The cryptocurrency market had an influx of activity on March 8, which raised the vast majority of major tokens as the world celebrates International Women’s Day.
The Bitcoin (BTC) recovery above $ 50,000 was followed by a new wave of bullish optimism and analysis by senior Bloomberg commodities strategist Mike McGlone suggested that Bitcoin is putting gold aside as a store of value in investor portfolios. .
Data from Cointelegraph Markets and TradingView show that the price of BTC increased 4.6% from a low of $ 49,272 during the early trading hours of March 8 to $ 53,300 at the time of writing.
Recent analysis shows that while professional traders remain hesitant to open new long BTC positions due to the strengthening of the dollar index and the increase in Treasury yields, large corporations are buying BTC at an accelerated rate, leading to strong exchange outflows. Now that the Bitcoin price has secured a daily close above the $ 52,000 level, it is possible for these reluctant traders to open new long positions.
Glassnode’s on-chain data also points to a bullish case for Bitcoin, as mining companies have mostly stopped selling BTC and now appear to be in accumulation mode.
NFT features help increase token prices
Altcoins also rose significantly, as many of the major projects reached new highs on Monday. Non-fungible token (NFT) projects such as Ultra (UOS), Theta (THETA) and Enjin (ENJ) managed double-digit gains and reached new annual highs during today’s trading session.
The price of UOS rose 21% to set a record $ 0.452 as excitement builds around the launch of the project’s mainnet, which will allow cross-chain and NFT capabilities.
Theta, a blockchain-based video streaming platform, also reached a new record of $ 4.98 in front of the long-awaited fork on March 10.
Theta had a strong performance throughout February as the project was reinforced by the introduction of NFTs for streamers and an announced partnership that saw Sony Europe join the blockchain validator program Theta.
Enjin (ENJ) also reached a new historical record of $ 1.76 on March 5, when the project’s focus on creating a comprehensive NFT ecosystem is beginning to bear fruit.
Rally across the market raises total market capitalization
Recent developments for Ethereum (ETH) helped drive an 8% rally in Ether, as the community prepared to launch the Berlin update on April 14th.
Chainlink (LINK) has the best performance in the top 10, up 12% at a price of $ 31, while Dogecoin (DOGE) has risen 15.73% and is trading at $ 0.58.
The overall capitalization of the cryptocurrency market is now at $ 1.65 trillion and Bitcoin’s dominance rate is 60.4%.
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