On March 4, the price of cryptocurrencies increased: Dogecoin and Shiba Inu reached 11%, while Bitcoin traded above $63,000.
In Monday’s session, the top cryptocurrencies saw price increases. In the past 24 hours, Bitcoin experienced a 2.2% increase and peaked at $63,275 at 11:21 am IST. Meanwhile, other prominent cryptocurrencies, like Cardano, Ethereum, Dogecoin, Shiba Inu, and Polkadot, experienced an 11% gain. Avalanche, Chainlink, Polygon, Solana, and XRP were among the leading cryptocurrency tokens, but they were also the laggards.
In the meantime, the value of the world’s cryptocurrency market increased 1.5% in the previous day to approximately $2.38 trillion.
Over the weekend, Bitcoin’s trading volume exceeded $63,000. The increasing acceptance of spot Bitcoin ETFs by the general public and the impending Bitcoin Halving event are the reasons for the price increase. According to Mudrex CEO Edul Patel, “BTC is aiming for the $67,150 resistance level; if the momentum holds, a close above it this week could signal the potential for a new all-time high.”
The CEO of BuyUcoin, Shivam Thakral, stated that Ethereum is attempting to breach the $3,600 mark, which would propel the second-largest cryptocurrency to $4,000.
At $110.12 billion, the total volume of the cryptocurrency market in the last 24 hours has increased by 28.38%. Currently, DeFi’s total volume is $9.6 billion, or 8.71% of the 24-hour volume of the whole cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $129.27 billion, or 88.33% of the entire 24-hour volume of the cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $1.244 trillion in the past day. Currently, 52.36% of the market is dominated by Bitcoin, according to CoinMarketCap. The volume of BTC increased by 65.6% to $34.75 billion in the last day.
“Approximately $59.27 million worth of Bitcoin holdings, including $38.52 million in shorts, were liquidated in the last day. According to Rajagopal Menon, Vice President of WazirX, “this surge is linked to the growing mainstream adoption, notably propelled by the introduction of Spot Bitcoin ETFs, cultivating a stronger holding mentality among investors.”
ZebPay Trade Desk’s Tech View
The rapid increase in the value of Bitcoin to over $62,000 has enthralled cryptocurrency enthusiasts and taken skeptics by surprise, signaling an era of exponential development. The February rise broke all previous records, with the longest monthly green candle in Bitcoin’s history. Even with this impressive increase, many important variables and impending events indicate that this might only be the start of a huge bull run with further gains ahead.
Following many periods of support at $40,000, Bitcoin resumed its upward trend and surged to $52,985. The asset began to consolidate between $52,000 and $50,000 after encountering strong resistance at $52,000. Following this action, Bitcoin eventually broke above the range and soared to $6,248. The asset needs to break, close, and maintain above $64,000 and $69,000 to continue its climb. These levels represent significant resistance for the asset. The asset will have significant support between $52,000 and $56,000.
This year, the largest cryptocurrency by market value has increased by 50%, with the majority of the gain occurring in the last few weeks due to a spike in trading volume for U.S.-listed bitcoin funds.
Earlier this year, US authorities legalized spot bitcoin exchange-traded funds. Their introduction provided access for new major investors and has sparked renewed energy and enthusiasm, similar to the surge to all-time highs in 2021.
The head of research at Singapore’s 10x Research, a cryptocurrency analytics firm, Markus Thielen, stated, “The flows are not drying up as investors feel more confident the higher price appears to go.”
