Even though certain cryptos faced a moderate dip, experts believe this was a minor slowdown, with the crypto market growth rate on expected lines.
The crypto market witnessed a comparatively slower day in the last 24 hours, with most cryptos shedding a little value. This was expected since the market had been rallying consecutively for a few days. Moreover, the Federal Reserve’s policy decision on interest rates is coming up, which could have made investors and traders cautious ahead of taking risks in the crypto market.
After starting slow in March, the crypto market had taken off to a raging rally, with Bitcoin crossing $28000 and other cryptos rising as well. The crypto market growth levels have been showing returns, unlike any other asset class at present times. Bitcoin is still above 15% from its trading level a week back, while the crypto market’s market capitalization was near about $1.15 trillion.
Other altcoins such as Shiba Inu, Litecoin, Polkadot, and Dogecoin had also shed losses the previous day. Bitcoin had faced resistance in the range between $28000 and $30000, which made analysts expect a small slow down before another rally in the near future. The upcoming interest rate hikes are likely going to influence the next bout of crypto market growth before the month ends.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27700 on March 21, 2023, with BTC/USD down by 2.1% in the previous 24 hours. Many other cryptos witnessed flat or downward movements in the last 24 hours. BTC/USD is trading way higher than its 20-day EMA (23,698.35). Bitcoin witnessed a 24-hour trading volume of over $50 billion while its market capitalization stayed above $530 billion.