Crypto Prices on the Rise: After a week of volatility, the cryptocurrency market is showing signs of a bullish momentum, with Bitcoin leading the way into a price discovery mode. On Friday, Bitcoin reached a new all-time high of $70,000, encouraging other altcoins to follow suit and continue their recovery. Notably, memecoins and AI-related tokens were the main drivers of this market rally.
According to Santiment, a prominent crypto analytics firm, major cryptocurrencies have been outperforming traditional assets. In the past week, Bitcoin and Ethereum saw gains of 10.0% and 14.7%, respectively, while the S&P 500 only recorded a modest 0.5% increase.
Historically, the crypto market has shown little to no correlation with the stock market during bull markets. However, this recent trend could indicate a shift in investor sentiment, as cryptocurrencies are increasingly viewed as an independent asset class.
Bitcoin (BTC)
Bitcoin, the first and most well-known decentralized digital currency, has gained popularity for its ability to facilitate peer-to-peer transactions without intermediaries. It recently made its way into the traditional market with the approval of a spot BTC ETF by the US SEC in January.
Since then, there has been a significant influx of investment in these ETFs, contributing to Bitcoin’s aggressive price recovery. In just six weeks, the coin has seen an 81% increase from its low of $38,542 to its current trading price of $68,435. Its market cap currently stands at $1.3 trillion, with a 1.4% gain in intraday trading. If it breaks the $70,000 mark, the nearest resistance levels are at $77,500 and $92,000, according to traditional pivot levels. However, potential demand zones can be found at $63,285 and $57,450, as shown on the daily chart.
Dogecoin (DOGE)
Dogecoin, originally created as a joke based on the popular “Doge” meme, has evolved into a legitimate digital currency with a passionate community and creative memes. It stands out for its low transaction fees, fast transactions, and use in tipping and charitable donations.
During the recent memecoin frenzy, Dogecoin saw a massive influx of investment, leading to a 98% increase in price from $0.084 to its current trading price of $0.16. Its market cap is now at $24.1 billion, with a trading volume of $3.2 billion. The coin is currently riding an upward trend supported by a rising trendline, with potential resistance levels at $0.206 and $0.27. If there is a pullback, immediate support can be found at $0.148 and $0.13.
The Graph (GRT)
The Graph is a decentralized indexing protocol that allows developers to access blockchain data and build decentralized applications (dApps). Its native token, GRT, stands out for its efficient and reliable data query capabilities.
In the past week, GRT has seen a significant rally, with five consecutive green candles on the weekly chart. From its support at $0.149, the coin has surged by 160% to reach $0.39, bringing its market cap to $3.69 billion. If this rally continues, potential resistance levels can be found at $0.47 and $0.54, while support levels may be at $0.32 and $0.258.
In Summary
Overall, Bitcoin and Ethereum have been leading the crypto market’s recovery in March, outpacing traditional assets. Memecoins and AI-related tokens have also played a significant role in boosting market sentiment. As the market continues to evolve, cryptocurrencies are increasingly being viewed as an independent asset class.
