Bitcoin is back to all-time highs
Bitcoin is back to all-time highs
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Bitcoin is back to all-time highs

By Federico Izzi - 19 Mar 2021

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After a bumpy start of the week, the last 48 hours have brought back a general momentum with Bitcoin prices returning close to all-time highs

coin360 20210319
Source: COIN360.com

In the last few hours, Deutsche Bank has published a report highlighting that Bitcoin is now an asset that should not be ignored

The week is coming to an end with a prevalence of positive signs. Bitcoin is up over 4% on a weekly basis. Ethereum lags behind but is up nearly 2%.

ADA 20210319

Cardano (ADA) made a strong comeback during the week, climbing to third place in the list of the most highly capitalized coins for a few days. Despite the declines in recent hours, Cardano has recorded a 15% gain since last Friday and new all-time highs with prices above $1.5.

The NFT hype is boosting interest in and the prices of tokens in the digital art ecosystem. Enjin Coin (ENJ), Terra (LUNA), Decentraland (MANA) and Chiliz (CHZ) tokens are benefiting, all up more than 30%.

Among the best rises was that of Basic Attention Token (BAT) with a gain of over 50%. 

The only drawback is the volume. The average trading volume is at its lowest level in recent weeks. Bitcoin has traded over $11 billion in the last 24 hours, with Ethereum outperformed by Cardano, which traded over $4 billion. 

Decentralized finance is benefiting from the return of trust by users, who are once again pledging their tokens in decentralized projects. Ethereum’s number above 9.2 million units, the highest value since last November. 

DeFiPulse 20210319

DeFi’s TVL exceeds $44.5 billion with Maker remaining the industry leader, consolidating above $7 billion. 

Recent developments in the SushiSwap project bring volumes traded in the last seven days to within $2 billion, propelling the DEX to fourth place as the most-used project with around $5 billion total value locked.

BTC 20210319
Bitcoin chart by Tradingview

Bitcoin (BTC), new all-time highs for open interest

After the highs of the weekend, Bitcoin returned to the $60,000 mark in the last few days, an important signal supported by good volumes, with new records for open interest in derivatives. Options recorded new all-time highs rising for the first time over $14 billion in open interest. At the start of the week, aggregate open interest in futures exceeded $23 billion for the first time.

The weekend promises to be interesting, with prices that if they were to consolidate above $56,000, would lay the groundwork for the start of new stretches. In the medium term, only a drop below $54,000 would trigger the first sign of tension. 

ETH 20210319
Ethereum chart by Tradingview

Ethereum (ETH)

For Ethereum, the phase of indecision, which began more than 10 days ago, continues, with prices moving above 1,750 dollars without however providing signs of consolidation. 

A signal of strength will only arrive with a move above 1,900 dollars, a level from where the recent attack of the last weekend was repelled by profit-taking. Despite the difficulties of the past week, Ethereum’s trend remains firmly set to the upside. Only a break below $1,650 would trigger speculative action in the short to medium term. 

 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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