The cryptocurrency sector remains optimistic as the recent rise in Bitcoin (BTC) helped boost the appreciation of the top-ranked cryptocurrency according to the South Korean habit.
Data from Cointelegraph Markets and TradingView show that the price of bitcoin fell in the early hours, pushing the price down to $ 54,948 before the bulls returned to push the price above $ 57,000 for a short period.
4-hour BTC / USDT chart. Source: TradingView
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, chief investment officer at ExoAlpha, the price action in the next few days will “show whether bitcoin is ready to reach new heights or whether it will fall.”
Lifshits pointed out that the BTC price fell slightly on Friday after stopping “just a few basis points from its peak”, most likely due to profit “by those who made a 10% profit from $ 45,000 to $ 57 000 “… …
Bullish indicators of bitcoin identified by Lifshitz include institutional buying interest of around $ 45,000 and a recently adopted stimulus package from President Biden, which he says “can go directly to buying digital currencies.”
Lifshitz acknowledged that while the price of bitcoin is in a long-term bullish trend, there are some reasons for a more bearish outlook in the short term. There are several factors to consider, and it is the upcoming tax season in the United States that may cause some investors to sell some of their assets to raise money to pay income tax for the fiscal year 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.”
Overall, Lifshits concluded:
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 jump up and down on mushroom-free tokens
Impossible exchange tokens remain the dominant hot topic in the cryptocurrency area after the auction on Beeple NFT of over $ 69.3 million was set on March 11th.
Chili’s (CHZ) was the star of today’s hack, increasing $ 5.55 billion dollars in 24-hour trading volume, a blockchain-based fan exchange platform, up 82% to a full-time $ 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 verd valuation rose from its lowest value 49 on March 8 to a high of 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 been in a consolidation phase after making great strides in the first two months of 2021, as major DEX and DeFi platforms explore alternatives such as online trading and Layer 2 solutions such as deferring higher Ethereum (ETH) transaction costs. …
Polygon (MATIC) and SCALE (SKL) are two Ethereum scaling solutions that surpassed their altcoin counterparts this week after both tokens increased almost 100% after listing on Coinbase on March 9th.
In general, the cryptocurrency market came under some pressure at the beginning of the weekend. The decline 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 cryptocurrency is now $ 1.71 trillion, and Bitcoin’s dominance rate is 62%.