Bitcoin (BTC) bulls confronted sturdy headwinds on March 22 that shortly dampened any try at a breakout above the $58,000 degree regardless of feedback from United States Federal Reserve Chair Jerome Powell which known as the highest cryptocurrency a “substitute for gold.”
Information from Cointelegraph Markets and TradingView present that merchants made a number of makes an attempt to push BTC above $58,000 over the previous two days solely to be rejected, with Monday’s failure leading to a pullback to the $54,000 assist degree.
On-chain evaluation exhibits that whereas BTC value struggles to climb again above $60,000, whale wallets have been in accumulation mode over the previous 30 days indicating that a few of the wealthiest Bitcoin holders nonetheless see extra upside for the present bull market.
Mainstream cryptocurrency adoption positive factors traction
The macro image for the cryptocurrency sector continues to enhance because the globally acknowledged TIME journal revealed that it’s in search of a CFO who’s comfy with Bitcoin and cryptocurrencies because the publication has begun exploring the creation of one-of-a-kind non-fungible tokens based mostly on a few of its most iconic covers.
Now that blockchain expertise has developed to the purpose the place it could possibly deal with processes like video and music streaming, platforms with a first-mover benefit in these sectors have seen their costs breakout over the previous few months as mainstream audiences are more and more uncovered to the cryptocurrency ecosystem.
Theta (THETA) and Theta Gasoline (TFUEL) have taken the lead on the subject of blockchain-based video streaming with the twin token system having fun with astronomical progress in 2021 that continues to push its value to new all-time highs.
Audius (AUDIO), a music streaming platform, has additionally rallied strongly over the previous month as its value elevated from $0.356 on Feb. 28 to a brand new all-time excessive at $2.05 on March 16.
VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for AUDIO on March 1, previous to the latest value rise.
The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.
As seen within the chart above, the VORTECS™ rating for AUDIO was within the inexperienced late in February and hit a excessive of 68 on March 1, roughly 24-hours earlier than the worth started to extend by 400% over the following two weeks.
Following the worth peak on March 16, AUDIO value and its VORTECS™ rating skilled a pullback that lasted a number of days. The VORTECS™ rating then turned inexperienced once more and reached a excessive of 71 on March 20, roughly 15 hours earlier than its latest value rise.
Different notable altcoin performances on March 22 embody Augur (REP), which has seen its value improve 30% to a multi-year excessive of $39.30, and XRP, which spiked 20% to an intraday excessive at $0.60 as members of the XRP military look to get the token relisted on exchanges that suspended providers in response to th actions from the U.S. Securities and Change Fee.
The general cryptocurrency market cap now stands at $1.746 trillion and Bitcoin’s dominance fee is 59.8%.
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