On Saturday, the 13th March, the BTC Market bulls took charge completely as they send the Crypto market leader to a new all-time high price of $61,844 just after there was a surge in the volume that pushed the price of the crypto through a strong resistance near the $58,000 mark.
Most analysts, all through the week, keep making the call for this surge to $60,000 earlier, and the metrics out there show that this bullish run for the crypto market leader will continue as many investors and firms are declaring their plans to acquire more BTC.
Currently, the price discovery predicted for BTC has been materialized as there are little or no chart indicators to successfully analyze the market technically to predict the next market move. However, one of the feasible targets, as analyzed by Phillip Swift, the co-founder of Decentrader, in a report, is $70,000 (a 1.618 Fibonacci extension) for traders to take their profit.
The mainstream adoption of crypto continues
The merger of the mainstream industry and the cryptocurrency ecosystem has been growing rapidly, and one of the evidence is the recent announcement made by FTX Exchange about a deal to sponsor Miami Heat, a National Basketball Association team, plus a naming right they won for the teams’ arena which will afterward be called FTX Arena.
The booming reputation of the NFT Tokens (non-fungible tokens) also has been trending in the mainstream news-press. This just-concluded week after the sale of the most expensive digital art in the world. – the Beeple Auction is worth $69.3 million.
Impact of BTC on growing Altcoins
The surge in the price of the crypto beast has been good news to the altcoins market. MANA (Decentraland), a project focused on gaming and virtual reality, has recorded a surge of about 89% gain to a new price of $1.19.
Most of the small coins in the market had again in double digits while the larger ones like Bitcoin Cash and AAVE recorded 14% and 10.84%, respectively. ETH also recorded a gain of about 13%, setting the price to $1,933 with a new ATH ($2,043) in view.
The market cap for BTC currently stands at $1.84 trillion, while the dominance rate is 62.1%.