The cryptocurrency markets were trading higher on Tuesday, March 14, continuing their two-day winning streak. Ethereum (ETH) was trading above the USD 1,650 mark while Bitcoin (BTC) increased 9.25% to USD 24,514. Bitcoin volume was over USD 48.26 billion, up 39.89% in the previous day.
The market capitalization of all cryptocurrencies was up around USD 1.08 trillion in the meantime, up 5.11% over the previous 24 hours.
With the news that U.S. regulators have supported Silicon Valley Bank and Signature Bank, Bitcoin has increased by approximately 10% over the past 24 hours, exceeding the USD 24,000 milestone. Investors and traders now have reason to believe that the Federal Reserve would relax its monetary hawkishness in light of the recent almost total collapse of the banking industry. BTC has already surpassed a floor and reached a two-week high as a result, according to Edul Patel, co-founder and CEO of Mudrex.
The price of other popular crypto coins was also rising. Trading for Dogecoin, Solana, Polygon, and Polkadot was up more than 3%.
DeFi's total volume is currently 8.03 billion, or 8.83% of the 24-hour volume of the entire crypto market. All stablecoin volume has reached USD 86.66 billion, or 95.29% of the 24-hour volume of the whole crypto market.
The largest cryptocurrency in the world by market cap, Bitcoin, was valued at almost USD 473 billion. According to CoinMarketCap, Bitcoin presently has a 43.70% market share, up 1.41% from the previous day.
USD 25,300 is the next significant mark that Bitcoin has to break, after which USD 28,000 will be expected. Today's spike in BTC dominance to over 43% shows that short-term investors prefer BTC over altcoins. Since US CPI data is out tomorrow, some volatility is anticipated this week, according to Vikram Subburaj, CEO of Giottus Crypto Platform.
The vice president of WazirX, Rajagopal Menon, said: "Most market oscillators hint to a neutral sentiment. With a neutral view, the Relative Strength Index (14) is at 61.68. At 81.95, the Stochastic%K (14, 3, 3) predicts a Neutral outlook, while the Average Directional Index (14) predicts a Buy at 22.36.
Contrary to what was predicted the day before, the MACD Level (12, 26) at 88.41 shows a Buy. Williams Percent Range (14) and the Stochastic RSI Fast (3, 3, 14, 14) remain Neutral at 93.02 and 5.03, respectively, Menon added.
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