NFT-related altcoins hit new highs after Bitcoin worth rallies to $53K

    The cryptocurrency market noticed an inflow of exercise on March 8 that offered a elevate to the overwhelming majority of the highest tokens because the world celebrates Worldwide Ladies’s Day. 

    Bitcoin’s (BTC) restoration again above $50,000 was adopted by a brand new wave of bullish optimism and evaluation from Bloomberg senior commodity strategist Mike McGlone advised that Bitcoin is pushing gold apart as a retailer of worth in traders’ portfolios.

    Information from Cointelegraph Markets and TradingView exhibits the worth of BTC has elevated 4.6% from a low of $49,272 throughout the early buying and selling hours of March 8 to $53,300 on the time of writing.

    BTC/USDT 4-hour chart. Supply: TradingView

    Current evaluation exhibits that whereas skilled merchants stay hesitant to open new BTC lengthy positions resulting from a strengthening greenback index and rising Treasury yields, massive companies are shopping for BTC at an accelerated fee resulting in heavy outflows from exchanges. Now that Bitcoin worth has secured a each day shut above the $52,000 degree, its doable that these reluctant merchants will open new lengthy positions.

    Bitcoin steadiness in any respect exchanges. Supply: glassnode

    On-chain information from glassnode additionally factors to a bullish case for Bitcoin as miners have stopped promoting BTC for essentially the most half and now seem like in accumulation mode. 

    NFT capabilities assist enhance token costs

    Altcoins additionally moved considerably greater as many high tasks reached new all-time highs on Monday. Non-fungible tokens (NFT) tasks like Extremely (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit positive aspects and reached new yearly highs throughout in the present day’s buying and selling session.

    THETA/USDT vs. UOS/USDT vs. ENJ/USDT 4-hour chart. Supply: TradingView

    UOS worth surged 21% to determine a report excessive of $0.452 as the thrill grows across the mission’s mainnet launch which is able to allow cross-chain and NFT capabilities.

    Theta, a blockchain-based video streaming platform, additionally reached a brand new all-time excessive of $4.98 in entrance of the long-awaited arduous fork on March 10.

    Theta carried out strongly all through February because the mission was bolstered by the introduction of NFTs for streamers and an introduced partnership that noticed Sony Europe be part of the Theta blockchain validator program.

    Enjin (ENJ) additionally broke out to a brand new all-time excessive of $1.76 on March 5 because the mission’s deal with making a wide-ranging NFT ecosystem is starting to repay.

    Market-wide rally lifts the overall market cap

    Current developments for Ethereum (ETH) helped stoke an 8% rally in Ether because the neighborhood prepares to roll out the Berlin improve on April 14.

    Day by day cryptocurrency market efficiency. Supply: Coin360

    Chainlink (LINK) is the perfect performing within the high 10, up 12% to a worth of $31, whereas Dogecoin (DOGE) is up 15.73% and buying and selling at $0.58.

    The general cryptocurrency market cap now stands at $1.65 trillion and Bitcoin’s dominance fee is 60.4%.

    The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a choice.