Bitcoin price is currently at $62,000 as of writing this article, and contrary to concerns, rapid profit-taking has not started. A significant portion of investors have made double-digit gains in altcoins, supported by strong closing prices of BTC. So how did cryptocurrencies start the first Sunday of March? Here are the details.
Bitcoin (BTC)
Bitcoin price, which has increased by a net 20.4% over the last 7 days, continues to linger around $62,000. The price has remained nearly stable at $62,000 in the last 24 hours. The fear and greed index for cryptocurrencies is at a rarely seen level, over 85. The Bitcoin Dominance Index (BTCD) is just below 52%, and this relaxation supports hopes for larger rallies in altcoins.
After turning $40,400 into support, the accelerating BTC rally is currently halted by the resistance at $64,000. If we start seeing closures above $64,300, this could mean surpassing the all-time high (ATH) level of $69,000 on the Binance exchange.
Investor profitability is extremely high and optimism for the year 2024 is strong, so profit-taking has not started yet. If strong entries continue through the ETF channel in the last bull season, Bitcoin’s market value, which exceeds $1.2 trillion, could reach much higher peaks.
Current State of Cryptocurrencies
Cryptocurrencies’ cumulative value is $2.35 trillion, and the psychological resistance of $3 trillion is being targeted again in the medium term. Despite a 20% drop in total trading volume on all cryptocurrency trading platforms, it still stands at around $87 billion. Volumes, which melted down to $14 billion on the most frustrating days of bear markets, are now back to levels reminiscent of a bull market.
In the past 24 hours, meme coins have been the biggest gainers among the top 100 cryptocurrencies. FLOKI surged by 44% while WIF rose by 33%. Both have gained over 300% on a weekly basis.
BSV, THETA, BCH, CRO, and GALA have experienced price increases of over 60% on a weekly basis. There are almost no losing altcoins among the top 100 cryptocurrencies. In the last 7 days, only WLD and BGB Coin prices fell by around 6%, and TIA Coin by 3%.
