Digital Asset Insights 21.03.23
courtesy of trademakers
Stay informed on the latest cryptocurrency market updates and fluctuations of Bitcoin, Ethereum, and XRP prices, as well as government policies and market trends with this go-to newsletter for investors and crypto enthusiasts.
Bitcoin (BTC) experienced a surge of 10% on Monday, March 13, which helped to recover all of the losses over the weekend that were caused by the recent problems at Silicon Valley Bank (SVB) on Friday night.
During the Asian morning hours on Monday, Bitcoin reached just over $22,500, while ether also regained the $1,600 level, according to Coingecko. The price increase was triggered by the announcement from Circle, the issuer of USD Coin (USDC), that it would cover all shortfall in reserves. Additionally, Federal regulators confirmed that SVB depositors would have access to all their funds on Monday morning after the U.S. market opened.
Bitcoin (BTC) saw an impressive surge of over 11% within 24 hours on Tuesday, March 14, bringing its value to above $24,700 and reaching a three-week high. This increase helped to recover all losses incurred over the weekend. The rise in value may have come as a surprise to traders who had bet on declining prices, following the shutdown of two key crypto-friendly banks last week and the depegging of USD Coin (USDC), a major stablecoin.
Bitcoin’s (BTC) price has reached an inflection point after hitting a high of $26,386 on March 15 following the release of CPI data.
Bitcoin’s price surged to surpass the $28,000 zone on March 19, marking a 16% boost in value in the past 7 days, according to Cointelegraph’s MarketPro data. The leading cryptocurrency is trading at $28,463, representing a 4.7% increase in the past 24 hours. The price reached its highest point during the day at $28,459, before trading at a low of $26,877.
Overall, Bitcoin has gained over 37% against the U.S. dollar this week. The cryptocurrency’s market capitalization has added $194 billion in 2023, representing a 66% gain year-to-date. It has outperformed Wall Street bank stocks, especially as fears of a global banking crisis rise. Bitcoin has risen about 65% compared to the S&P 500’s 2.5% gains and Nasdaq’s 15% decline in 2023.
The price of Ethereum has seen a notable increase of around 17% since March 11, attributed to a bullish breakout. Additionally, the recent US authorities’ intervention to protect Signature and SVB depositors and the introduction of a $25 billion liquidity program to prevent bank runs has also contributed to the rally.
Another factor fueling the Ethereum price rally is the aggressive pullback on Federal Reserve (Fed) tightening bets, as the Fed’s inability to increase rates further with the US banking system’s precarious state has become apparent. The Fed’s ambitious hiking campaign has been the primary driver of the vulnerabilities affecting the financial sector.
As of Tuesday, the Ethereum price is $1,673, and it seems to be reaching a cap rally at approximately $1,704. If profit-takers act soon, the price of ETH could fall below the support provided by the 50- and 200-day EMAs, with support levels at $1,564 and $1,546.
The price of Ethereum (ETH) has recently experienced a dip, shedding some of the gains made earlier in the week. As of the time of writing, ETH is trading at $1,652, having lost 0.05% in the last 24 hours. Unless the largest altcoin manages to break above the $1,704 resistance level, the price could potentially drop further.
Over the past 7 days, the price of Ethereum has seen a significant increase of 12.11%. In the last 24 hours, the price has risen by 0.26%. However, within the past hour, there has been a slight decrease in price by 0.26%. As of now, the current price of Ethereum is $1,781.00 per ETH.
On Monday, the XRP price was auctioned for $0.367 with a 26.22% increase in 24-hour trading volume to $1.405 billion. The token’s market value was up 1% in the last day as bullish momentum increased. If buyers increased their presence in the market, Ripple price could have ascended to tag the 50-day Exponential Moving Average (EMA) at $0.381, or the 100-day EMA at $0.386 resistance levels.
The Bitcoin price (BTC) was at an inflection point after recording a high of $26,386 on March 14, following the CPI data release. The peak was followed by consolidation with an overall negative bias that sent the token back to the $24,000 zone.
At the time, the Bitcoin price was $24,627 after shedding around 1.5% in the last 24 hours. BTC could have shed more value if the price had failed to break above the $25,000 ceiling.
At that time, Bitcoin price sat on near-term support at $23,931, with the confluence support due to the horizontal line and the 50-day Exponential Moving Average (EMA) at $22,459 level providing additional, more substantial support not far below.
Over the past 7 days, the price of XRP had risen by 5.24%. However, the price had declined by 1.25% in the last 24 hours. In just the past hour, the price had shrunk by 0.21%. As of writing this, the current price of XRP was $0.38 per token. It is worth noting that XRP is 90.04% below the all-time high of $3.84.
According to the latest market analysis, Cardano has demonstrated an upward trend, with a notable surge of 3.15% in its value over the past seven days. Furthermore, in the previous 24 hours, the price has shown a slight increment of 0.88%, indicating a positive momentum in the market. Impressively, in just the past hour, the price has experienced a significant growth of 0.49%, indicating a potential upward trajectory for the cryptocurrency.
As of now, the current market value of Cardano stands at $0.35 per ADA, indicating a moderate but steady increase in its price. However, it is noteworthy that Cardano is still 88.86% below its all-time high of $3.10, which was achieved during the bull run of the cryptocurrency market in 2017.
Overall, the recent market movements of Cardano suggest a promising outlook for the cryptocurrency, with the potential for further price appreciation in the near future. However, it is important to keep in mind the historical volatility of the cryptocurrency market and the inherent risks associated with investing in digital assets.
Over the course of the last seven days, the value of Solana, a popular cryptocurrency, has experienced an upward trend, with its price increasing by a notable 19.69%. Moreover, in the most recent 24-hour period, the price of Solana surged by 8.41%, indicating a strong bullish momentum. As if this were not impressive enough, within the past hour alone, the value of Solana grew by an additional 0.65%, suggesting that the positive trend is continuing. As of now, the current price of Solana stands at $23.30 per unit, making it an attractive investment option for those looking to capitalize on its recent bullish run.
Despite its recent impressive gains, it is worth noting that Solana is still trading at a significant discount from its all-time high of $260.06, with the current price representing a staggering 91.04% drop from that peak value. This disparity between the current price and the all-time high may present an opportunity for potential investors to get in at a lower price point, while still being optimistic about Solana’s future growth potential.
Over the course of the past seven days, the value of Tether, a stablecoin with a fixed value of $1 per token, has experienced a modest but noteworthy increase, rising by 0.08% in comparison to its previous price point. In the last 24 hours alone, the price of Tether has continued to climb, increasing by a further 0.09%, indicating a pattern of upward momentum in the market. Furthermore, in the past hour, Tether has seen a growth of 0.02% in its value, indicating that the current trajectory for the cryptocurrency is still on an upward trend.
Currently, the price of Tether stands at $1.00 per USDT, indicating that the stablecoin is maintaining its intended fixed value. However, it is worth noting that despite recent increases, Tether still remains 17.73% below its all-time high of $1.22, which was achieved at an earlier point in time. This may suggest that while Tether is experiencing positive growth at present, it still has some distance to go in order to reach the same level of value that it has previously attained.
Dogecoin, a popular cryptocurrency known for its playful Shiba Inu dog mascot, has been showing some noteworthy price movements in recent times. Over the past seven days, its value has experienced a considerable uptick, with the price of Dogecoin rising by 6.36%. Despite this, in the last 24 hours, the price of the cryptocurrency only increased by a modest 0.26%, indicating that the recent bullish run may be slowing down. However, in the past hour alone, the price of Dogecoin grew by a further 0.28%, suggesting that the positive momentum may still be present.
As of now, the current price of Dogecoin stands at $0.0740 per unit, making it an intriguing investment opportunity for those who believe in its future potential. Nevertheless, it is crucial to note that despite its recent gains, Dogecoin is still trading at a significant discount from its all-time high of $0.74. In fact, the current price of Dogecoin represents a staggering 90.00% drop from that peak value, underscoring the fact that the cryptocurrency has a long way to go before it reaches its previous highs.
Despite this, some investors may view the current low price of Dogecoin as a prime opportunity to invest in the cryptocurrency at a discount rate. With its loyal fanbase and growing popularity, many are optimistic about the potential for Dogecoin to continue its upward trajectory and eventually reach new heights
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