The crypto market has shown incredible performance over the past week. Bitcoin maintained its momentum and surpassed the $60,000 level, reaching $64,000.
The levels reached in late February suggested to many investors that March could be an even more impressive month for the current bull rally.
However, no forecast is set in stone, as there are many factors that could swing investor sentiment and move trends in the opposite direction. For now, the crypto market seems to have taken a bit of a break to catch its breath.
Crypto market slows down momentarily
The global crypto market took a major step in this uptrend a few days ago. As reported, the total crypto market cap reached $2 trillion on February 27, a feat not seen since April 2022.
As of early March, the market cap of the crypto market stands at $2.3 trillion, representing an increase of 17.97% over a 7-day period. This growth has exceeded the level established in early 2022 and potentially paves the way for the $2.4 trillion mark seen in December 2021.
However, the market's rise appears to have temporarily slowed. The current market cap of $2.31 trillion represents a modest decline of 1.32% over the past day, according to CoinMarketCap. data.
Likewise, the total trading volume in the crypto market was around $127.9 billion at the time of writing, registering a significant decline of 35.77% from yesterday.
Trading volume chart in the last 24 hours. Source: CoinMarketCap
Data shows that Bitcoin and Ether faced a more than 40% decrease in market activity compared to the trading volume recorded 24 hours ago. Likewise, some of the biggest memecoins have shown a slowdown in performance.
As the list below shows, Dogecoin (DOGE) saw a 5.9% price drop in the last day. Similarly, the price of Shiba Inu (SHIB) decreased by 5.8% during the same period.
Price performance of the top ten cryptocurrencies in the last 24 hours. Source: CoinGecko
On the contrary, Solana (SOL) performed better on the last day than the top ten cryptocurrencies, recording a price increase of 4.1%. SOL's $134 price places it alongside DOGE as the best performing cryptocurrency in the top ten of the last seven.
Among the biggest gainers over the past day, PEPE reversed yesterday's 12% price decline after recording 10.9% growth over the past 24 hours. Similarly, dogwifhat dog-themed memecoins (WIF) and (BONK) saw a price increase of 20.66% and 6.65%, respectively.
Bitcoin and Ether remain strong despite market volatility
Some analysts expect a significant drop in the price of Bitcoin, linked to a halving. Meanwhile, the crypto king showed strong resistance above a massive support wall, as suggested by crypto analyst Ali Martinez.
Over 1 million addresses are purchasing over 671,000 BTC in a price range of $60,000 to $62,000. Which, according to the analyst, highlights strong investor confidence. This confidence could provide a crucial support level and cushion against future price declines.
#Bitcoin stands above a huge wall of support, with 1 million addresses buying over 671,000 $BTC in a price range of $60,334 to $62,155.
This accumulation zone highlights strong investor confidence and could provide a crucial level of support for #BTCpotentially… pic.twitter.com/lmghohWR1U
– Ali (@ali_charts) March 1, 2024
At the time of writing, the flagship cryptocurrency is trading at around $62,052.71, which is only a 1% decline from the previous day. BTC is up over 21.8% in the past week and is only 10.34% below its all-time high (ATH) of $69,000 recorded in November 2021.
Likewise, it is worth noting that Ether (ETH) has shown strong performance in recent days in a volatile crypto market. Maintaining its price range over the past 24 hours, the “king of altcoins” only saw a 1.8% price drop from yesterday. ETH is currently trading at $3,411.88, representing a notable rise of 16.2% over the past week.
Bitcoin performance in the 1-day chart. Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.