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Bitcoin soars after the news from Tesla
Bitcoin soars after the news from Tesla
Trading

Bitcoin soars after the news from Tesla

By Federico Izzi - 24 Mar 2021

Chevron down

The Tesla news brings strength to bitcoin, which soars above $56,000, and as a result, the entire cryptocurrency sector is rallying. 

coin360 20210324
Source: COIN360.com

Over 80% of the top 100 are above par. Among the big players, Theta (THETA) continues to do better than bitcoin, which is up 3% today, recovering much of the ground it has lost since the beginning of the week, and today it is once again attracting the spotlight, posting a double-digit rise of more than 20%, touching $15 for the first time. 

THETA 20210324

With the rise of the last few hours, Theta has gained more than 800% since the beginning of the year, with a market cap of almost $14 billion, and for the first time, it has entered the top 10 of the most highly capitalized exchanges, surpassing even Litecoin (LTC), which today is up 4%. LTC returns above $195.

Ripple (XRP) failed to recover the $0.60 level and lost about 5% today, among the few negative signs. 

The volume crisis continues. In the last 24 hours, total trades have fallen below $390 billion. In the last 24 hours, bitcoin again falls below $10 billion, conversely, Theta’s volumes explode, recording total trades of around $2 billion, the highest peaks ever. Ethereum trades just over $3 billion. 

Total capitalization consolidates above $1.75 trillion with bitcoin managing to climb back above 60% dominance after slipping in the last 48 hours below this level, the lowest threshold since October 2020. 

The market cap of stablecoins now exceeds $58 billion for the first time, supported by Tether which breaks the $40 billion wall.

DeFiPulse 20210324

DeFi climbs back above $45 billion, just short of the record highs set on March 14th. 

BTC 20210324
Bitcoin chart by Tradingview

Bitcoin (BTC) soars 

Today’s jump takes the price of bitcoin back above $56,600, recovering more than 60% from the worst day of March recorded on Monday, March 22nd when a loss of 5.7% was recorded. Technically, the price bounces back after testing the bullish dynamic trendline yesterday which passes in the $53,300 area.

This is an important signal that will need to be confirmed in the coming days.

ETH 20210324
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum is benefiting from bitcoin’s movement, rebounding from the lows of the last 48 hours that coincide with the bullish dynamic support that joins the lows from last December. 

The rebound is currently of an intensity that does not chase away weakness. It is necessary for the prices of Ethereum to recover as soon as possible the $1,750 level, which corresponds with the lower neckline of the channel that has accompanied the sideways movement in the last three weeks, a level violated on Monday, March 22nd. 

 

Federico Izzi
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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