The Bull Ride Continues – Bitcoin Sits Firmly in the Saddle Again after New Record
The market leader’s surge above US$60,000 has also inspired the altcoins to make significant gains.
Yesterday, 13 March, the bulls took back control of the crypto market by catapulting Bitcoin (BTC) to a new record high of US$61,844 with a strong push above resistance at US$58,000.
Pundits had already predicted a corresponding price move above the psychologically important Bitcoin Revolution mark, as a host of indicators suggest Bitcoin remains strong, helped by the fact that institutional investors are already planning further large purchases.
Next up for the market-leading cryptocurrency is a re-pricing, as there is no clear indication of an obvious price target from a technical perspective.
Philip Swift, a co-founder of Decentrader, is targeting the 1.618 Fibonacci level at US$70,000 as the next threshold where profits could be booked out and a temporary hurdle could occur.
Arrived in the mainstream
That the hype around Bitcoin is not a flash in the pan can be seen, among other things, in the fact that the crypto industry is increasingly merging with the mainstream. A current example of this is that the crypto trading platform FTX is currently negotiating a sponsorship deal with the NBA basketball league to buy the naming rights for the Miami Heat’s stadium.
If the deal is actually completed, it would be the first time that a major American sports league has involved a crypto company as a leading sponsor.
The hype around crypto is not only coming from Bitcoin, as the so-called NFTs are also currently very popular. The record auction of the artist Beeple worth 69.3 million US dollars also brought the special crypto tokens a lot of media attention this week. The protest group Pussy Riot has also recently discovered NFTs as a vehicle to combine art and activism. Accordingly, she is selling four tokens to complement her new single, using the proceeds to fight the problem of domestic violence in Russia.
Bitcoin drags altcoins along
For their part, altcoins have been able to soar to new heights in Bitcoin’s slipstream. The Decentraland cryptocurrency (MANA) was the clear winner of the day with a gain of 89%, reaching a price of 1.19 US dollars.
The majority of smaller altcoins also saw double-digit gains, with AAVE and Bitcoin Cash (BCH) climbing 10.84% and 14% respectively.
Ether (ETH) advanced by 13% to US$1,933, bringing the current record high of US$2,043 back within reach.
The total market capitalisation of all cryptocurrencies currently amounts to 1.84 trillion US dollars. US dollars, of which Bitcoin accounts for 62.1% of the market share.