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

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The cryptocurrency market noticed an inflow of exercise on March 8 that offered a carry to the overwhelming majority of the highest tokens because the world celebrates Worldwide Girls’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 prompt that Bitcoin is pushing gold aside as a store of value in traders’ portfolios.

Information from Cointelegraph Markets and TradingView exhibits the worth of BTC has elevated 4.6% from a low of $49,272 through 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 professional traders remain hesitant to open new BTC long positions as a result of a strengthening greenback index and rising Treasury yields, giant companies are shopping for BTC at an accelerated price resulting in heavy outflows from exchanges. Now that Bitcoin worth has secured a every day shut above the $52,000 stage, its doable that these reluctant merchants will open new lengthy positions.

Bitcoin stability in any respect exchanges. Supply: glassnode

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

NFT capabilities assist increase token costs

Altcoins additionally moved considerably greater as many prime tasks reached new all-time highs on Monday. Non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit good points and reached new yearly highs throughout at present’s buying and selling session.

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

UOS worth surged 21% to ascertain a file excessive of $0.452 as the joy 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 onerous 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 join 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 full market cap

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

Each day cryptocurrency market efficiency. Supply: Coin360

Chainlink (LINK) is the very best performing within the prime 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 price is 60.4%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a call.