Bitcoin Hits $53K After NFT Altcoins Reaches Record Highs

Bitcoin Global Financial System
Bitcoin Global Financial System

The regular close of Bitcoin was more than the crucial level of $52,000 and this indicates that the bulls are trying to create a 2nd attempt in achieving another all-time high.

The sector of cryptocurrency has recently witnessed a massive influx in the activities on 8th March which acted as a boost to the large majority of some of the leading tokens across the world.

Bitcoin Surges Again

The recovery of Bitcoin back to the mark of $50,000 soon after the new wave that was created by the bullish pattern along with the analysis of Mike McGlone, senior product strategist at Bloomberg, had advised that BTC has been pushing aside gold as store value for the portfolios of investors.

According to the reports of TradingView reveals that the BTC prices have spiked by almost 4.6% on 8th March from the $49,272 low to a whopping $53,300.

The latest analysis reveals that in the meantime that professional traders are showing hesitance to the net long positions of BTC because of the strengthening dollar and growing Treasury yields, the big corporations are purchasing Bitcoin at an exponentially rapid speed resulting in big outflows of the exchanges.

As of now, BTC price is consolidated at the regular close of over $52,000 and probably the reluctant traders might embrace long positions.

The data from the on-chain glass node also indicates the bullish optimism for BTC miners that have stopped the selling of Bitcoin in many parts and are seeming to be in a mode of accumulation.

Altcoins are also moving upwards and hit new all-time highs as of Monday. Chainlink spiked 12% reaching $31 price while Dogecoin surged 15.73%, trading for $0.58.

The market cap of the entire cryptocurrency market is $1.65 trillion while BTC holds a 60.4% dominance rate.