cryptocurrency news

  /  cryptocurrency news

BTC price rises to $ 61,800 show Bitcoin bulls are in full control

Today, March 14, two days after the bloody Thursday anniversary of cryptocurrencies, we are witnessing the breaking of the Bitcoin price and crossing the $ 60,000 mark.

With the start of a new upward wave of Bitcoin yesterday, this morning, Sunday, March 15, we saw the price of the BTC currency code reach $ 61,800. This happened immediately after the break of the strong resistance of $ 58,000 and showed that the bullish momentum in the market is still high.

Over the past week, many analysts have predicted an imminent $ 60,000 failure, citing rising demand for Bitcoin from institutions and institutional actors and other fundamentals, and it finally happened yesterday.

bitcoin news

Bitcoin is now trading at the highest levels in its history, and this has led to little data being available for technical analysis of the cryptocurrency to find its next destination. According to Decentrader co-founder Philip Swift, the $ 1,618 Fibonacci level at $ 70,000 could be the closest target to the current uptrend.

Mainstream crypto adoption continues

The penetration of cryptocurrency into the process of daily life continues and we are witnessing the narrowing of the gap between the two. In the latest case, reports indicate that FTX Digital Currency Exchange is seeking sponsorship of the Miami Heat basketball team and intends to acquire the right to register the venue for the team’s home tournament. In this case, we will probably soon see the renaming of the Miami Heat team’s dedicated hall to the FTX Arena.

On the other hand, the popularity of irreplaceable tokens is exploding and the recent $ 69.3 million auctions of Beeple artwork has attracted the attention of the public media. The auction has prompted many well-known artists to explore the NFT token industry space for bids.

Bitcoin breakout sparks rally in altcoins

Just like Bitcoin, some Altcoins managed to set a new price ceiling. The digital currency of the Decentraland project, the MANA currency code, which operates in the field of virtual reality and non-exchangeable tokens, reached a peak of $ 1.19 with a growth of 89% yesterday.

Today, Sunday, March 15, in addition to the price jumps of most market leaders such as Bitcoin and Atrium, we are witnessing double-digit growth in many projects with small market value. Besides, well-known currencies such as Ave (AAVE) and Bitcoin Cash (BCH) also rose in price by 10.84% and 14%, respectively.

At the time of writing, the total market value of digital currencies is $ 1.82 trillion, of which 62.2% belongs to the king of the market, Bitcoin.

Bitcoin was the best-performing asset of the past decade

Bitcoin price performance has been at least 10 times better than other assets in the last decade. The steady rise in the price of Bitcoin from the beginning to the present has made the BTC cryptocurrency perform at least ten times better than other assets over the past 10 years.

The average annual return on bitcoin has overshadowed other asset classes by so much that investing in the king of digital currencies has been at least 10 times more profitable than any other asset. This information was compiled and presented by Comound Capital Advisors CEO and CEO Charlie Bilello using YCharts data. Roberto Talamas, a researcher at Masari, also stressed that the BTC currency returns an average of 230% per year, which is ten times higher than the second-tier asset class.

BTC news-xapawallet

Bitcoin price performance is better than U.S. stock market and gold

The NASDAQ-100 Index ranks second in the United States with an annual return of 20% after Bitcoin achieved the best price-performance in the past decade with an average annual profit of 230%. And then US Large Caps (shares of US companies with a market value of more than $ 10 billion) has an average annual yield of 14%. On the other hand, U.S. Small Cap is another asset class that has recorded double-digit annual returns (12.9%) over the past decade. The data also show that gold has had a modest annual return of 1.5 percent since 2011 and that the stock has fallen in price over the past 11 years. In fact, since the beginning of 2021, the price of gold has fallen 8.5 percent, much to the displeasure of Peter Schiff, a gold investor and longtime enemy of Bitcoin.

Also, since 2011, the accumulated profit of Bitcoin has been equal to 20 million percent, which is another interesting statistic of this digital currency. On the other hand, in 2013, Bitcoin recorded its best performance, and its price increased by 5,507%. The data also show that Bitcoin has had an annual loss of only 2 years since its inception, including 2014 and 2018, when BTC fell 58% and 73%, respectively. Also, since the beginning of 2021, the BTC currency code has been associated with a 108% price increase.

Total value locked (TVL) in Defi reached a new record 

Although many of Atrium’s protocols on the Atrium platform face losses and lower weekly prices, the success of Binance Smart Chain is increasing the total value locked (TVL) at Defi to a new record.

According to Defi Llama, approximately $ 79 billion in the capital is currently frozen in Defi protocols. Thus, the total value locked is almost twice the market value of Binance Coin, the third-largest digital currency in terms of market value, one-third of Atrium, equal to the global Snap Inc., which owns the Snapchat app.

Impact of Binance Smart Chain on total value locked in Defi

It seems that the increase in total value locked in Defi over the past week has been done by a few platforms because only 3 of the top 10 protocols in Defi have been associated with price increases.

China’s Binance Smart Decentralized Programs continues to lead the way, with total assets frozen at Pancake Swap rising nearly 29 percent to $ 1.3 billion. The Ellipsis Finance Stable Decentralized Exchange has raised a whopping $ 1.9 billion and has grown to No. 13 despite less than a week of offering.

Significant increases in total value locked have also been recorded by the few Atrium-based projects, which doubled the total value locked on 11th-ranked Instadapp to $ 1.05 billion, and 14th-ranked Yearn Finance. It also doubled its capital to $ 850 million, and Vesper Finance, 18th, crossed the $ 1 billion mark with an 84 percent increase in its total value locked in the six weeks after its launch.

Although the total value locked in Defi protocols has increased by almost 10 percent over the past week, data provided by Masari Digital Currency Analysis indicates that the average performance of Defi assets over the past seven days has been almost negative one percent. Despite the devaluation of most of Defi’s top platforms over the past week, the total value locked in Defi protocols is on track to set new records.

For the first time since 2013, Bitcoin recorded its 6th consecutive monthly green candlestick

For the first time since 2013, the sixth monthly Bitcoin candle was closed in green, which, if history repeats, is likely to increase parabolic prices this year. In April 2013, the sixth monthly Bitcoin candle closed in green at a price of nearly $ 140. Although the BTC was adjusted below $ 100 over the next two months, the price of the cryptocurrency rose above $ 1,000 for the first time in history over the next six months, growing by 700%.


Bitcoin monthly candlesticks since 2012

Bitcoin followed a similar pattern before its bullish market in 2017, recording five green monthly candelas by September. Although in September of that year BTC entered the consolidation phase in the neutral range, in October of that year it rose from the level of $ 5,000 to nearly $ 20,000 at the end of the year.

History of monthly Bitcoin candlesticks in history

According to Bloomberg strategist Mike McGlone, if Bitcoin follows its previous trends in 2013 and 2017, the price of this virtual currency should reach $ 400,000 by 2022.

Peter Brandt, an experienced market analyst, and the trader is also bullish on Bitcoin and predicts that the digital currency will grow 250 percent to over $ 200,000. “I think we are in the middle of the road where Bitcoin went for a month or two in 2017 and then we saw the final rise,” he said.

However, previous trends do not guarantee future performance, and the history of green candles is a bit bleak. Even though Bitcoin also recorded 5 green monthly candlesticks in 2015, but this currency code spent the first weeks of 2016 with a fall of 20% before entering the consolidation phase for several months.

Similarly, the five green continuous candles at the beginning of 2019 were accompanied by a long-term downtrend, and on March 23, 2020, known as “Black Thursday”, the digital currency fell by 60%. Bitcoin could not regain its 2019 ceiling until December 2020.

Bitcoin price drops sharply to close to $ 60,000; What are the most important levels ahead?

Today, April 1, 2021, the Bitcoin price fell sharply after approaching $ 60,000. In the current situation, what are the most important levels for the BTC currency price?

Bitcoin prices plummeted before the huge volume of options contracts expired last Friday. But after that day, we saw the price increase until today, April 4th. However, this afternoon the digital currency market experienced a sharp drop and the price of the BTC currency fell to the level of $ 57,000. Meanwhile, news related to Visa and PayPal has caused the market momentum to rise sharply and the price of the BTC cryptocurrency to reach a close of $ 60,000 and reach a historic high with a strong jump. The market seems to be in the middle of its uptrend and any price correction will be a boon for traders and investors.

Key support was maintained

As shown in the chart below, last week saw significant support at $ 49,500 and $ 51,000. By maintaining this support, we once again saw a record floor to continue the upward trend and increase the upward momentum of the market.

news of bitcoin-1- xapawallet

Bitcoin Price Chart – April 1, 2021

The overall structure of the market from September, when the price crossed the $ 12,000 resistance, to April 1, 2021, has been strongly bullish and has accelerated at each stage. The previous floor was recorded at $ 42,000 and has since become the most important support to continue the uptrend. As long as the price does not fall below its previous floor, the uptrend will continue, and now with the price reaction in the range of $ 49,500 to $ 51,000, it can be said that a new upper floor has been registered.

With these interpretations, and based on the Fibonacci extension tool, if the price crosses its historical ceiling of $ 61,800, the next targets are at the levels of $ 73,000 and $ 92,000.

The uptrend of total market value

According to the chart below, the total value of the digital currency market reached support at $ 1.5 trillion and reacted to it so that the uptrend in the entire market would remain upward.

news of bitcoin2-xapawallet

Cryptocurrency Market Total Value Chart

As the whole market cap has survived the recent correction, it is expected that the upward trend of the whole market will continue until a new historical ceiling is recorded. In this case, based on the Fibonacci extension tool, the next station is expected to have a total market value of $ 2.2 trillion.

Technical status of Bitcoin Dominance Index chart

The Bitcoin Dominance Index, known as Dominance, has now reached significant support. If the dominance index falls below 60%, it is expected that we will continue to see an increase in the price ratio of coins to bitcoins and the dominance index will reach around 50%.

bitcoine dominance-xapawallet

Bitcoin Dominance Chart – April 1, 2021

As the market as a whole has been in BTC’s favor since last summer, it will not be far-fetched to see the growth of pennies against bitcoins. On the other hand, the price chart of most pennies looks very upward and we can see the repetition of history as the end of 2017 and the beginning of 2018. Therefore, in the event of a large penis, the Bitcoin price is expected to be relatively stable or remain in a slight uptrend.

A possible scenario for the Bitcoin price

In the four-hour chart, we see that after touching the support of $ 50,000, the price is going through a healthy uptrend. Recent reform, however, has given rise to new levels of support. Currently, one of these sponsorships is the significant level of $ 56,000. If the price of this region remains high, the upward trend will continue. Under these circumstances, it is not out of the question to set a new price ceiling in the range of $ 73,000.

news of bitcoin price-xapawallet

Possible scenario for the Bitcoin price

In the current situation, the price is in the significant resistance range of $ 59,000 to $ 60,000, and if the current uptrend in this area stops for a while, we can expect that attention will be drawn to the quinces and we will see their price jump.