Major coins traded mixed on Thursday as uncertainty around U.S. regulatory crackdowns on cryptocurrency companies hung over the market.
Cryptocurrency | Gains (+/-) | Price (Recorded 9:30 p.m. EST) |
---|---|---|
Bitcoin BTC/USD | -0.34% | $28,249 |
Ethereum ETH/USD |
+1.19% |
$1,811 |
Dogecoin DOGE/USD | -0.13% | $0.074 |
What Happened: Bitcoin touched $29,000 on Thursday, a new high for 2023, before settling around the $28,000 mark.
Top Gainers
Cryptocurrency | Gains (+/-) | Price (Recorded 9:30 p.m. EST) |
---|---|---|
Hedera | +11.61% | $0.073 |
Arbitrum | +9.67% | $1.41 |
Stellar | +7.23% | $0.10 |
At the time of writing, the global crypto market capitalization stood at $1.18 trillion, an increase of 0.35% over the last day.
U.S. stocks surged on Thursday. The S&P 500 added 0.57%, while the tech-heavy Nasdaq Composite gained 0.73%.
See More: Best Crypto Day Trading Strategies
News Highlights: OKX has identified a total of $157 million in digital assets belonging to FTX and Alameda Research, and is now transferring them to the bankruptcy estates of the two firms — both filed for bankruptcy in November.
Analyst Notes: Cryptocurrency analyst Benjamin Cowen believes that Bitcoin's value could experience a significant drop, potentially even reaching as low as a few thousand dollars below the November low of around $15,500. Cowen suggests that a double bottom, similar to the one experienced in 2015, is a strong possibility but also acknowledges that a new low is not out of the question, given the current economic climate.
“I think we’re going to get one more scare. Whether it’s a double bottom, a lower low, it’s hard to say,” he said in an interview on YouTube.
Pseudonymous crypto analyst ‘Bluntz’ observed that Bitcoin is back at range highs, and believes that a breakout towards $30,000 on this leg up is likely.
and just like that, were back at range highs, i think we take a stab at $30k on this leg up#btc pic.twitter.com/BfmPP0T0gG
— Bluntz (@Bluntz_Capital) March 29, 2023
Pseudonymous analyst 'Kaleo' has recently come forth with a bullish outlook for Bitcoin's dominance in the market. According to Kaleo's analysis, the ongoing trends suggest that Bitcoin is poised for a significant surge, and investors have until BTC breaks above $30,000 to rotate their altcoins into Bitcoin. Kaleo warns that after this threshold is crossed, “the bleeding accelerates.”
Bitcoin Dominance looks incredibly bullish still
— K A L E O (@CryptoKaleo) March 30, 2023
Here's the deal - you have until BTC breaks above $30K to rotate your alts into more Bitcoin, because after that - the bleeding accelerates pic.twitter.com/J8ArBFwv5b
Read Next: Web3 Token Surpasses Bitcoin, Ethereum In Weekly Gains With 33% Surge On Microsoft Tie-Up
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.