On March 13 bulls took total command of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the toll through overhead resistance virtually $58,000.

Analysts had spent the week calling for an eventual move above the $lx,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase every bit a number of companies and institutional investors announced plans to brand BTC purchases.

BTC/USDT 4-60 minutes nautical chart. Source: TradingView

Bitcoin now finds itself in the realm of price discovery equally there is limited data bachelor from a technical analysis standpoint to determine where the price may go side by side.

1 possible toll target was highlighted in a contempo report from Decentrader co-founder Philip Swift, who is now looking at the 1.618 fib extension ($seventy,000) as the side by side accept profit level.

Mainstream crypto adoption continues

Prove of the growing merger between the cryptocurrency sector and mainstream industry can be plant in the most recent news that FTX  exchange is in the procedure of finalizing a deal to sponsor the National Basketball Clan's Miami Rut and obtain the naming rights for the teams' arena, which volition likely be renamed FTX arena.

Once finalized, the deal would mark the first major partnership with an American sports league for a cryptocurrency project or platform.

The explosion in the popularity of nonfungible tokens has too defenseless the attention of the mainstream press post-obit this week's record-breaking $69.3 one thousand thousand Beeple auction.  The success of the action has prompted an increasing number of well-known artists to brainstorm exploring the NFT infinite and the opportunities it offers.

Bitcoin breakout sparks rally in altcoins

Altcoins likewise lit upwardly as Bitcoin soared to a new best high. Decentraland (MANA), a virtual reality and gaming-focused project, outperformed the field with an 89% gain to a price of $1.19.

Daily cryptocurrency market performance. Source: Coin360

The majority of minor-cap altcoins witnessed double-digit gains and even larger-cap coins like AAVE and Bitcoin Cash (BCH) surged 10.84% and 14% respectively.

Ether (ETH) likewise rallied 13% to $1,933 as bulls try to make a run at the current all-time high of $2,043

The overall cryptocurrency market cap at present stands at $1.84 trillion and Bitcoin's dominance rate is 62.1%.

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