Breaking Market Roundup: Bullish Bitcoin Finally Breaks $50,000

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In Brief
  • Bitcoin climbs and holds the $50,000 resistance level.

  • ENJIN pumps 64%, following big NFT news on the project.

  • Altcoins green as DOT flips USDT.

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In what has been a rollercoaster of a week, Wednesday brought relief to the market, as bitcoin (BTC) finally broke $50,000. Ethereum (ETH) also managed to break through $1,600, as altcoins also saw bullish price action. 



Bitcoin has finally managed to climb above the $50,000 mark and hold the area on multiple time frames. The token saw an impressive pump of over 10% on Wednesday, as the coin climbed to $52,600. It hit a new two-week high before seeing a slight correction, which is still holding over the vital support line at $50,000. 

Source: Tradingview 

Ether also saw a decent recovery on Wednesday. ETH has been running in unison with bitcoin, over the past few weeks, and climbed nearly 10% on Wednesday to $1,650. 



Source: Tradingview

As With Bitcoin, Altcoins See Green Across the Board

On March 3, altcoins across the board fared well as bitcoin moved upwards. The biggest loser in the top 100 saw LEO drop a mere 1.4% on Wednesday.

Source: CoinGecko

The most notable moves in the top 10 saw polkadot (DOT) leapfrog tether (USDT) for the fifth spot. Cardano’s (ADA) impressive surge to a new all-time high keeps the project in third place. At the same time, Binance Coin (BNB) breathes down its neck. XRP continues to deflate, as it remains in no man’s land in the seventh spot.  

Top 100 Biggest Gainer

Wednesday’s bullish bitcoin price action saw altcoins across the board make relatively decent gains. However, it was Enjin Coin (ENJIN) that pumped the hardest.

The project saw a 63% increase in price. It leads to a surge up the list to rank 66, while also breaking over the $1 billion market cap. The price rise is likely related to news about the scaling solutions that will allow users to mint and port tokens onto multiple chains without gas fees.

Arweave (AR) and basic attention token (BAT) also featured impressive gains of 39% and 35%, respectively. 

Source: CoinGecko

What is even more astounding in this bull market is that the top 73 projects now all have a market capitalization of over $1 billion. REN rounds up the list at number 73, with $1 billion. 

In Other News

In other news of the day, EOS creator Dan Larimer is back! The ex-CTO of Block.One left the project a couple of months ago to focus his attention on creating tools that people can use to secure their freedom. Larimer will launch a new project called Clarion which will be a friend-to-friend messaging protocol. 

China is also set to launch the biggest central bank digital currency (CBDC) in the country, with over 40 million digital yuan allocated towards the Chengdu trial.

The previously held trials across Beijing, Suzhou, and Shenzhen have an average of 18 million digital yuan allocation per district and 110 million digital yuan in the total budget. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. He discovered Bitcoin in 2016 when investing in a Ponzi scheme, and it was the best decision he ever made.

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