Bitcoin (BTC) bulls appear to have found their momentum as the price of BTC recovered the level of $ 49,000 in the last hour.
On March 2, the price fell to $ 47,000, but currently BTC is trading above the 20-day moving average. The bulls are likely to make another attempt to convert the $ 50,000 resistance into support and a sustained high volume spike could send the price to $ 52,000., where a daily close would confirm that the bulls are back in the driver’s seat.
Though Bitcoin is struggling to secure a daily close above $ 50,000, a constant thread of favorable news continues to emerge.
The entrepreneur and star of Shark Tank Kevin O’Leary, who once called Bitcoin a “giant nothing burger,” revealed that 3% of its portfolio will be put into Bitcoin and in the future, O’Leary plans to invest in a sustainable mining operation.
The push to land a Bitcoin exchange-traded fund (ETF) is also making headlines again, following the successful launch of the Purpose Bitcoin exchange-traded fund in Canada. Evolve Funds Group has revealed that it is now seeking approval for an Ether ETF product in Canada, after it became the second company approved to list a Bitcoin ETF in February..
In United States, The Chicago Board Options Exchange (CBOE) expects ETF approvals in Canada to add momentum to its Jan.3 filing to list Van Eck’s Bitcoin ETF after all his attempts made in 2017 were denied.
Traditional markets cool as altcoins find momentum
Traditional financial markets faced pressure on March 2, as trading cooled off after Monday’s rally, with the S&P 500 performing its best since June 2020.
The NASDAQ, the Dow and the S&P 500 ended the day in the red, down 1.69%, 0.41% and 0.74%, respectively.while the 10-year US Treasury yield also continued its decline from last week’s rally.
Several altcoin projects made big announcements that helped boost the value of their tokens.
Sony Europe revealed that it had joined the Theta Network Validator Program (THETA). Following the announcement, THETA’s price rose 15.31% to $ 3.70, while the network’s TFUEL gas token reached a new all-time high of $ 0.144.
In the meantime, The launch of the Aavegotchi Mainnet (GHST) was accompanied by the platform’s first portal drop, which saw the sale of 10,000 NFT-powered portals in less than a minute. Following the successful launch and sale of NFT, the GHST price rose 15% to a new all-time high of $ 1.79.
Total cryptocurrency market capitalization now stands at $ 1.51 trillion and the dominance rate of Bitcoin is 60.7%.