On March 13, the bulls took full control of the crypto market, when the price of Bitcoin (BTC) jumped to a new high of $ 61,844, after a volume increase pushed the price through resistance from above close to $ 58,000.
Analysts spent the week calling for an eventual move above the $ 60,000 level and social metrics showed that the bullish sentiment for Bitcoin continued to rise, as several companies and institutional investors announced plans to make BTC purchases.
Bitcoin is now in the realm of price discovery, as there is limited data available from the standpoint of technical analysis to determine where the price can go next.
One possible price target was highlighted in a recent report by Decentrader co-founder Philip Swift, who is now looking at extending 1,618 fib ($ 70,000) as the next level of take profit.
Adoption of mainstream encryption continues
Evidence of the growing merger between the cryptocurrency industry and the mainstream industry can be found in the latest news that the FTX Exchange is in the process of finalizing an agreement to sponsor the National Basketball Association’s Miami Heat and obtain naming rights for the team arena, which is likely to be renamed the FTX arena.
Once finalized, the deal would mark the first major partnership with an American sports league for a cryptocurrency project or platform.
The explosion in the popularity of non-fungible tokens also caught the attention of the mainstream media after this week’s Beeple auction, which broke the $ 69.3 million record. The success of the action has led an increasing number of well-known artists to start exploring the NFT space and the opportunities it offers.
Bitcoin break generates high in altcoins
Altcoins also lit up when Bitcoin reached a new historic record. Decentraland (MANA), a virtual reality project and focused on games, surpassed the market with a 89% gain at a price of $ 1.19.
Most low-cap altcoins witnessed double-digit gains and even bigger currencies like AAVE and Bitcoin Cash (BCH) increased by 10.84% and 14%, respectively.
Ether (ETH) also rose 13% to $ 1,933 with bulls trying to make a run at the current all-time high of $ 2,043
The overall capitalization of the cryptocurrency market is now $ 1.84 trillion and Bitcoin’s dominance rate is 62.1%.
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