Bitcoin (BTC) bulls appear to have found their momentum as BTC price bounced back from $ 49,000 levels within the last hour.
On March 2, the price fell to $ 47,000, but BTC is currently trading above the 20-day moving average. Bulls are likely to make another attempt to flip the $ 50,000 resistance against support, and a sustained high surge in volume could bring the price to $ 52,000, where a daily close would confirm that bulls are back in the driver’s seat.
Daily market performance in cryptocurrencies. Source: Coin360
Although Bitcoin is struggling to close the day above $ 50,000, a steady thread of favorable news continues to emerge.
The businessman and Shark Tank star Kevin O’Leary, who once called Bitcoin a “giant nothing burger”, announced that 3% of his portfolio will be invested in Bitcoin. Going forward, O’Leary plans to invest in a sustainable mining operation.
Efforts to secure an exchange-traded bitcoin fund (ETF) are also back in the headlines following the successful launch of the exchange-traded bitcoin fund Purpose Bitcoin in Canada. Evolve Funds Group announced that it is now seeking approval of an Ether ETF product in Canada after becoming the second company to receive Bitcoin ETF approval in February.
In the US, the Chicago Board Options Exchange (CBOE) is hoping that ETF approvals in Canada will expedite filing of the Van Eck Bitcoin ETF on Jan. 3, after rejecting all attempts made in 2017.
Traditional markets cool off while altcoins gain momentum
Traditional financial markets were under pressure on March 2 as trading cooled off after Monday’s rally that saw the S&P 500 perform its best since June 2020.
The NASDAQ, Dow and S&P 500 ended the day down 1.69%, 0.41% and 0.74% respectively, while the US Treasury’s 10-year yield also declined from the rise last week continued.
Several altcoin projects made big announcements that helped boost their token values.
Sony Europe announced that it has joined the Theta (THETA) network’s validation program. Following the announcement, the price of THETA rose 15.31% to $ 3.70 while the network’s TFUEL gas token rose to a new all-time high of $ 0.144.
THETA / USDT 4-hour chart. Source: TradingView
The launch of the Aavegotchi main network (GHST) coincided with the platform’s first portal drop, with 10,000 NFT-bearing portals sold out in less than a minute. After the successful launch and sale of NFT, the GHST price rose 15% to hit a new all-time high of $ 1.79.
BTC / USD daily chart. Source: Coin360
The market cap for cryptocurrencies is now $ 1.51 trillion, and Bitcoin’s dominance rate is 60.7%.
