An overview of the cryptocurrency market Thursday, March 11

An overview of the cryptocurrency market Thursday, March 11

Bitcoin, which was close to the last record set at around $ 1,000, was once again rejected and fell below $ 56,000. However, minor corrections among the Altcoins allowed BTC to regain some of its lost dominance in the market.

Bitcoin was only 2% away from its latest record

Over the past few days, the market's top cryptocurrency has been on the rise after falling to $ 47,000. On the other hand, as organizations became more interested in Bitcoin, its price rose.

The incident hit the $ 50,000 level again, but the cows did not stop at that level, pushing the cryptocurrency to its two-week high of about $ 57,000. According to data released by Bitstamp, the highest daily BTC rate yesterday was around $ 57,400. At this time, the distance between Bitcoin and its highest price level reached about $ 1,000 (1.75%). However, the currency failed to defend this level and reached the current level of $ 55647 following the latest price corrections.

What is remarkable is that the bitcoin market capitalization currently remains well above the $ 1 trillion mark.

Increasing bitcoin dominance

The value of more replacement coins increased with their leader. These developments led Atrium to cross the $ 1,800 mark with a $ 400 increase in one day. However, ETH has fallen slightly since yesterday and is below this sensitive level.

Cardano (-5%), Polkadot (-5%), Ripple (-5.2%), Chainlink (-5.8%) and Uniswap (-5%) have lost some of their value in the last 24 hours.

Binance Coin and Litecoin remain almost unchanged, trading at around $ 275 and $ 195, respectively.

As expected, the situation has been significantly more volatile among low and medium market value altcoins. Meanwhile, Theta Fuel had the best performance with 50% growth. It is followed by Hedera Hashgraph (25%), THETA (19%), Basic Attention Token (15%), Zilliqa (12%) and Bitcoin Gold (11%).

Polygon, on the other hand, fell 10 percent, the biggest drop since yesterday. Avalanche (-9%), Decentraland (-9%), Fantom (-6.5%) and PancakeSwap (-6%) are also in the next ranks.

The relative cessation of large market altcoins has helped bitcoin reassert its dominance in the cryptocurrency market. Thus, the benchmark for comparing the market value of BTC with other altcoins has reached above 61%.

Dogecoin Analysis (DOGE) Wednesday, March 4

Dogecoin Analysis (DOGE) Wednesday, March 4

Following the fall of the Dogecoin digital currency this month, buyers are trying to form a corrective trend. However, we are seeing a slight volatility in the Dogecoin price.
On the other hand, by drawing two trend lines in a four-hour time frame, a regular triangle pattern is formed. If this pattern is broken from any side, an ascending or descending trend will be formed.
If the pattern breaks, the Dodge Quinn will rise 38% to $ 0.07. However, buyers should be able to push the price above the levels of the 100 and 200 moving average indicators in the four-hour time frame.

Another factor that has increased the probability of price growth is the uptrend of the MACD indicator. According to this indicator, the MACD line has reached the top of the signal line. This triggered a buy signal by the MACD.
On the other hand, the number of new daily addresses that are added to the network of this digital currency has now reached 42,000 after reaching 33,000 on February 23rd. The growth and expansion of the Dogecoin network is an important fundamental factor for price growth.

On the other hand, looking at the four-hour time frame, we see that the 50 moving average indicator in the range of $ 0.05 plays the role of a support. If the price penetrates below the level of this indicator, the price will fall to the downtrend line of the triangle pattern, and if this level is broken, we will see a strong downtrend to the target of $ 0.03.