Despite comments from US Federal Reserve Chairman Jerome Powell, who described Bitcoin (BTC) as a gold replacement, bulls faced significant headwinds on March 22 that rapidly weakened any breakout efforts over the $58,000 barrier.
Bitcoin boost Denied
According to data from Cointelegraph Markets and TradingView, traders have attempted many times over the last two days to push BTC above $58,000, only to be denied, with Monday’s failure resulting in a drop to the US $54,000 support level.
According to on-chain analysis, whale wallets have been in accumulation mode for the past month. It was indicating that some of the wealthiest Bitcoin holders still see more benefits in the current bull market. The BTC price struggles to climb back above $60,000. moreover, the on-chain analysis shows that whale wallets have been in accumulation mode for the past 30 days.
The macro picture for the cryptocurrency industry is improving. TIME magazine has revealed that it is looking for a CFO who is familiar with Bitcoin and cryptocurrencies. The publication has begun exploring creating token products with unique non-fungibles based on some of its most iconic covers.
The blockchain technology has advanced to the point where it can handle processes such as streaming video and music. The platforms with a first-mover advantage in these sectors have seen their prices soar in recent months. This is because mainstream audiences are becoming more exposed to the cryptocurrency ecosystem as a result of this advancement.
Leading the blockchain-based video streaming
It’s no secret that Theta (THETA) and Theta Fuel (TFUEL) are the leaders in blockchain-based video streaming. Theta (THETA) and Theta Fuel (TFUEL) are poised to achieve meteoric growth in 2021. In addition, this has been propelling the price of the dual token system to new highs.
Last month, Audius (AUDIO), a music streaming platform, had a significant comeback. It rose from $0.356 on February 28 to a new high of $2.05 on March 16.
Before the latest price spike, VORTECSTM statistics from Cointelegraph Markets Pro began to detect a favorable prognosis for AUDIO on March 1.
The VORTECSTM score is a Cointelegraph-exclusive algorithmic assessment of historical and current market conditions based on a compilation of data variables such as market mood, trading volume, recent price fluctuations, and Twitter activity.
Following the price rise on March 16, the AUDIO price and VORTECSTM score saw a several-day retreat. The VORTECSTM score then turned green again. It has been peaking at 71 on March 20, only 15 hours before the price jump.
Augur (REP) jumped 30% to a multi-year high of $39.30 on March 22. XRP soared 20% to an intraday high of $39.30. Augur and XRP were two other notable altcoin performers on March 22. Furthermore, members of the XRP army are attempting to re-list the token on exchanges that have stopped services as a result of proceedings taken by the US Securities and Exchange Commission.
The total market capitalization of cryptocurrencies is now $1.746 trillion, with Bitcoin commanding a 59.8% market share.
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