Bitcoin (BTC) bulls seem to have found their momentum, as the price of BTC has recovered to the $ 49,000 level in the last hour.
On March 2, the price dropped to $ 47,000, but BTC is currently trading above the 20-day moving average. The bulls are likely to make another attempt to reverse the $ 50,000 resistance to support and a sustained high-volume increase could send the price up to $ 52,000, where a daily close would confirm that the bulls are back in the driver’s seat.
Although Bitcoin is struggling to secure a daily close above $ 50,000, a constant segment of favorable news continues to emerge.
Businessman and Shark Tank Kevin O’Leary, who once called Bitcoin a “giant hamburger for nothing”, revealed that 3% of his portfolio will be placed in Bitcoin and, in the future, O’Leary plans to invest in a sustainable mining operation.
The effort to secure a Bitcoin exchange-traded fund (ETF) is also back in the headlines, following the successful launch of the Bitcoin Purpose exchange-traded fund in Canada. Evolve Funds Group revealed that it is now seeking approval for an Ether ETF product in Canada, after it became the second approved company to list a Bitcoin ETF in February.
In the U.S., the Chicago Board Options Exchange (CBOE) hopes that ETF approvals in Canada will boost its January 3 request to list the Van Eck Bitcoin ETF after all of its attempts in 2017 were denied.
Traditional markets calm down while altcoins gain momentum
Traditional financial markets faced pressure on March 2, as trading cooled after Monday’s hike, which saw the S&P 500 perform at its best since June 2020.
The NASDAQ, Dow and S&P 500 ended the day in the red, down 1.69%, 0.41% and 0.74%, respectively, while the US Treasury’s 10-year yield also continued its decline in compared to last week’s peak.
Several altcoin projects have made big announcements that have helped boost their token values.
Sony Europe revealed that it has joined the Theta network validation program (THETA). Following the announcement, the THETA price increased by 15.31% to $ 3.70, while the network’s TFUEL gas token rose to a new record of $ 0.144.
Meanwhile, the launch of Aavegotchi’s core network (GHST) was accompanied by the first downfall of the platform portal, which involved 10,000 NFT portals being sold in less than a minute. The successful launch and the NFT sale were followed by a 15% increase in the price of GHST, setting a new historical record of $ 1.79.
The overall capitalization of the cryptocurrency market is now $ 1.51 trillion and Bitcoin’s dominance rate is 60.7%.