Cryptocurrency Market Update: March 3

Key Points

• Bitcoin (BTC) rose 2.2% to $63,275, with other major cryptos also surging.
• The global crypto market cap increased by 1.5% to around $2.38 trillion.
• Edul Patel, CEO of Mudrex, attributes Bitcoin’s rise to the growing mainstream adoption of spot Bitcoin ETFs and the approaching Bitcoin Halving event.
• Total crypto market volume rose by 28.38% to $110.12 billion in the last 24 hours.
• BTC volume in the last 24 hours rose by 65.6% to $34.75 billion.

Price Movements

Bitcoin (BTC) has risen 2.2% in the last 24 hours, reaching $63,275 by 11:21 am IST. Other major cryptocurrencies, including Cardano, Ethereum, Dogecoin, Shiba Inu, and Polkadot, surged by up to 11%. However, some top tokens, like Avalanche, Chainlink, Polygon, Solana, and XRP, experienced slower growth.

Market Volume

The global cryptocurrency market cap increased by 1.5% to approximately $2.38 trillion in the past day. Over the last 24 hours, total cryptocurrency market volume rose by 28.38% to $110.12 billion. DeFi volume currently stands at $9.6 billion, comprising 8.71% of the total crypto market 24-hour volume. The volume of all stablecoins is now $129.27 billion, representing 88.33% of the total crypto market 24-hour volume, according to CoinMarketCap.

Expert Analysis

Edul Patel, CEO of Mudrex, attributed Bitcoin’s upward trend to the rising mainstream adoption of spot Bitcoin ETFs and the approaching Bitcoin Halving event. Patel suggested that if BTC maintains its momentum, closing above the $67,150 resistance level this week could indicate the potential for a new all-time high. Shivam Thakral, CEO of BuyUcoin, noted Ethereum’s attempt to break the $3,600 level.

Bitcoin Market Statistics

Bitcoin’s market cap surged to $1.244 trillion in the last 24 hours, representing a dominance of 52.36%. Finding support at $40,000, Bitcoin rallied to $52,985 before consolidating within the $52,000 to $50,000 range.

During the same period, BTC’s volume increased by 65.6% to $34.75 billion. The cryptocurrency experienced a surge to $64,248, encountering resistance at $64,000 and $69,000 while maintaining support at $52,000 and $56,000.

In conclusion, the cryptocurrency landscape is marked by positive shifts, notably in Bitcoin’s upward trend. Insights from experts attribute this momentum to factors such as the growing adoption of spot Bitcoin ETFs and the approaching Bitcoin Halving event. The increased market volume signals heightened activity, indicating a dynamic and evolving crypto market with potential opportunities.