NFT related altcoins hit new highs after bitcoin prices rise to $ 53k

NFT related altcoins hit new highs after bitcoin prices rise to $ 53k

Bitcoin's daily close above the key $ 52,000 level signals that the bulls intend to make a second attempt to reach a new all-time high.

On March 8, there was a surge in activity on the cryptocurrency market, which ensured the rise of the vast majority of top tokens in connection with the celebration of International Women's Day in the world.

The recovery in Bitcoin (BTC) above $ 50,000 again was accompanied by a renewed wave of optimism and analysis from Bloomberg Senior Commodities Strategist Mike McGlon, who suggested that Bitcoin is pushing back gold as a store of value in investor portfolios.

Data from Cointelegraph Markets and TradingView show BTC is up 4.6% from a low of $ 49,272 in the early trading hours of March 8 to $ 53,300 at the time of writing.

Recent analysis shows that while professional traders are still hesitant to take new long positions in BTC due to the strengthening dollar index and rising Treasury yields, large corporations are buying BTC at an accelerated price, resulting in significant outflows from exchanges. Now that the bitcoin price has secured a daily close above the $ 52,000 level, it is possible that these stubborn traders will take new long positions.

NFT Capabilities Help Raise Token Prices

Altcoins are also up significantly as many of the top projects hit new all-time highs on Monday. Non-fungible token (NFT) projects such as Ultra (UOS), Theta (THETA) and Enjin (ENJ) have achieved double-digit gains and hit new annual highs during today's trading session.

The price of UOS is up 21% to a record $ 0.452 as the hype surrounding the launch of a project on the mainnet that will enable cross-chain and NFT capabilities grows.

Theta, a blockchain-based video streaming platform, also hit a new all-time high of $ 4.98 ahead of the highly anticipated March 10 hard fork.

Market rally increases total market capitalization

Recent developments for Ethereum (ETH) have helped spark an 8% rally in air as the community prepares to roll out the Berlin update on April 14.

Chainlink (LINK) is the best in the top 10, climbing 12% to $ 31, while Dogecoin (DOGE) is up 15.73% to trade at $ 0.58.

The total cryptocurrency market capitalization is now $ 1.65 trillion, and the Bitcoin dominance rate is 60.4%.

 NFT related altcoins hit new highs after bitcoin prices rise to $ 53k

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