Sunday, December 5, 2021

NFT-related altcoins hit new highs after Bitcoin price rallies to $53K

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The cryptocurrency market noticed an inflow of exercise on March 8 that supplied a raise to the overwhelming majority of the highest tokens because the world celebrates Worldwide Girls’s Day. 

Bitcoin’s (BTC) restoration again above $50,000 was adopted by a brand new wave of bullish optimism and evaluation from Bloomberg senior commodity strategist Mike McGlone prompt that Bitcoin is pushing gold aside as a store of value in traders’ portfolios.

Information from Cointelegraph Markets and TradingView exhibits the worth of BTC has elevated 4.6% from a low of $49,272 through the early buying and selling hours of March 8 to $53,300 on the time of writing.

BTC/USDT 4-hour chart. Supply: TradingView

Latest evaluation exhibits that whereas professional traders remain hesitant to open new BTC long positions as a consequence of a strengthening greenback index and rising Treasury yields, massive firms are shopping for BTC at an accelerated charge resulting in heavy outflows from exchanges. Now that Bitcoin value has secured a every day shut above the $52,000 stage, its attainable that these reluctant merchants will open new lengthy positions.

Bitcoin stability in any respect exchanges. Supply: glassnode

On-chain information from glassnode additionally factors to a bullish case for Bitcoin as miners have stopped promoting BTC for essentially the most half and now look like in accumulation mode. 

NFT capabilities assist enhance token costs

Altcoins additionally moved considerably increased as many prime tasks reached new all-time highs on Monday. Non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit beneficial properties and reached new yearly highs throughout right this moment’s buying and selling session.

THETA/USDT vs. UOS/USDT vs. ENJ/USDT 4-hour chart. Supply: TradingView

UOS value surged 21% to ascertain a report excessive of $0.452 as the joy grows across the mission’s mainnet launch which is able to allow cross-chain and NFT capabilities.

Theta, a blockchain-based video streaming platform, additionally reached a brand new all-time excessive of $4.98 in entrance of the long-awaited onerous fork on March 10.

Theta carried out strongly all through February because the mission was bolstered by the introduction of NFTs for streamers and an introduced partnership that noticed Sony Europe join the Theta blockchain validator program.

Enjin (ENJ) additionally broke out to a brand new all-time excessive of $1.76 on March 5 because the mission’s deal with making a wide-ranging NFT ecosystem is starting to repay.

Market-wide rally lifts the overall market cap

Latest developments for Ethereum (ETH) helped stoke an 8% rally in Ether because the neighborhood prepares to roll out the Berlin upgrade on April 14.

Every day cryptocurrency market efficiency. Supply: Coin360

Chainlink (LINK) is the most effective performing within the prime 10, up 12% to a value of $31, whereas Dogecoin (DOGE) is up 15.73% and buying and selling at $0.58.

The general cryptocurrency market cap now stands at $1.65 trillion and Bitcoin’s dominance charge is 60.4%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your individual analysis when making a choice.