Cryptocurrency markets have shown resilience amid increased regulatory scrutiny, driven primarily by flagship asset Bitcoin (BTC), which added nearly $30 billion to its market cap in a single day, suggesting positive momentum could push its price toward $30,000.
As it happens, according to the latest data retrieved by Finbold from cryptocurrency monitoring platform CoinMarketCap in March, Bitcoin’s market capitalization increased from $519.76 billion to $548.6 billion in the past 24 hours, which means it has grown by $28.84 billion or 5.6% 29.
Bitcoin Price Analysis
The price of the premier decentralized finance (DeFi) asset has increased by 5.28% during this period, changing hands at $28,364 at press time. As the chart shows, its current price is also up 0.35% from last week, adding up to a monthly gain of 20.49% and a gain of over 70% since the beginning of the year.
Bitcoin is showing a “strong buy” sentiment at 16 on the one-day technical indicator of cryptocurrency and financial tracking platform TradingView. The sentiment is summarized by the oscillator in the “buy” zone at 2 and the moving average ( MA) pointing to “strong buy” at 14.
It should be mentioned that Bitcoin’s breakout of the Relative Strength Index ( RSI ) downtrend also increases the likelihood of a bullish rebound as the asset is holding onto the $27,200 level despite the chart pattern behavior that can be described as volatile.
Furthermore, based on the recent bank failures in the United States, it is not difficult to predict that Bitcoin will reach $1 million in the next 90 days as the US economy enters hyperinflation. Although his prediction was refuted by Matthew Kratter, founder of the Trader University YouTube channel, he did agree that it is "directionally correct."
Meanwhile, Finbold reports that Bitcoin’s market cap has surpassed traditional financial giants like payments platform Visa (NYSE: V) and banking giant JPMorgan Chase (NYSE: JPM), and has outperformed 97% of all S&P 500 companies’ returns year to date (YTD) through 2023.
