Crypto Market Slowdown Amid Rally? Prices Remain Strong With Bitcoin Above $62K

The crypto market has shown an incredible performance over the past week. Bitcoin has sustained momentum and risen above the $60,000 level, reaching $64,000.

The levels reached at the end of February have suggested to many investors that March could be an even more impressive month for the current bullish rally.

However, no prediction is set in stone, as many factors could swing investors’ sentiments and move the trends in the opposite direction. At the moment, the crypto market seems to have taken a small pause to catch its breath.

Crypto Market Momentarily Slows Down

The global crypto market reached a significant milestone for this bullish run a few days ago. As reported, the total crypto market cap hit $2T on February 27, an accomplishment not seen since April 2022.

As March begins, the market cap for the crypto market sits at $2.3 trillion, representing a 17.97% surge in the 7-day timeframe. This growth has surpassed the level established in early 2022 and potentially clears the path to the $2.4 trillion mark seen in December 2021.

Nonetheless, the market rise seemingly slowed down momentarily. The current market cap of $2.31 trillion represents a modest 1.32% decrease over the last day, according to CoinMarketCap data.

Similarly, the total crypto market trading volume was around $127.9 billion at writing time, registering a significant 35.77% drop from yesterday.

Trading volume chart in the last 24 hours. Source: CoinMarketCap

The data shows that Bitcoin and Ether have faced over 40% market activity decrease compared to the trading volume registered 24 hours ago. Similarly, some of the largest memecoins showed a slowdown in performance.

As the list below shows, Dogecoin (DOGE) registered a 5.9% price drop on the last day. Likewise, Shiba Inu’s (SHIB) price decreased by 5.8% in the same timeframe.

Price performance of the top ten cryptocurrencies in the last 24 hours. Source: CoinGecko

On the contrary, Solana (SOL) performed better on the last day than the top ten cryptocurrencies, registering a 4.1% price surge.  SOL’s $134 price places it alongside DOGE as the best-performing cryptocurrencies among the top ten in the last seven.

Among the largest gainers on the last day, PEPE reversed yesterday’s 12% price drop after registering a 10.9% growth during the past 24 hours. Similarly, the dog-themed memecoins dogwifhat (WIF) and (BONK) registered a price increase of 20,66% and 6.65%, respectively.

Bitcoin And Ether Remain Strong Amid The Market Volatility

Some analysts expect a significant halving-related drop in Bitcoin’s price. Meanwhile, the King of crypto has shown strong resistance above a massive support wall, as crypto analyst Ali Martinez suggests.

Over 1 million addresses are buying over 671,000 BTC within the $60,000 and $62,000 price range. Which, according to the analyst, highlights a strong investor confidence. This confidence could be a crucial support level and a cushion against a future price drop.

#Bitcoin holds above a massive support wall, with 1 million addresses buying over 671,000 $BTC within the price range of $60,334 to $62,155.

This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for #BTC, potentially… pic.twitter.com/lmghohWR1U

— Ali (@ali_charts) March 1, 2024

At writing time, the flagship cryptocurrency trades at around $62,052.71, which only accounts for a 1% decrease from the day before. BTC has increased over 21.8% in the last week, and it’s only 10.34% lower than its all-time high (ATH) of $69,000 registered in November 2021.

Likewise, it’s worth noting that Ether (ETH) has been showing a robust performance in the past few days amid the volatile crypto market. Maintaining its price range in the past 24 hours, the ‘king of altcoins’ registered only a 1.8% price decrease from yesterday. ETH currently trades at $3,411.88, representing a notable 16.2% rise in the past week.

Bitcoin performance in the 1-day chart. Source: BTCUSDT on TradingView.com