Crypto News

Bitcoin Consolidates Above $61,000 as Bull Market Indicators Start to Flash

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The crypto market entered March with its foot firmly on the accelerator, despite signs of a slight slowdown from its recent rapid rise.

Bitcoin (BTC) continued to hover around the $62,000 mark, demonstrating a resilient position despite varying market sentiments following its remarkable rebound past the $60,000 threshold to reach a high of $64,000 in late February .

BTC was trading at $62,130 at press time, with a market cap of $1.22 trillion, based on CryptoSlate data.

The bullish momentum has raised expectations for March, raising the possibility of an even more remarkable rally. However, the market has temporarily slowed as it consolidates its gains before potentially moving higher.

On-chain data shows that the stability is a result of strong investor confidence, as evidenced by over a million addresses accumulating over 671,000 BTC in a price range of $60,000 to $62,000. This “accumulation zone” suggests potential future support for the flagship crypto.

Market capitalization close to ATH

Despite the slight deceleration in trading over the weekend, the value of the broader crypto market soared, with the total market capitalization reaching a new milestone of $2 trillion on February 27 – a level not seen since April 2022.

At the beginning of March, the market capitalization stood at an impressive $2.34 trillion, representing a significant increase from the previous year. This growth indicates renewed investor confidence in digital assets, bringing the market closer to its all-time high of $2.4 trillion recorded in December 2021.

This dynamic suggests that the market is on track to potentially reach the much-anticipated $3 trillion mark in the medium term. Despite a 20% decrease in trading volume across all platforms, the $87 billion figure still indicates a bull market reminiscent of past highs.

The altcoin sector notably contributed to the overall market performance, with coins such as Solana (SOL) outperforming the top ten tokens.

The diversification of gains among altcoins, including the notable performance of coins like PEPE, indicates a market rich in opportunities for investors looking beyond Bitcoin – one of the first indicators of a bull market.

Bull Market Indicators

The market’s climb to previous highs caused several bull market indicators to flash weeks before the Bitcoin halving, unlike previous cycles where they only came into play after the halving.

Coinbase has started to climb the ranks of the App Store and currently sits at 227th among all apps. During the last cycle, the exchange was the store’s number 1 app across all categories. This means that retail investors have not yet come back in full force, even though Bitcoin is trading near its all-time high.

Meanwhile, Google Trends data shows that searches related to Bitcoin and crypto are steadily increasing and saw a significant spike over the past week, from 29 to 100.

Bitcoin’s continued strength, coupled with the robust performance of altcoins, paints a positive picture for the crypto market in the months to come. Investors remain cautious about Bitcoin’s potential resistance levels, but hope the current rally continues.

Bitcoin Market Data

At the time of going to press 3:34 p.m. UTC March 3, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 0.24% in the last 24 hours. Bitcoin has a market capitalization of $1.22 trillion with a 24-hour trading volume of $23.35 billion. Learn more about Bitcoin ›

Crypto Market Summary

At the time of going to press 3:34 p.m. UTC March 3, 2024the total crypto market is valued at $2.34 trillion with a 24 hour volume of $92.79 billion. Bitcoin dominance is currently at 52.14%. Learn more about the cryptocurrency market ›

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