week’s record-breaking Beeple auction of $ 69.3 million. The event’s success has led an increasing number of well-known artists to explore the NFT space and the opportunities it offers.
The Bitcoin breach spurred the rally of altcoins
Altcoins also caught fire as Bitcoin rose to an all-time high. Project Decentraland (MANA), a project focused on virtual reality and games, surpassed the industry by 89% at $ 1.19.
Most small-cap cryptocurrencies reported double-digit gains, while large-cap currencies such as AAVE and Bitcoin Cash (BCH) rose 10.84% and 14%, respectively.
Ether (ETH) also rose 13% to $ 1,933 as Bulls attempt to hold the current full rate of $ 2,043.
The total cryptocurrency market cap is now $ 1.84 trillion, and Bitcoin’s dominance is 62.1%.