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On March 13, the bulls took full control of the crypto market as the price of Bitcoin (BTC) hit a new all-time high at $ 61,844 after a sharp rise in volume pushed the price through resistance from the overheads of nearly $ 58,000.
Analysts had spent the week calling for a possible move above the $ 60,000 level and social measures showed bullish sentiment for Bitcoin continued to rise as a number of companies and institutional investors announced their intention to make BTC purchases.
Bitcoin is now in the realm of price discovery because there is limited data available from a technical analysis perspective to determine where price can go next.
One possible price target was highlighted in a recent report from Decentrader co-founder Philip Swift, who now sees the 1.618 fib ($ 70,000) extension as the next level of profit.
Main crypto adoption continues
Evidence of the growing merger between the cryptocurrency industry and the mainstream industry can be found in the most recent news that the FTX exchange is in the process of finalizing a deal to sponsor the National’s Miami Heat. Basketball Association and secure the naming rights for the team arena, which will likely be renamed FTX arena.
Once finalized, the deal would mark the first major partnership with an American sports league for a cryptocurrency project or platform.
The explosion in popularity of non-fungible tokens has also caught the attention of the mainstream press following this week’s record-breaking $ 69.3 million Beeple auction. The success of the action has prompted a growing number of well-known artists to start exploring the NFT space and the opportunities it offers.
Bitcoin breakout sparks rally in altcoins
Altcoins also lit up as Bitcoin hit a new all-time high. Decentraland (MANA), a project focused on virtual reality and games, topped the field with an 89% gain for a price tag of $ 1.19.
The majority of small-cap altcoins posted double-digit gains and even larger-cap coins like AAVE and Bitcoin Cash (BCH) jumped 10.84% and 14% respectively.
Ether (ETH) also rose 13% to $ 1,933 as the bulls try to make a run to the current all-time high of $ 2,043.
The overall cryptocurrency market cap is now $ 1.84 trillion and Bitcoin’s dominance rate is 62.1%.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research when making a decision.
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