The crypto market had a significant increase over the last thirty days. This period was marked one of th[e best this year as the crypto market sees its second-largest increase. Let”s go over a breakdown of what transpired over this timeframe.
The crypto market opened the month at $1.06 trillion. As market conditions continued to improve, the value of the sector under consideration rise. As a result, it peaked at $1.2 trillion. Although it dipped, the current valuation places the worth of the industry close to its peak.
It is no news that the significant surge in value was buoyed by the increase in the price of various assets. Some of the top gainers in the top 100s gained more than 100% over the last thirty days. One such was Kaspa.
The asset opened the period under consideration at $0.01. It saw a massive increase in buying value that ensured it flipped key resistances. Some of these levels include the $0.02 and $0.03 barrier. After breaking the highlighted market, it peaked at $0.038. Currently trading at $0.031, the token is up by 184%.
Conflux is the runner-up with a positive change exceeding 111%. It kicked off the thirty-day period at $0.19. As trading conditions improved, it attempted flipping the $0.50 resistance but failed. Nonetheless, it peaked at $0.48 and is currently worth more than $0.41.
There are also cryptocurrencies that recorded massive losses during the period under consideration. For example, the Huobi native token lost more than 30%. Another cryptocurrency exchange coin lost more than 18%.
With a brief overview of the market, let’s examine how the top two cryptocurrencies performed over the last thirty days.
BTC/USD
Bitcoin opened the month at $23,146. However, it failed to impress during the first few days of the thirty-day session. As a result, it dipped to a low of $19,569 but recovered.
A few days ago, the apex coin attempted the $30k resistance but halted its advances at $29,340. This peak marked the first time in almost eight months the coin is retesting the $29k barrier. While many took this development in good faith, others are pointing to the fact that it may be a bull’s trap.
They came to this conclusion by going over some indicators. The first is the Moving Average Convergence Divergence. A look at the chart revealed that a lot happened. One of the most glaring events is the bullish divergence.
It took place on the thirteenth day of the month. Since then, both constituents (12 and 26-day EMA) are on the rise. This uptrend lasted for more than ten days before it gradually lost momentum. The other metric to consider is the Relative Strength Index.
Over the last thirty days, we noticed RSI had a lot of movements. It went below 30 on March 10. Two days later, it surged above 60. Afterwards, it went above 70 and remained above for the next five days. However, it is below the mark at the time of writing.
With regards to price, the apex crypto also had some of its biggest moves. For example, on March 9, it opened at $21,697 and close at $20,367, signifying a more than 6% decline in value. Following this decrease, the subsequent downtrends were 3%.
It also had one of its biggest surges four days later. BTC opened at $22,190 and closed at $22,209, indicating a 9%. A similar occurrence took place on the 17th with the same outcome.
With most indicators bearish, how will BTC perform next month
