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Altcoins Spike to New Highs While Bitcoin Bulls Aim to Recapture $57K

  • Posted On - 2021-03-17 06:56:44

Data from Cointelegraph Markets and TradingView shows that a round of early morning selling pushed Bitcoin to a daily low of $53,167 and as dip buyers did manage to step in, the lack of purchasing volume is keeping BTC pinned in what seems to be a tightening range.

While Bitcoin price could continue to meet overhead resistance in the $56,000 to $58,000 range, a strong bullish case is worth expecting as a potential $6.1 billion worth of Bitcoin options are set to expire on March 26. According to Cointelegraph contributor Marcel Pechman, derivatives data indicates that the forthcoming expiry is more beneficial for the bulls as long as BTC remains steady above $52,000.

Ethereum (ETH) has also traded in a consolidation pattern since setting a new all-time high at $1,950 along with the BTC spike on March 13 and professional traders view the $1,750 level as strong support following multiple bearish retests over the past week. 

Altcoins press ahead while Bitcoin price recovers

Several altcoins have been through prices breakout on Tuesday as partnership announcements and exchange listings have proven to be effective price movers.

The leading exchange Coinbase Pro announced that it has started accepting inbound transfers of Cardano (ADA) and going to support trading services “on or after 9 AM PT on Thursday, March 18, if liquidity conditions are met.”

Terra (LUNA) has also shown another double-digit gain overnight, spiking more than 40% from a low of $14.60 on March 15 to a new all-time high of $20.60 on $1.4 billion in trading volume.

Basic Attention Token (BAT) too, saw its price surge to a new record high at $1.18 as the blockchain-based web browser put several announcements, including the acquisition of a search engine provider, plans to integrate NFT functionality in the browser and a DEX aggregator.

Analysts predict accelerated growth in the crypto market

Despite the fall in price of both Bitcoin and Ether, the overall outlook for the cryptocurrency market is bullish as signs of steady mainstream adoption emerge on a daily basis.

Report shows that long-term holders have been accumulating BTC in recent months, while short-term traders are confident that high leverage speculative trading will pay off. The steady increase in BTC accumulation suggests that the current bull market has more than enough space to go up.

The overall cryptocurrency market cap now stands at $1.723 trillion and Bitcoin’s dominance rate is 60.8%.