mollyfamwatBitcoin (BTC) proponents looked back on the day on the 22nd. March brought strong headwinds that quickly stifled any attempt to break the $58,000 mark, despite comments from Federal Reserve Chairman Jerome Powell calling the largest cryptocurrency a replacement for gold.
Data from Cointelegraph Markets and TradingView show that traders have repeatedly tried to push BTC above the $58,000 level over the past two days, but were rebuffed, and Monday’s failure resulted in a pullback to the $54,000 support level.
4 hour chart BTC/USDT. Source: TradingView
The blockchain analysis shows that while the price of BTC is trying to surpass $60,000, whale portfolios have been in accumulation mode for 30 days, suggesting that some of the richest bitcoin holders are still seeing a rise from the current bull market.
Adoption of crypto-currencies in core business is increasing
The macro picture for the cryptocurrency sector continues to improve as world-renowned TIME magazine revealed that it is looking for a CFO familiar with bitcoin and cryptocurrencies, while the publication has begun exploring the creation of unique and unreadable markers based on some of its most iconic covers.
As blockchain technology has evolved to the point where it can handle processes such as video and music streaming, platforms with an edge in these sectors have seen their prices skyrocket in recent months as the general public becomes increasingly exposed to the crypto-currency ecosystem.
Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with a dual token system, enjoying astronomical growth in 2021 that continues to push their prices to new all-time highs.
THETA/USDT vs TFUEL/USDT 4 hour chart. Source: TradingView
Audius (AUDIO), the music streaming platform, also grew last month. The price rose from $0.356 on February 28 to a new high of $2.05 on February 16. March.
Cointelegraph Markets Pro’s VORTECS™ data began on March 1. That is, even before the recent surge in the stock price, we could see a bullish outlook for AUDIO.
Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data including market sentiment, trading volume, recent price movements and Twitter activity.
RankingVORTECS™ (green) versus AUDIO award. Source: Coin Markets Pro
As you can see in the chart above, the VORTECS™ ranking for AUDIO was green at the end of February and reached the green point on February 1. A high of 68 points in March, about 24 hours before the price rose 400% in the next two weeks.
After a peak of 16. In March, the AUDIO share price and its VORTECS™ ranking experienced a multi-day decline. The VORTECS™ score then turned green again and reached a new high on the 20th. March, about 15 hours before the recent price increase, a high of 71.
Daily indicators for the crypto-currency market. Source : coin360
Other notable altcoin performance on the 22nd. March tokens included Augur (REP), which rose 30% to a multi-year high of $39.30, and XRP, which jumped 20% to an intraday high of $0.60, as XRP members hope to get the token on exchanges that have suspended services in response to the U.S. Securities and Exchange Commission.
The total market capitalization of cryptocurrencies is currently $1.746 trillion and bitcoin dominates with 59.8%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.
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