The crypto market has started March at full speed, although there are signs of a slight slowdown after its recent rapid rise.
Bitcoin (BTC) continues to hover around the $62,000 mark, showing a resilient stance despite varying market sentiments, after crossing the $60,000 threshold and reaching a high of $64,000 in late February.
According to CryptoSlate data, BTC was trading at $62,130 at press time, with a market cap of $1.22 trillion.
The bullish momentum raised expectations for March and suggested the possibility of an even more notable rally. However, the market has temporarily slowed as it consolidates gains before potentially rising.
On-chain data shows that stability is the result of strong investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC in the $60,000 to $62,000 price range. This “accumulation zone” suggests possible future support for the flagship cryptocurrency.
Market cap near ATH
Despite the slight slowdown in trading over the weekend, the value of the broader crypto market has surged, with total market capitalization hitting a new milestone of $2 trillion on February 27 – a level not seen since April 2022.
At the beginning of March, the market capitalization stands at an impressive $2.34 trillion, which represents a significant increase compared to the previous year. This growth indicates renewed investor confidence in digital assets and brings the market closer to its peak of $2.4 trillion recorded in December 2021.
The momentum suggests that the market is on track to potentially reach the highly anticipated $3 trillion mark in the medium term. Despite a 20 percent drop in trading volume across all platforms, the $87 billion value still suggests a bullish market reminiscent of past highs.
The altcoin sector in particular has contributed to the overall performance of the market, with coins like Solana (SOL) outperforming other top ten tokens.
The diversification of gains in altcoins, including the remarkable performance of meme coins like PEPE, suggests that the market is ripe and offers opportunities for investors looking beyond Bitcoin – one of the early indicators of a bull market.
Bull market indicators
The market's rise to previous highs has caused several bull market indicators to begin flashing weeks before the Bitcoin halving, unlike previous cycles where they only came into play after the halving.
Coinbase has started climbing the app store ranks and is currently ranked 227th among all apps. In the last cycle, the stock exchange was the number 1 app in the store across all categories. This means that despite Bitcoin trading near its all-time high, retail investors are not yet back on the rise.
Meanwhile, Google Trends data shows that searches related to Bitcoin and crypto are steadily increasing, with a significant increase over the past week – from 29 to 100.
Bitcoin's continued strength, coupled with the robust performance of altcoins, paints a positive picture for the crypto market in the coming months. Investors remain cautious about potential resistance levels for Bitcoin, but are hopeful that the current rally will continue.
Bitcoin market data
At press time 5:15 pm UTC on Mar. 3, 2024Bitcoin is ranked No. 1 by market capitalization, and the same goes for its price high 1.56% in the last 24 hours. Bitcoin has a market capitalization of $1.24 trillion with a 24-hour trading volume of $24.35 billion. Learn more about Bitcoin ›
Crypto Market Summary
At press time 5:15 pm UTC on Mar. 3, 2024the entire crypto market is valued at at $2.37 trillion with a 24-hour volume of $94.59 billion. Bitcoin dominance is currently at 52.17%. Learn more about the crypto market ›
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