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Cryptocurrency market started March with increased volatility and Bitcoin (BTC) price rise paused at $64,000. The overall supply affected altcoins as well, shifting the price direction to a sideways trend. However, this consolidation after the rally could benefit market buyers to regain strength and extend the current recovery trend.
Santiment’s Report Highlights Altcoin Gains!
According to a recent statement by leading analytics company Santiment, altcoins achieved notable gains last week, with momentum continuing over the weekend, signaling a strong alt season. Among the highlights were meme tokens that caught the attention of enthusiasts, with PEPE recording an impressive 225% increase and SHIB a 126% rise. Additionally, AI-focused projects like AR and FET also made significant progress with 100% and 76% gains respectively.
This trend underscores the growing investor interest in both meme tokens and AI-focused blockchain projects, suggesting a diverse investment environment in the crypto space. The leading cryptocurrency Bitcoin (BTC) could show a serious uptrend since recovering from $38,640 at the end of January, with the positive rise increasing the token’s value by 60% to the current trading price of $61,796 in six weeks.
Furthermore, a recent tweet shared by analytics firm IntoTheBlock highlighted a notable trend in the Bitcoin market, pointing out significant BTC accumulation by large-scale investors. According to IntoTheBlock, there has been a consistent increase in Bitcoin holdings in wallets containing more than 1,000 BTC since January. This accumulation pattern not only indicates increased activity among Bitcoin whales but could also suggest sustainable growth as the metric correlates with the token’s price movements.
Current State of Meme Tokens
Bitcoin’s current price, trading at $61,787, witnessed general supply at the $64,000 level. This selling pressure could trigger a slight pullback to the $59,800 support, potentially providing buyers with a suitable base for the $70,000 level. This week, leading tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) led a significant rise in the meme cryptocurrency markets with a strong uptrend. Dogecoin, the largest meme token by market value, showed a significant growth of 61%, rising from $0.084 to $0.134.
During this uptrend, a notable development was Dogecoin’s price action breaking a long-standing resistance line, forming part of a symmetrical triangle formation that has been in play for about two years. This breakout indicates a significant shift in market sentiment and could be a harbinger of more significant changes ahead. Despite a slight pullback of 4.55% during the day, DOGE managed to stabilize around $0.125. If the market can maintain this level, it could set the stage for further recovery and potentially push the price towards $0.18.
