Theta, Aavegotchi (GHST) hit new highs as Bitcoin price chases after $50K

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Bitcoin (BTC) bulls seem to have discovered their momentum as BTC worth reclaimed the $49,000 degree inside the final hour.

On March 2 the value dropped as little as $47,000 however at the moment, BTC is buying and selling above the 20-day transferring common. Bulls are more likely to make one other try at flipping the $50,000 resistance to assist and a sustained excessive quantity spike may ship the value to $52,000 the place a day by day shut would verify that bulls are again within the driver’s seat.   

Every day cryptocurrency market efficiency. Supply: Coin360

Although Bitcoin is struggling to safe a day by day shut above $50,000, a gradual thread of favorable information continues to emerge.

Businessman and Shark Tank star Kevin O’Leary, who as soon as referred to as Bitcoin a “big nothing burger,” revealed that 3% of his portfolio will be put into Bitcoin and sooner or later, O’Leary plans to spend money on a sustainable mining operation.

The drive to safe a Bitcoin exchange-traded fund (ETF) can also be again within the headlines, following the successful launch of the Goal Bitcoin exchange-traded fund in Canada. Evolve Funds Group revealed that it’s now trying to safe approval for an Ether ETF product in Canada after it grew to become the second agency authorised to record a Bitcoin ETF in February.

Within the U.S., the Chicago Board Choices Change (CBOE) is hoping that the ETF approvals in Canada will add momentum to its Jan. 3 filing to list the Van Eck Bitcoin ETF in spite of everything of its makes an attempt made in 2017 had been denied.

Conventional markets cool off whereas altcoins discover momentum

Conventional monetary markets confronted stress on March 2 as buying and selling cooled following Monday’s rally which noticed the S&P 500 placed on its finest efficiency since June 2020.

The NASDAQ, Dow and S&P 500 all completed the day within the crimson, down 1.69%, 0.41% and 0.74% respectively, whereas the U.S. Treasury 10-year yield additionally continued its decline from final week’s spike. 

A number of altcoin tasks made huge bulletins that helped present a lift to their token values.

Sony Europe revealed that it had joined the Theta (THETA) community’s validator program. Following the announcement, the value of THETA elevated by 15.31% to $3.70 whereas the community’s TFUEL fuel token rallied to a brand new all-time excessive at $0.144.

THETA/USDT 4-hour chart. Supply: TradingView

In the meantime, the launch of Aavegotchi’s (GHST) mainnet was accompanied by the platform’s first portal drop which concerned 10,000 NFT-bearing portals selling out in under a minute. The profitable launch and NFT sale was adopted by GHST worth rallying 15% to set a brand new all-time excessive at $1.79.

BTC/USD day by day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.51 trillion and Bitcoin’s dominance charge is 60.7%.