After BTC briefly crossed the $70,000 mark recently, Bitcoin traders continued to hold its price strength and created support at the $68,000 trading level.
Bitcoin has been trading at record levels over the last few days in the crypto market. It briefly crossed $70,000, and Bitcoin traders have carried on its price strength. At the same time, the crypto market size has also expanded due to the rally. In the week ahead and until April 2024, BTC trading is possible at elevated levels.
A recent blockchain analysis firm Glassnode report said, “The market’s momentum has also been influenced by a noticeable shift in investor capital towards more speculative assets, with a growing appetite for moving capital further out on the risk curve.”
The trend is evident in the altcoins rally in the crypto market. The crypto market size grew, but not just with BTC and ETH’s rallies. Tokens like BNB, SHIB, and DOGE have also seen considerable returns in the last few weeks. Analysts have noted Ethereum’s uptrend on an equal footing with Bitcoin’s rally. At the current rate, ETH could also see a price breakout to $5,000.
Meanwhile, stablecoin holdings in exchanges have also soared. The rising stablecoin inflows could mean traders could buy more crypto shortly.
BTC/USD 1D price chart
Bitcoin is currently trading at around $ 69,500 on March 10, 2024, with BTC/USD trading higher by a margin of 2.32% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.37 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (57,103.07), as BTC’s 24-hour volume was at around $27 billion. The global crypto market cap increased by around 0.97%, trading above $2.63 trillion. BTC’s year-to-date returns are at 63.59%.
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