March 13, the bulls took full control of the cryptocurrency market, when Bitcoin (BTC) price hit a new all-time high of $ 61,844, after a large volume surge propelled the price through the overhead resistance near $ 58,000.
Analysts had spent the week talking about an eventual move above the $ 60,000 level and Social metrics showed bullish sentiment for Bitcoin continued to rise as a number of companies and institutional investors announced plans to make purchases of BTC.
Bitcoin is now in the realm of price discovery, as little data is available from a technical analysis point of view to determine where the price may go.
A possible price target was highlighted in a recent report by Decentrader co-founder Philip Swift, who is now looking at the 1.618 ($ 70,000) fibonacci extension as the next profit-taking level.
The widespread adoption of cryptocurrencies continues
The proof of the growing merger between the cryptocurrency sector and mainstream industry can be found in the latest news that the FTX exchange is in the process of finalizing an agreement to sponsor the Miami Heat of the National Basketball Association and obtain the naming rights for the team’s stadium, which will likely be renamed the FTX arena.
Once finalized, the agreement would mark the first major partnership with an American sports league for a cryptocurrency project or platform.
The expansion in popularity of non-fungible tokens has also caught the attention of the general press., following this week’s Beeple auction, which has broken the record of $ 69.3 million. The success of the auction has prompted an increasing number of renowned artists to start exploring the NFT space and the opportunities it offers.
Bitcoin price rally triggers rally in altcoins
Altcoins also skyrocketed as Bitcoin price hit a new all-time high.. Decentraland (MANA), a project focused on virtual reality and games, outperformed the field with an 89% gain to a price of $ 1.19.
Most small-cap altcoins posted double-digit gains, and even those with larger capitalization, such as AAVE and Bitcoin Cash (BCH), rose 10.84% and 14% respectively.
Ether (ETH) rose 13% to $ 1,933, in an attempt to reach the current all-time high of $ 2,043.
The global cryptocurrency market capitalization now stands at $ 1.84 trillion and Bitcoin’s dominance rate is 62.1%.
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