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 elevate 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 urged that Bitcoin is pushing gold aside as a store of value in buyers’ portfolios.

Information from Cointelegraph Markets and TradingView exhibits the worth of BTC has elevated 4.6% from a low of $49,272 in the course of the early buying and selling hours of March 8 to $53,300 on the time of writing.

BTC/USDT 4-hour chart. Supply: TradingView

Latest evaluation exhibits that whereas professional traders remain hesitant to open new BTC long positions attributable to a strengthening greenback index and rising Treasury yields, massive firms are shopping for BTC at an accelerated fee resulting in heavy outflows from exchanges. Now that Bitcoin worth has secured a each day shut above the $52,000 degree, its doable that these reluctant merchants will open new lengthy positions.

Bitcoin steadiness in any respect exchanges. Supply: glassnode

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

NFT capabilities assist increase token costs

Altcoins additionally moved considerably increased as many high initiatives reached new all-time highs on Monday. Non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) and Enjin (ENJ) all managed double-digit positive aspects and reached new yearly highs throughout right now’s buying and selling session.

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

UOS worth surged 21% to determine a report excessive of $0.452 as the thrill 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 laborious 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 give attention to making a wide-ranging NFT ecosystem is starting to repay.

Market-wide rally lifts the entire market cap

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

Each day cryptocurrency market efficiency. Supply: Coin360

Chainlink (LINK) is the most effective performing within the high 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 fee is 60.4%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a call.