On March 4, the cryptocurrency market showcased noteworthy movements, particularly with Bitcoin (BTC) and Ethereum (ETH), alongside significant developments in the decentralized finance (DeFi) segment and altcoin updates.
Bitcoin’s Bullish Momentum Continues
Bitcoin tested the 21 EMA (Exponential Moving Average) on the 4-hour chart and continued its ascent without the anticipated pullback, successfully updating its yearly high around $65,200 on Binance. A firm establishment above the $65,000 resistance could steer BTC towards the next resistance trendline around $67,500. If it surpasses this, the next target lies at the historical peak of $69,000. A potential retracement from this resistance might test the $64,000 – $65,000 levels, aligning with the 21 EMA 4H dynamic support. Holding above this range could propel Bitcoin towards breaking its all-time high, eyeing $73,500 as the next milestone.
Ethereum Gains Ground
Ethereum has reclaimed its position above the $3,400 trading level, setting the stage for an attack on the $3,500 resistance zone. Breaching this mark could push ETH towards the $3,900 – $4,000 seller’s block, indicating strong bullish sentiment.
DeFi Sector Hits New Heights
According to analytics platform DeFi Llama, the Total Value Locked (TVL) in the decentralized finance sector reached a new yearly high of $94 billion. Notable growth was observed in platforms like Lido Finance, EigenLayer, and AAVE, with EigenLayer’s TVL surging 4.8 times over the last 30 days. Uniswap also exhibited a 38% increase in TVL, signaling robust momentum in the DeFi space. Ethereum continues to lead the industry with $53.38 billion in TVL, highlighting a 59% increase over the past month, followed by TRON and BNB Chain, with Bitcoin and Arbitrum rounding out the top 5 networks by TVL.
This data underscores the bullish phase the market is entering, with the positive trend in the DeFi sector indicating continuous growth and innovation, such as the new capital utilization mechanisms proposed by EigenLayer.
Altcoin Highlights
- Solchat (#CHAT) saw a 75% increase against USDT following the release of its audio call feature via WebRTC, allowing communication between wallets.
- Golem (#GLM) appreciated by 35% against USDT ahead of its GPU Provider program’s test launch.
- Datamall Coin (#DMC) surged 25% against USDT after announcing a strategic partnership with Filecoin.
Market Overview
The overall market capitalization rose by 3% in the last 24 hours, with Bitcoin’s dominance increasing by 0.2%. According to CoinGlass, the open interest in Bitcoin futures reached a historic high, crossing the $26 billion mark, indicating that major players are betting on the continued rise of BTC.
These market movements and updates reflect a dynamic and evolving cryptocurrency landscape, underscoring the importance of staying informed and agile in investment strategies. As the market continues to develop, these insights provide valuable perspectives for investors looking to navigate the complexities of the cryptocurrency ecosystem.