Bitcoin may have cooled down but some selected Altcoins are blowing HOT! The price of Bitcoin remains stuck in a range after failing to close above $50,000. Now traders are watching whether BTC/USD can break above the $50,000 level to resume the bull cycle.
The Altcoin market led by Ethereum is posting a gradual recovery. Ethereum presently trades at $1,605 up by 8.40% in the last 24 hours. Selected tokens such as NEM (+8.75%), Compound (10.64%), Bancor (+22.54%) are pushing higher.
Holo (HOT) a peer-to-peer distributed platform for hosting decentralized applications is also one of the daily gainers, up by 6.82% in the last 24 hours.
On a 7 day basis, Enjin Coin (ENJ) is up 91.87% while Chilliz (CHZ) and Flow (FLOW) are up by 94.31% and 68.44% respectively. During the week, some selected Altcoins achieved new all-time highs despite the market meltdown. Theta (THETA) and Terra (LUNA) rallied to new all-time highs in March. 5. SwissBorg’s (CHSB) price also rallied to establish a new high at $1.16 on Feb. 22 while THORChain (RUNE) rose to a new all-time high of $6.09 on March 3rd.
Uniswap (UNI) enters the top 10 as its market cap of $14.71 billion flipped that of Litecoin to rank 8th largest.
UNI/USD Daily Chart
Uniswap presently trades at $28.12.
Senate Passes $1.9 Trillion Relief
Early Bitcoin investor, Tyler Winklevoss tweeted on March 6th ‘$1.9 trillion advertisements for #bitcoin was just approved by the Senate’
According to Bloomberg, President Joe Biden’s signature $1.9 trillion Covid-19 relief bill passed the Senate 50-49 on Saturday, following a more than 25-hour marathon of amendment votes that was completed only after a lengthy interruption while Democrats settled an intra-party dispute over unemployment aid.
Bitcoin and the rest of the crypto market are seen posting a mild recovery as at the time of writing. This news is deemed positive for Bitcoin as an earlier survey indicated a percentage of respondents intended using their stimulus package to purchase equities.
Bitcoin presently trades at $48,370.
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