Cryptocurrency Price Prediction: Bitcoin enters price discovery mode and crypto markets are regaining bullish momentum after a weekday spike in volatility. On Friday, BTC price soared to an all-time high of $70,000, prompting a long-term recovery trend for the altcoin.Meme coin actors and tokens, particularly those related to AI (artificial intelligence), recorded the highest growth and were key drivers of the broader market rally.
Santiment, a prominent player in cryptocurrency analysis, recently highlighted the exceptional performance of major cryptocurrencies against traditional assets. Over the week, Bitcoin and Ethereum rose 10.0% and 14.7%, respectively, significantly outpacing the S&P 500's modest 0.5% gain.
Historically, bull markets in the crypto space have shown little correlation to the stock market. This new trend could signal a major shift in investor sentiment as the market ecosystem evolves to view cryptocurrencies as a potentially more independent asset class.
Also read: Crypto prices today, March 9: Bitcoin nears $68,000, Ethereum nears $4,000, PEPE rises 20% while FLOKI rises 50%
1) Bitcoin (BTC)
Bitcoin is the first and most well-known decentralized digital currency that utilizes blockchain technology to enable peer-to-peer transactions without the need for an intermediary. The digital asset recently entered the traditional market with the launch of the Spot BTC ETF, which was approved by the US SEC in January.
Massive investment inflows into these ETFs have been the main reason for the aggressive recovery in Bitcoin prices since late January. From a swing low of $38,542, buyers have increased the coin by 81% in six weeks to the current trading price of $68,435.
Bitcoin's current market cap is $1.3 billion, with an intraday increase of 1.4%. If there is a potential breakout from $70,000, $77,500 and $92,000 are set as the closest resistances according to the traditional pivot levels.
However, the daily chart shows potential demand zones at $63,285 and $57,450.
Also read: BlackRock’s Bitcoin holdings outstrip MicroStrategy amid $2 billion in net inflows this week
2) Dogecoin (DOGE)
Dogecoin (DOGE) is a peer-to-peer open source cryptocurrency that started out as a joke based on the “Doge” meme, but quickly evolved into a legitimate digital currency thanks to its passionate community and creative memes. did. Dogecoin stands out for its low transaction fees, fast transactions, and use in tipping and charitable donations.
Amidst the memecoin frenzy in the cryptocurrency market over the past two weeks, Dogecoin witnessed massive inflows and its price rose from $0.084 to the current trading price of $0.16, marking a 98% growth.
As of this writing, DOGE has a market capitalization of $24.1 billion, while trading volume remains at $3.2 billion. Under the influence of the rising support trend line, Dogecoin price could rise to $0.206 and then $0.27. Conversely, the immediate support levels are $0.148 and $0.13.
Also read: Dogecoin nears $0.2 as memecoin craze continues, causing smog pump
3) Graph (GRT)
The Graph (GRT) is a decentralized, open-source indexing protocol for querying data across blockchains, enabling the creation of fully decentralized applications. It stands out by providing efficient and reliable access to blockchain data, helping developers build more sophisticated and user-friendly dApps.
GRT, the native token of the Graph network, is riding an aggressive rally, as evidenced by five consecutive green candlesticks on the weekly chart. From the $0.149 support, the coin price rose 160% to $0.39, increasing the altcoin market cap to $3.69 billion.
If the rally continues, the graph price may face resistance at $0.47 and $0.54. However, given the nature of the occasional pullback, $0.32 and he may seek support at $0.258.
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Bitcoin and Ethereum significantly outperformed traditional assets, extending the recovery trend in March. Amid the recovery trend, AI tokens and meme cryptocurrencies have been major performers, boosting overall market sentiment.
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