WMA: Bitcoin surges to almost $62K one year since it was trading at $3,5K
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THIS WEEK’S SUMMARY
- The Crypto Market ends the week at a total market capitalization of $1,792 trillion.
- Bitcoin increased by almost 18% to reach nearly $62,000 and set a new ATH.
- Ethereum increased by nearly 13% to trade above $1,800 again.
- XRP lost almost 4% of its value over the week.
- Binance Coin, Polkadot, and other altcoins continue to increase in value.
- The DeFi sector added almost $7 billion to the total value protocols (TVL).
CRYPTO TRENDS 08TH – 14TH OF MARCH 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market puts an end to a so-and-so week. While Bitcoin retook the headlines with a remarkable surge, the rest of the crypto assets did not do as well. That is to say, not as well as they did in the first week of March. Overall, the market capitalization increased by another $250 billion to stand at $1,792 billion on Sunday.
Exactly a year ago, the entire world was coming to terms with the COVID-19 pandemic. Back then, there wasn’t much to know about the virus. Entire countries were shutting down, and most of the financial markets were taking a dangerous dive into the unknown. More so, the crypto market was bleeding heavily, and Bitcoin was trading as low as $3,500.
Today, we found ways to contain the pandemic and live with the virus. Most of the financial markets have recovered. However, few of them have made such a turnaround as the crypto market did. The market of digital assets is now nearing a historic $2 trillion cap. Furthermore, its prized asset, Bitcoin, is trading at around x20 more than selling one year ago.
Bitcoin is riding high for the second week in a row. Last week, it returned to trade above $50,000. But, this week, it surprised everyone by surging as high as $61,683.86, which is now its new all-time high (ATH). Furthermore, it added $100 more billion to its market cap, which now proudly stands at $1 113 trillion.
At the moment, Bitcoin is trading at around $59,700. The most popular cryptocurrency in the world lost a few points over the weekend. And, next week should be a serious test. Will it add to its gains or fall back on the $50,000 support cushion?
Ethereum also had a good week as it increased by almost 13%. As a result, it surpassed the psychological level at $1,800, and it is now eyeing the $2,000 threshold. Ethereum is now trading at around $1,860. The next resistance levels lie at $1,875 and $1,960. On the other hand, the nearest support is at $1,700.
The days when Ripple’s XRP was the undisputed 3rd crypto by market cap seem to be over. The infamous asset continues to fall down the ranks after losing nearly 4% over the week. It is now 7th by market cap, and it is steadily exiting the Top-10 crypto table as we speak. XRP is trading now at around $0.443.
Most of the altcoins traded in the green towards the week. Binance Coin added nearly 13% to its value. Polkadot gained more than 6% in value, and Litecoin regained 17% of the 30% it had lost last week. Cardano lost about 5% of its value throughout the last 7 days.
WHAT’S IN THE NEWS?
- A recent survey shows that more than 30% of UK citizens think that they have missed their chance of investing in Bitcoin when comparing the current price with the one from March 2020.
- The latest craze in the crypto space surrounds non-fungible tokens (NFT’s). And, Google Trends reports show that searches for NFT have spiked 300% more in recent days.
NEXT WEEK’S MARKET FORECAST
The next week should be decisive in how March 2021 will remain in the history of the cryptocurrency market. Until now, most top assets have experienced healthy spikes. Also, most of the small altcoins have been trading in the green. If they fail to build on their gains, this month might see them crumble and pass down in history as yet another period of high volatility.