The Bitcoin (BTC) bulls faced strong headwinds on March 22nd, which quickly dampened any attempt to break out above the $ 58,000 level, despite Federal Reserve Chairman Jerome Powell using the top cryptocurrency as a “replacement.” for gold ”.
Data from Cointelegraph Markets and TradingView shows that traders have made multiple attempts in the past two days to get BTC above $ 58,000 only to be turned down. Monday’s failure caused it to decline to the $ 54,000 support level.
On-chain analysis shows that while BTC price is struggling to get back above $ 60,000, whale wallets have been in accumulation mode for the past 30 days, suggesting that some of the richest Bitcoin holders are for still see more upside potential in the current bull market.
The introduction of cryptocurrencies in the mainstream is gaining in importance
The macro picture for the cryptocurrency sector continues to improve as the globally acclaimed TIME magazine announced that it is looking for a CFO familiar with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of unique, non-fungible tokens, based on some of the most famous covers.
Now that blockchain technology has advanced to the point where it can handle processes like video and music streaming, platforms with a first mover advantage in these sectors have seen a price breakdown in recent months as the mainstream audience grows exposed to the cryptocurrency ecosystem.
Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the dual token system, which is seeing astronomical growth in 2021 and continues to drive its price to new highs.
Audius (AUDIO), a music streaming platform, also rallied last month as the price rose from $ 0.356 on Feb.28 to a new all-time high of $ 2.05 on March 16.
VORTECS ™ data from Cointelegraph Markets Pro identified an bullish outlook for AUDIO on March 1st ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, VORTECS ™ for AUDIO was in the green at the end of February, hitting a high of 68 on March 1st, approximately 24 hours before the price began to rise 400% over the next two weeks .
After the price peak on March 16, the AUDIO price and its VORTECS ™ score experienced a decline of several days. The VORTECS ™ value then turned green again, peaking at 71 on March 20, approximately 15 hours before the recent price surge.
Other notable altcoin performances on March 22nd include Augur (REP), which rose 30% to a multi-year high of $ 39.30, and XRP, which rose 20% to an intraday high of $ 0.60 when Members of the XRP Army are looking to return the token to exchanges where services have been suspended in response to actions by the US Securities and Exchange Commission.
The market cap for cryptocurrencies is now $ 1.746 trillion, and Bitcoin’s dominance rate is 59.8%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.