others

Altcoins Gain Momentum As BTC Breaks $70K Again – Crypto News

Published

11 months ago

March 26, 2024

Dripp

Crypto Price Prediction: The cryptocurrency market is back on recovery tracks as the three-day rally surged the Bitcoin price above $70000. Reclaiming the psychological level uplifted a majority of major altcoins with Ethereum rising 6% today, while XRP, SOL, and BNB showcased 3-4%.

The recent surge in Bitcoin’s price is attributed to significant accumulation by large investors. with crypto analytics firm Sentiment reporting that wallets holding between 10 and 10,000 BTC amassed an impressive 51,959 Bitcoin collectively on a single day, Sunday.

Additionally, a shift in the trend for Bitcoin spot ETFs has contributed to the price movement. After experiencing net outflows for five consecutive days, the BTC spot ETFs saw a net inflow of $15.7 million as highlighted by WuBlockchain, marking a significant reversal and contributing to the overall market momentum.

According to SoSoValue, the Bitcoin spot ETF had a total net inflow of $15.7 million yesterday, breaking the trend of net outflows for five consecutive days. Grayscale ETF GBTC saw a net outflow of $350 million in a single day. The Bitcoin spot ETF with the highest single-day net… pic.twitter.com/7cCNM8Wu7E

— Wu Blockchain (@WuBlockchain) March 26, 2024

However, reviewing data from CoinMarketCap shows that Meme cryptocurrency and AI-related tokens were among the highest gainers in the last 24 hours.

Also Read: Crypto Prices Today March 26: Bitcoin Above $70K, Ethereum at $3600, SOL, XRP & PEPE Gain

1)Bitcoin (BTC)

BINANCE:BTCUSD Chart — Bitcoin (BTC)| Tradingview

Bitcoin is the first and most well-known cryptocurrency that laid the groundwork for the digital currency model, influencing the development of numerous other cryptocurrencies and digital assets. Last week, the BTC price witnessed a notable downfall to $60000 sparking a new correction trend in the crypto market.

However, the price sustainability above this psychological level uplifted BTC to $70956, registering a 4.5% weekly surge. The market cap currently stands at $1.39 Trillion, with a trading volume of $44.6 in the last 24 hours.

As per the traditional pivot level, the renewed recovery in Bitcoin price may face overhead supply at $77000, followed by $91430.

Also Read: Bitcoin (BTC) Price Enters Recovery Mode Sparking $209M in Liquidations

2)Dogecoin (DOGE)

BINANCE:DOGEUSDT Chart — Dogecoin (DOGE)| Tradingview

Dogecoin, symbolized by the Shiba Inu dog from the “Doge” meme, transcends its origins as a humorous take on cryptocurrency to embody a vibrant and supportive online community.

Amid the current market recovery, the Dogecoin price showed a sharp reversal from $0.122 to $0.187, registering a weekly surge of 52%. Moreover, the market cap jumped $26.7 Billion positioning Dogecoin as the eighth largest cryptocurrency.

With a trading volume of $3 Billion, the DOGE price gave a high momentum breakout from the resistance trendline of the pennant pattern. This continuation pattern signals the recovery of bullish sentiment which could drive this popular memecoin to $0.206, followed by $0.26.

Also Read: Dogecoin Price: Top Reasons DOGE Price Will Rise 100% Soon

3)Fetch Ai (FET)

BINANCE:FETUSDT Chart — Fetch Ai (FET)| Tradingiew

Fetch.AI is at the forefront of combining artificial intelligence (AI) with blockchain technology to enable smart infrastructure and economic systems. The project aims to automate digital economies through autonomous agents, facilitating direct transactions without intermediaries.

Amid the last correction trend, the FET price develops a bullish flag pattern chart setup known to provide buyers with sufficient breaks to recuperate their strength. This altcoin rising for three consecutive days recorded 17.3% growth to reach the current trading price of $2.836.

The rising price also breached the pattern’s resistance trendline, bolstering Fetch. AI coin price to chase $3.4 high, followed by the ambitious target of $5,

Takeaway

The post-correction rally in Bitcoin has showcased the asset sustainability above the $60000 level and the potential for higher growth. The altcoins quickly followed up, especially the meme coins and AI-related tokens. The renewed recovery offers market participants the opportunity for momentum trading and aligns back with broader bullish trends.