The cryptocurrency market saw a spike in activity on March 8th, which gave a boost to the release of the vast majority of the best tokens as the world celebrates International Women’s Day.
The recovery in Bitcoin (BTC) over $ 50,000 was accompanied by a new wave of bullish optimism, and analysis by Bloomberg’s chief trading analyst, Mike McGillon, indicated that bitcoin is pushing gold back as a store of value in investors’ portfolios.
Data from Cointelegraph Markets and TradingView shows that the price of BTC rose 4.6% from a low of $ 49,272 in the early hours of trading on March 8th to $ 53,300 at the time of writing.
Recent analysis shows that while professional traders are still reluctant to take new long positions in BTC due to a stronger dollar index and higher government interest rates, large companies are buying BTC at an accelerating rate, leading to large inflows from exchanges. Now that the bitcoin price has achieved a daily close above the $ 52,000 level, it is possible that these stubborn traders can take new longs.
Data on the series of glass nodes also points to optimism about Bitcoin, as miners have largely stopped selling BTC and now appear to be in an accumulation mode.
NFT functionality helps increase the value of tokens
Alternative currencies also rose dramatically as several major projects reached new full-time points on Monday. Non-fungal currency (NFT) projects such as Ultra (UOS), Theta (THETA) and Enjin (ENJ) achieved double-digit gains and reached new yearly records during today’s trading session.
UOS price rose 21% to a record high of $ 0.452 as tensions escalated over the flagship network launch, opening up opportunities for crossover and NFT.
Theta, a blockchain-based video streaming platform, reached a new permanent high of $ 4.98 ahead of the upcoming hard fork on March 10.
Theta performed well during February, when the project was boosted by the introduction of NFT to broadcast devices and an announced partnership, which led to Sony Europe joining the Theta blockchain program for data validation.
On March 5, Enjin (ENJ) also switched to a new flat rate of $ 1.76 as the project’s focus on building an inclusive NFT ecosystem began to bear fruit.
A rise in the market increases the total market value
Recent developments in Ethereum (ETH) helped drive an 8% meeting on Ether as the community prepares to launch the Berlin Update on April 14th.
Chainlink (LINK) delivers the best performance in the top ten, jumping 12% at $ 31, while Dogecoin (DOGE) edged up 15.73% to trade at $ 0.58.
The cryptocurrency’s total market cap is now $ 1.65 trillion, and Bitcoin’s dominance is 60.4%.