Bitcoin began the weekend modestly, however by late Sunday, the top crypto by market capitalization had climbed beyond the $47,300 level, about a 2.6 % spike from the previous day. BTC was the last trading at around $46,700, after falling below $46,000 early Saturday.
Ether, the second-largest crypto by market cap, showed a similar trend, plunging and instead of recovering momentum to break beyond the $3,550 barrier, gaining approximately 3% during the same timeframe.
The performance of major cryptocurrencies was varied, with some marginally gaining and others significantly dropping. DOGE, the meme coin, increased by around 5% in the last 24 hours on at least one occasion. SHIB, a DOGE counterpart, climbed a little slower. Solana and Cardano both gained 3% and 2% recently. Terra’s Luna token has a 2% drop.
As is typically the case on weekends, trading was down from higher levels earlier in the week. The late-weekend increase in cryptocurrency deviated slightly from the behavior of major equities markets on Friday, which did little more than maintain position from the previous day. Investors appeared to be bracing for the US Federal Reserve and other central banks around the world to maintain more aggressive monetary policies, as the tech-heavy Nasdaq and the S&P 500 both declined marginally.
Low-interest rates and central bank support may shock an economy out of its sleep, resulting in increasing asset values. When inflation rises and the economy catches fire, central banks often alter their policies, due to increased market volatility.
Moreover, the macroeconomic climate has remained as tight as it has since Russia’s invasion of Ukraine five weeks ago. Following the rollout of images of awful human fatalities in Bucha, a town near Ukraine’s capital Kyiv, Germany’s defense minister, Christine Lambrecht, said on German television that the European Union should consider halting Russian gas shipments.
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Bitcoin (BTC)- Over the last two days, Bitcoin’s market share has plummeted as the recent crypto rise shifted more towards altcoins. The increase seems to have been driven by a combination of institutional buying and staking interest.
On Saturday, BTC’s market dominance was 40.9%, down substantially from 42% on Thursday. While the token is up 5% this week, it has been surpassed by lesser coins. Nonetheless, BTC was the apex of a March crypto rise. The world’s largest token rose to its highest level since December, at $48,000, boosting market confidence.
BTC dominance has never been lower than about 37%, which was seen in 2017 with the first introduction of various altcoins. Although the token’s dominance has since risen to over 70%, the big increase in 2021 saw BTC’s weightage fall to roughly 42%, where it has been since.
When the market experiences a protracted gain, the token’s dominance tends to fade, with the most recent bull run showing similar patterns. It remains to be seen if this pattern will persist.
Ethereum (ETH)- In the most recent price activity, Ethereum stays on the offensive play. ETH has made remarkable gains this week and appears to be on track to earn much more. Following three-month highs above $3,500, the price is consolidating.
On Saturday, the Ethereum price continued to rise. As long as the price maintains above the 200-day EMA, a surge toward $4,000 is possible.
For the first time since January 6, ETH hit $3,500. ETH is now trading at $3,485.12, up 0.82 % on the day. The 24-hour trading volume of the second-largest crypto by market cap is $24,724,743,360, up more than 15%.
Since March 14, the Ethereum price has risen 35% from its lows at $2,500 on the daily chart, indicating strong bullish momentum. In addition, for the first time since January, the price crossed the 200-day EMA (Exponential Moving Average). As a result, the present market action shows that the bullish trend will continue.
A daily closing below the session’s low, on the other hand, would imply that traders are losing confidence. Sellers might come to a halt around the 200-day EMA of $3, 1526.80 if the price continues to fall. The price might drop to $2,800 if the sell-off continues.
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