March 13Bulls completely dominated the cryptocurrency market, when Bitcoin (BTC) reached a new all-time high of $ 61,844, After a big volume spike pushed the price across upper resistance near $ 58,000.
Analysts spent the week talking about a final move above the $ 60K level Social metrics showed that the bullish trend of Bitcoin continued to rise as a number of companies and institutional investors announced plans to buy BTC..
4 hour chart for BTC / USDT. Source: TradingView
Bitcoin is now in the realm of price discovery, Like Little data is available from a technical analysis point of view to determine where the price might go.
Potential price target Highlighted in a recent report by Decentrader co-founder Philip Swift, who is now looking for 1.618 ($ 70,000) Fibonacci extension as the next level of profit taking.
Cryptocurrencies continue to be widely adopted
Evidence of the growing integration between the cryptocurrency sector and the mainstream industry can be found in the latest news The FTX is in the process of finalizing an agreement to sponsor the Miami Heat from the National Basketball Association And to acquire the naming rights for the team stadium, which will likely be renamed FTX Arena.
Once the agreement is completed, it will determine The first major partnership with a US sports association for a cryptocurrency project or platform.
The expanding popularity of non-exchangeable icons also caught the attention of the general press., After this week’s Beeple auction, which broke the record of $ 69.3 million. The success of the auction has led a growing number of famous artists to explore the NFT space and the opportunities it offers.
Bitcoin price hike leads to a spike in digital currencies
Altcoins also rose as the bitcoin price reached a new all-time high. Project Decentraland (MANA), focused on virtual reality and gaming, outperformed the field with an 89% profit at $ 1.19.
Daily performance of the cryptocurrency market. Source: 360 coin
Most small-cap cryptocurrencies reported double-digit gains, And even larger capitalization, like AAVE and Bitcoin Cash (BCH) were both up 10.84% and 14%, respectively.
ETH increased 13% to $ 1933, In an attempt to reach an all-time high of $ 2,043.
The global cryptocurrency market cap is now $ 1.84 trillion and Bitcoin’s dominance rate is 62.1%.
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