Market Roundup: Bitcoin Strength Could See New All-Time High This Week
3 min readTuesday saw an extension of Monday’s bullishness as Bitcoin continued to look strong. Bitcoin pushed to $54,000 and could likely challenge for a new all-time high if the momentum continues.
Bitcoin saw another positive day after a weekend of little activity. Monday saw the market’s bullish momentum push all cryptocurrencies upwards. Tuesday saw much of the same as Bitcoin touched $54,787. Bitcoin is now just a mere 8% from the previous all-time high set in mid-February.
Market sentiment coupled with an explosion of popularity around non-fungible tokens (NFTs) has seen bullish momentum take control of the markets. Altcoins have seen promising gains over the past two days, even while Bitcoin remains extremely bullish.
NFT Craze Leading Bullish Sentiment
NFTs have dominated the news lately. The popularity surrounding blockchain collectibles and art has become the talk of the industry. Celebrities and sports figures are releasing their own NFTs. Companies such as Taco Bell are also launching their own NFTs.
Most recently, the most expensive website domain name NFT sold for a staggering $100,000. The domain name ‘Win.Crypto’ now becomes the most expensive NFT blockchain domain name.
The rise of the NFT space is clearly spreading global adoption and creating more awareness around blockchain technology. The craze could therefore be attributed to fueling the bull market further. While the NFT space is only just getting started, there could be plenty more fuel in the tank for both NFTs and the cryptocurrency space in 2021.
Altcoins Run Rampant
The altcoin market had one of its best days in recent weeks. After Bitcoin’s dramatic 30% decline a few weeks back, the market recovery has caused uncertainty around the market. Traders had begun to think the bull run could be coming to an end.
However, it appears the Bitcoin rally was simply a correction. The reprieve has now offered altcoins the opportunity to pump. 97% of the top 100 coins, bar stable coins, saw positive price action on Tuesday. Most notable in the top 10 was Binance Coin (BNB).
Binance Coin jumped back in control of the third spot with an impressive 17% price surge. Polkadot also had a decent day with a 10.3% gain in price.
The Top 100 Biggest Gainer
It might start sounding a bit repetitive, but the top 100 biggest gainer once again is Chiliz (CHZ). The project has been dominating the top 100 list over the last several days. They take the top gainer place for at least three days now while making it into the top five on two occasions.
Chiliz recently released updates to the company’s expansion plans into North America, which has seen the project’s price surge.
CHZ is now up a staggering 355% in one week. The project focuses on offering real-life sports and esports teams with NFTs. Fans can use these to trade, exchange, or hold to support their real-world teams. The project is currently in a good space following the popularity of the NFT market.
The post Market Roundup: Bitcoin Strength Could See New All-Time High This Week appeared first on BeInCrypto.
