NFT-related altcoins hit new highs after Bitcoin value rallies to $53Okay

The cryptocurrency market noticed an inflow of exercise on March Eight that offered a carry to the overwhelming majority of the highest tokens because the world celebrates Worldwide Ladies’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 instructed that Bitcoin is pushing gold aside as a store of value in traders’ portfolios.

Information from Cointelegraph Markets and TradingView exhibits the value of BTC has elevated 4.6% from a low of $49,272 through the early buying and selling hours of March Eight 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 attributable to a strengthening greenback index and rising Treasury yields, massive companies are shopping for BTC at an accelerated charge resulting in heavy outflows from exchanges. Now that Bitcoin value has secured a each day shut above the $52,000 stage, its doable that these reluctant merchants will open new lengthy positions.

Bitcoin steadiness 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 probably the most half and now look like in accumulation mode. 

NFT capabilities assist enhance token costs

Altcoins additionally moved considerably increased as many prime initiatives reached new all-time highs on Monday. Non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit positive aspects and reached new yearly highs throughout in the present day’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 document excessive of $0.452 as the thrill grows across the undertaking’s mainnet launch which can 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 laborious fork on March 10.

Theta carried out strongly all through February because the undertaking 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 undertaking’s concentrate on 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 very best 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 below are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a choice.