The Crypto Market Witnesses Bearish Start to March: Bitcoin and Ethereum Experience 4% Drop
The cryptocurrency market kicked off the second half of March on a bearish note, with Bitcoin and Ethereum both experiencing a 4% drop in the last 24 hours. This decline resulted in 166,507 traders being liquidated, totaling $532.72 million in losses. The most significant incident involved a single liquidation order on Bitmex for a LINKUSD trade valued at $38.83 million.
The total crypto market cap currently stands at $2.52 trillion, projecting a 4.27% drop since yesterday. This recent market downturn has significantly impacted the altcoin sector, with leading assets experiencing noticeable drops. XRP and BNB each recorded a 4% decrease, while Cardano saw a more substantial 8% fall. Furthermore, meme coins Dogecoin and Shiba Inu showcased a 9% to 11% drop.
However, market experts view these pullbacks as common behavior within an established uptrend and beneficial for assets to replenish their exhausted bullish momentum.
1) Bitcoin (BTC)
Bitcoin (BTC) is a decentralized digital currency that operates without a central authority, offering peer-to-peer transactions across a secure blockchain network. Bitcoin’s limited supply of 21 million coins and its position as the first cryptocurrency make it stand out as “digital gold” among cryptocurrencies.
Following a new all-time high of $73,750, the Bitcoin price witnessed notable supply pressure which resulted in a 10% decline to trade at $66,626. Currently, Bitcoin has a market cap of $1.3 trillion with a trading volume of $49.3 billion in the last 24 hours.
If the bearish momentum persists, coin holders can expect support levels at $60,300 and $56,000, coinciding with the 38.2% and 50% Fibonacci retracement levels. On the other hand, if the correction phase manages to recuperate bullish strength, buyers may face resistance at $73,750 followed by a psychological level of $75,000.
2) Cardano (ADA)
Cardano is a third-generation blockchain platform known for its scientific approach and emphasis on security and sustainability. It aims to deliver a more balanced and sustainable ecosystem for cryptocurrencies.
With a market cap of $23.8 billion, Cardano stands as the eighth largest cryptocurrency and has a 24-hour trading volume of $1 billion. Amid the recent market downturn, ADA price reverted from the $0.8 resistance level and tumbled 17% within four days to reach $0.67.
Analyzing the daily chart shows that sellers recently breached a significant support level at $0.68, indicating the potential for further breakdown. The post-breakdown fall may push the Cardano price down to $0.56 or even $0.46.
Alternatively, overhead resistances are observed at $0.68 and $0.8.
3) BOOK OF MEME (BOME)
BOOK OF MEME (BOME) is a Solana-based meme cryptocurrency that aims to revolutionize the web3 landscape by blending infectious memes with cutting-edge decentralized storage solutions, along with a unique take on degen shitcoin trading and gambling.
The token gained notable attention following a successful pre-sale and listing on major exchanges such as Poloniex, Bybit, and Binance. With a market cap of $1.134 billion, BOME has entered the list of top 100 digital assets.
As of now, the BOME price is trading at $0.021, registering a 46% intraday gain. If buying momentum persists, buyers may surpass the all-time high resistance of $0.3 and target the next psychological high at $0.4.
Conversely, immediate support levels are observed at $0.016 and $0.0116.
Takeaway
The current correction trend in the crypto market offers an opportunity for top digital assets to revisit key support levels and stabilize after an over-extended rally. With Bitcoin testing a healthy retracement level, altcoins may gain suitable support to return to the recovery trend.
🔥 Hot Take: Crypto Market Witnesses Bearish Start to March with Bitcoin and Ethereum’s Drop 🔥
The cryptocurrency market has started the second half of March on a bearish note, with leading digital assets Bitcoin and Ethereum experiencing a 4% drop in the last 24 hours. This decline has resulted in significant liquidations and losses for traders. However, experts view these pullbacks as normal within an established uptrend, allowing assets to replenish their bullish momentum.
By
By
By
By
By