The crypto market has held on to its recent profit rally ahead of the upcoming FOMC meeting scheduled for March 19 and 20. Bitcoin on Tuesday reflected a gain of under one percent over the last day. At the time of writing, the asset was trading at $74,030, data by CoinMarketCap showed.
According to market analysts, Bitcoin is extending its upward momentum as renewed buying interest has strengthened the narrative of BTC as a digital safe-haven asset.
“With buyers regaining control, the next resistance zone for Bitcoin lies between $80,600 and $85,000. However, the bullish structure would weaken if BTC closes the week below $68,000,” Akshat Siddhant, Lead quant analyst, Mudrex told Coin Headlines. “Institutional participation remains a key driver, with Strategy purchasing about $1.57 billion worth of BTC and Bitcoin ETFs recording inflows of over $783 million.”
Ether garnered profits bigger than Bitcoin over the last day. After almost four months, ETH has managed to reach the price point of $2,327 with a 12.88 percent profit roped-in since the previous day.
“Ethereum is outperforming and continues to lead the market.A sustained breakout above $2,400 could trigger a move toward $2,500–$2,650. However, a pullback toward $2,200 or even $2,100 remains likely before continuation, given the extended move,” said Riya Sehgal, research analyst at Delta exchange.
A majority of the top ten crypto assets showed profits of upto four percent on Tuesday. These include XRP, Tron, Dogecoin, and Hyperliquid.
Cardano, Bitcoin Cash, Leo, Chainlink, and Monero also emerged on the profit-making side of the crypto chart with gains of under two percent.
“The trend remains bullish, but risk of short-term rejection is elevated. Across the market, altcoins such as XRP, Solana, and Cardano are showing strength, reflecting rotation into the altcoin segment,” Sehgal added.
The BNB token has fallen by 1.40 percent over the last day to trade at $667.88. Solana also dipped by under one percent to retail at $93.66. Canton, Shiba Inu, and World Liberty Financial are other assets were swimming against the market momentum to reel under losses.
The overall crypto market cap went up by 0.87 percent in the last 24 hours. The valuation of the market stands at $2.53 trillion, CoinMarketCap showed.
“Digital-asset funds overall recorded $1.06 billion in inflows last week, marking a third consecutive week of positive flows. XRP futures open interest also rose to $2.66 billion, indicating increasing retail trader activity, even as spot XRP ETFs reported $28 million in outflows during the same period,” said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.
Over 121,640 traders were liquidated in the last 24 hours with total liquidations hitting $459.64 million, as per CoinGlass.