The cryptocurrency market has shown incredible performance over the past week. bitcoin has maintained the momentum and has broken through the $60,000 level, reaching $64,000.
The levels reached in late February have suggested to many investors that March could be an even more impressive month for the current bullish rally.
However, no prediction is set in stone, as many factors could change investor sentiment and move trends in the opposite direction. For now, the cryptocurrency market seems to have taken a short pause to catch its breath.
crypto market slows down momentarily
The global crypto market reached an important milestone for this bull run a few days ago. As reported, the total crypto market capitalization reached $2 trillion on February 27, an achievement not seen since April 2022.
As March begins, the market capitalization of the cryptocurrency market stands at $2.3 trillion, representing an increase of 17.97% in the 7-day period. This growth has surpassed the level set in early 2022 and potentially clears the path to the $2.4 trillion mark seen in December 2021.
However, the market's rise apparently slowed momentarily. The current market cap of $2.31 trillion represents a modest 1.32% decline from the last day, according to CoinMarketCap. data.
Similarly, the total trading volume of the cryptocurrency market was around $127.9 billion at the time of writing, recording a significant drop of 35.77% from yesterday.
Trading volume chart in the last 24 hours. Source: CoinMarketCap
Data shows that bitcoin and Ether have faced a more than 40% decline in market activity compared to the trading volume recorded 24 hours ago. Similarly, some of the largest memecoins showed a slowdown in their performance.
As the list below shows, Dogecoin (DOGE) recorded a 5.9% price drop in the last day. Likewise, the price of Shiba Inu (SHIB) decreased by 5.8% in the same period.
Price performance of the top ten cryptocurrencies in the last 24 hours. Source: CoinGecko
In contrast, Solana (SOL) performed better in the last day than the top ten cryptocurrencies, recording a 4.1% price increase. SOL's $134 price places it alongside DOGE as the best-performing cryptocurrencies in the top ten of the last seven.
Among the biggest gainers of the past day, PEPE reversed yesterday's 12% price drop after recording 10.9% growth over the past 24 hours. Similarly, dog-themed memecoins dogwifhat (WIF) and (BONK) recorded a price increase of 20.66% and 6.65%, respectively.
bitcoin and Ether remain strong amid market volatility
Some analysts expect a significant drop in bitcoin price related to the halving. Meanwhile, the king of cryptocurrencies has shown strong resistance above a huge support wall, as crypto analyst Ali Martínez suggests.
More than 1 million addresses are purchasing more than 671,000 btc within the price range of $60,000 and $62,000. Which, according to the analyst, highlights strong investor confidence. This confidence could be a crucial support level and a cushion against a future price decline.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin remains above a huge support wall, with 1 million addresses buying more than 671,000 $btc within the price range of $60,334 to $62,155.
This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btcpotentially… pic.twitter.com/lmghohWR1U
—Ali (@ali_charts) March 1, 2024
At the time of writing, the flagship cryptocurrency is trading at around $62,052.71, which is only a 1% decline from the previous day. btc has risen over 21.8% in the last week and is only 10.34% lower than its all-time high (ATH) of $69,000 recorded in November 2021.
Likewise, it is worth noting that Ether (eth) has shown solid performance in recent days amid the volatile cryptocurrency market. Maintaining its price range in the last 24 hours, the 'king of altcoins' recorded only a 1.8% price drop compared to yesterday. eth is currently trading at $3,411.88, representing a notable 16.2% increase over the past week.
<img loading="lazy" decoding="async" class="alignnone size-large wp-image-590947" src="https://technicalterrence.com/wp-content/uploads/2024/03/1709320446_969_Bitcoin-stays-above-62000-amid-crypto-market-slowdown.png" alt="btc, BTCUSDT, bitcoin” width=”860″ height=”435″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-01_08-10-37.png?w=1023 1023w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-01_08-10-37.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-01_08-10-37.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/1709320446_969_Bitcoin-stays-above-62000-amid-crypto-market-slowdown.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-01_08-10-37.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” data-recalc-dims=”1″/>
bitcoin performance in the 1-day chart. Source: BTCUSDT on TradingView.com
Featured image from Unsplash.com, chart from Tradingview.com
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