Today’s insights into the cryptocurrency market reveal significant movements for both Bitcoin and Ethereum, alongside notable activity in altcoins and staking developments.
Bitcoin’s (BTC) Three-Hour Chart Analysis: Following a period of consolidation over the weekend, Bitcoin broke through the upper boundary of its price range, setting a new historical high at $71,455 on Binance. An interesting point to note is the RSI values preparing to breach the upper line of the Bollinger Bands indicator, signaling the bulls’ strength.
In the short term, we anticipate Bitcoin’s continued growth towards the resistance trend line around $74,000 – $75,000, potentially followed by a local pullback, where the asset could momentarily dip below the $69,000 trading level. Comparing with the previous 14% correction at the last maximum update, the price might retreat to $65,000. However, if Bitcoin secures a position above $69,000, it could prepare for the next upward impulse.
Ethereum (ETH) Hits Annual High: Ethereum updated its annual maximum to $4,020 on Binance. Holding above this trading level could propel the asset towards the next seller block around $4,300.
According to Staking Rewards, the amount of ETH locked in staking reached a new historical high of 31.42 million, with approximately 2.45 million coins directed to staking since the year’s start.
Liquid staking protocols also exhibit impressive dynamics, with the segment’s Total Value Locked (TVL) rising to $54 billion, showing a $26.85 billion increase in the total value of stored Ethereum over the last two months. Lido Finance leads this segment, holding 71.04% of the locked ETH, followed by Rocket Pool with 1.13 million ETH. Liquid staking services from Binance, Mantle, and Stakestone follow, managing less than 1 million Ethereum combined.
With an increase in the percentage of coins in staking, the Ethereum network is preparing for the Dencun update, expected on March 13. This hard fork aims to partially address high transaction fees issues. Unlike Bitcoin, ETH has not yet reached its historical maximum, as Bitcoin has attracted most of the large investors’ attention. Soon, Ethereum is expected to catch up to BTC and update its historical maximum following the leading cryptocurrency.
Altcoins: The listing of the meme coin neversol (NEVER) on BitMart led to a 90% price increase against USDT.
An announcement about the upcoming release of the Gamium (GMM) metaverse project caused GMM to rise by 26% against USDT.
Amid the integration of the AltLayer (ALT) platform with the Optimism Superchain network, ALT’s value increased by 18% against USDT.
Market Capitalization: The cryptocurrency market cap has increased by 2.35% in the last 24 hours, with Bitcoin’s dominance rising by 0.4%. As the leading cryptocurrency prepares to conquer new price peaks, its dominance is expected to grow. Altcoins will begin to close their gap with Bitcoin once it stabilizes after completing its upward momentum.