Bitcoin (BTC) briefly regained the $ 60,000 level on March 18 amid concerns about the strength of the stock market surge due to soaring yields on US Treasuries.
Data from Cointelegraph Markets and TradingView show that the price of Bitcoin began rising in the late trading hours on March 17th and briefly exceeded $ 60,150 before encountering overhead resistance.
According to Ben Lilly, analyst and co-founder of Jarvis Labs, the momentum of stablecoin issuance over the past two days has resulted in good price development for BTC. This is in contrast to the stop-and-go action for new issues at the beginning of the month. For Lilly, this means that parties interested in buying Bitcoin have started to accelerate their activities when the market moves up.
Lilly highlighted the upcoming March 26 options expiration as something that could affect recent moves as “many traders are securing their profits associated with this expiration,” indicating that there may be subdued trading activity up to that date.
“If that is the case – a good steady flow of coins and the big drain – there is a strong case for new all-time highs in the weeks that follow. If we gain momentum in April it could result in the $ 100,000 hit by the summer, which many are hoping for. “
Altcoins take part in the rally
Thanks to new partnerships and well-known stock exchange listings, a large number of altcoins also rose on Thursday.
Cardano’s ADA has received more attention in the past three days as several new listings, including its inclusion in Coinbase Pro on March 18, helped drive the price of ADA to a new all-time high of $ 1.48. The jump in price also helped ADA to pass Binance Coin (BNB) and become the third largest cryptocurrency by market capitalization.
Other notable accomplishments on the day included Theta, which rose 18% to a new all-time high of $ 8.35, and Linear Finance (LINA), which rose 175% to a new record high after the announcement is now available at to trade on Binance.
The market cap for cryptocurrencies is now $ 1.77 trillion, and the dominance rate of Bitcoin is 60.9%.
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