Bitcoin (BTC) bulls seem to have gained momentum as the BTC price regained the $ 49,000 level within the last hour.
On March 2, the price dropped to $ 47,000, but currently BTC is trading above the 20 day moving average. Bulls are likely to make another effort to support the $ 50,000 resistance, and a sustained increase in high volume could send the price to $ 52,000, with a daily close confirming that bulls are back in the driver’s seat .
Although Bitcoin is struggling to achieve a daily close of more than $ 50,000, there remains a solid thread of favorable news.
Businessman and Shark Tank star Kevin O’Leary, who once called Bitcoin a ‘giant non-citizen’, has revealed that 3% of his portfolio will be placed in Bitcoin and in the future O’Leary plans to invest in a sustainable mining industry.
The pursuit of securing a Bitcoin Exchange Traded Fund (ETF) is also in the news, following the successful launch of the Purpose Bitcoin Exchange Traded Fund in Canada. Evolve Funds Group has revealed that it now wants to get approval for an Ether ETF product in Canada after it became the second firm approved to list a Bitcoin ETF in February.
In the United States, the Chicago Board Options Exchange (CBOE) hopes that ETF approval in Canada will add momentum to the January 3 submission to list the Van Eck Bitcoin ETF after all efforts attempted in 2017 were rejected. is.
Traditional markets cool down while altcoins gain momentum
Traditional financial markets came under pressure on March 2 when trading cooled after Monday’s march, which saw the S&P 500 as the best since June 2020.
The NASDAQ, Dow and S&P 500 all ended the day in the red, with 1.69%, 0.41% and 0.74%, respectively, while the ten-year US Treasury yield also continued its decline from last week. see increase.
Several altcoin projects have made huge announcements that have boosted their token values.
Sony Europe has revealed that it has joined the Theta (THETA) network’s validator program. Following the announcement, the price of THETA rose by 15.31% to $ 3.70, while the TFUEL guest sign of the network rose to a new high of $ 0.144.
Meanwhile, the launch of Aavegotchi (GHST)’s name was accompanied by the first portal loss of the platform, in which 10,000 NFT-bearing portals were sold out in less than one minute. The successful launch and NFT sale was followed by the GHST price rising by 15% to reach a new record high of $ 1.79.
The overall market capitalization for cryptocurrency now stands at $ 1.51 trillion and Bitcoin’s dominance rate is 60.7%.