Crypto Market: “It’s Raining Money… and Bitcoin!”

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Crypto Market: “It’s Raining Money… and Bitcoin!”

Crypto Market: “It’s Raining Money… and Bitcoin!”

Well, well, well. Look who’s back in the saddle again! Bitcoin (BTC) has rallied the broader cryptocurrency ecosystem, and everyone’s getting in on the action. Altcoins like XRP, Dogecoin, and Cardano have also seen their prices clear immediate resistance levels. It’s like the whole market is saying, “Hey, remember that thing we did last week? Yeah, let’s do it again… but better!” 🤑

Bitcoin Price and Altcoin Outlook

Per data from CoinMarketCap, the price of Bitcoin is up by 4.68% in 24 hours and trading for $83,014. From a low of $76,624.25 in 24 hours, BTC price rallied as high as $83,577.75 before settling at its current level. Trading volume has also jumped by 3%, reaching $57 billion. It’s like the whole market is saying, “Hey, remember that thing about scarcity? Yeah, let’s make more of it!” 🚀

XRP price also joined the rally, soaring 7.42% to $2.193. After dropping as low as $0.1453, its lowest in over 90 days, the Dogecoin price also jumped by 7.67% in 24 hours to $0.1669. Cardano followed a similar path, staging a recovery after ADA bears took control around the $0.76 level. It’s like the whole market is saying, “Hey, remember that thing about being undervalued? Yeah, let’s make it valuable!” 💸

The price actions of this altcoin have also been showcased in the crypto liquidation trend. With short sellers roped in, the market has now recorded over $599 million in 24 hours. It’s like the whole market is saying, “Hey, remember that thing about being short? Yeah, let’s get out of here!” 🚫

Why are BTC, XRP, and ADA Prices Soaring?

Despite the drawdown in the market over the past few weeks, key ecosystem catalyst have remained a constant. Earlier on March 11, Senator Cynthia Lummis re-introduced the Bitcoin Bill that will aid the delivery of President Donald Trump’s promise. It’s like the whole market is saying, “Hey, remember that thing about government support? Yeah, let’s get some!” 🤝

Shortly before the White House Crypto Summit, the strategic Bitcoin reserve Executive Order had already been signed. However, BTC investors are just pricing in this positive shift with the introduction of the Bill. It’s like the whole market is saying, “Hey, remember that thing about being strategic? Yeah, let’s get strategic!” 🤓

Other altcoins have also seen impressive ecosystem shifts in the past few hours. An increase in active addresses on the Ethereum network has boosted social sentiment for XRP, Cardano, and Dogecoin. XRP and altcoin price growth also benefitted from their correlation with BTC. It’s like the whole market is saying, “Hey, remember that thing about correlation? Yeah, let’s correlate!” 📈

What Next for the Market?

The trend in the market that has seen a massive recovery does not mean most coins have seen their prices bottom out. Market analysts are still calling for steeper corrections in the coming weeks, a trend considered normal in a bull market cycle. It’s like the whole market is saying, “Hey, remember that thing about corrections? Yeah, let’s get corrected!” 🤦‍♂️

BitMEX co-founder and former CEO Arthur Hayes has called a $70,000 BTC price bottom in this cycle. However, one underlying agreement is that the market will hit a new top, which many say will be a selective rally moving forward. It’s like the whole market is saying, “Hey, remember that thing about a new top? Yeah, let’s get there!” 🚀

 

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2025-03-12 12:02