Bitcoin Bulls (BTC) seem to have picked up steam as the price of BTC has returned to the $ 49,000 level in the last hour.
The price dropped to $ 47,000 on March 2, but BTC is currently trading above the 20-day moving average. Bulls are likely to make another attempt to dislodge opposition to around $ 50,000 as support, and continued high volume could push the price up to $ 52,000 as the day’s close confirms that the bulls are back in driver’s seat.
While Bitcoin has struggled to secure more than $ 50,000 in daily closings, there is still a steady stream of good news.
Shark Tank businessman and star Kevin O’Leary, who once called Bitcoin “Nothing Burger Giant,” said 3% of his portfolio will be invested in Bitcoin and O’Leary plans to invest in sustainable mining in the future.
The push to secure a Bitcoin Exchange Fund (ETF) is also back in the headlines following the successful launch of the Bitcoin Exchange Trust Fund in Canada. Evolve Funds Group said it now wants approval for an Ether ETF product in Canada after becoming the second company to receive approval to list a Bitcoin ETF in February.
In the US, the Chicago Board Options Exchange (CBOE) is hoping that ETF approval by Canada will give momentum to its Jan 3 file to list Van Eck’s Bitcoin ETF after rejecting all attempts in 2017.
Traditional Markets Calm As Altcoins Gain Traction
Traditional financial markets faced pressure on March 2 as trading calmed down after Monday’s rally and the S&P 500 performed its best since June 2020.
The Nasdaq, Dow and S&P 500 indices closed in the red all day, 1.69%, 0.41% and 0.74%, respectively, while the 10-year US Treasury yields also continued to decline from their peak last week.
Several altcoin projects have released flagship announcements that have helped increase their symbolic value.
Sony Europe announced that it has joined the Theta Network Verification Program (THETA). Following the announcement, the price of THETA rose 15.31% to $ 3.70, while the price of premium gas for the TFUEL network rose to a new permanent high of $ 0.144.
Meanwhile, the launch of the main chain Aavegotchis (GHST) was accompanied by the first catwalk gate collapse, of which 10,000 NFT gates sold out in less than a minute. The successful launch and sale of NFT was followed by the price of GHST, which rose 15% to hit a new permanent high of $ 1.79.
The total market capitalization of the cryptocurrency is now $ 1.51 trillion, and the dominance of Bitcoin is 60.7%.