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The crypto market has entered March with its foot firmly on the accelerator despite showing signs of a slight slowdown from its recent rapid ascent.
Bitcoin (BTC) has continued to hover around the $62,000 mark, showcasing a resilient stance amid varying market sentiments after its remarkable rally past the $60,000 threshold to a high of $64,000 at the end of February.
BTC was trading at $62,130 as of press time, with a market cap of $1.22 trillion, based on CryptoSlate data.
The bullish momentum raised expectations for March, hinting at the possibility of an even more remarkable rally. However, the market has momentarily slowed down as it consolidates gains before potentially moving higher.
On-chain data shows the stability is a result of strong investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC within the $60,000 to $62,000 price range. This “accumulation zone” suggests potential future support for the flagship crypto.
Market cap close to ATH
Despite the slight deceleration in trading over the weekend, the broader crypto market’s value has soared, with the total market capitalization reaching a new milestone of $2 trillion on Feb. 27 — a level not seen since April 2022.
As of the beginning of March, the market cap stands at an impressive $2.34 trillion, marking a significant increase from the previous year. This growth indicates renewed investor confidence in digital assets, pushing the market closer to its all-time high cap of $2.4 trillion recorded in December 2021.
The momentum suggests that the market is on a trajectory to potentially hit the much-anticipated $3 trillion mark in the medium term. Despite a 20% decrease in trading volume across platforms, the $87 billion figure still signifies a bullish market reminiscent of past highs.
The altcoin sector has notably contributed to the market’s overall performance, with coins such as Solana (SOL) outperforming other top ten tokens.
The diversification in gains among altcoins, including notable performances by meme coins like PEPE, indicates a market ripe with opportunities for investors looking beyond Bitcoin — one of the early indicators of a bull market.
Bull market indicators
The market’s surge to previous highs has caused several bull market indicators to begin flashing weeks before the Bitcoin halving, in contrast to previous cycles where they only came into play after the halving.
Coinbase has begun to climb the app store ranks and currently sits at 227 among all apps. In the last cycle, the exchange was the number 1 app in the store across all categories. This signifies that retail investors have yet to come back in force despite Bitcoin trading close to its all-time high value.
Meanwhile, Google Trends data shows that searches related to Bitcoin and crypto are steadily climbing and experienced a significant spike over the past week — rising from 29 to 100.
The ongoing strength of Bitcoin, coupled with robust performances by altcoins, paints a positive picture for the crypto market in the coming months. Investors remain cautious about potential resistance levels for Bitcoin but hope the current rally will continue.
Bitcoin Market Data
At the time of press 3:34 pm UTC on Mar. 3, 2024, Bitcoin is ranked #1 by market cap and the price is up 0.24% over the past 24 hours. Bitcoin has a market capitalization of $1.22 trillion with a 24-hour trading volume of $23.35 billion. Learn more about Bitcoin ›
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