Forex Analysis & Reviews: 01.03.2023 - Bitcoin's roller coaster...

01.03.2023 11:48 PM

Bitcoin's roller coaster ride continues

Bitcoin began Wednesday morning by falling, but later switched to growth. BTC was marked at $23,690.

According to data from the market tracking website, CoinMarketCap, over the past 24 hours, Bitcoin reached a low of $23,077 and a high of $23,585.

Bitcoin increased by 0.9% in February and closed the month at $23,200.

As for experts' forecasts about the cryptocurrency market behavior till the end of the week, most of them expect a further correction. At that, analysts assume that the quotations of Bitcoin will be within the range of $22,800-23,300.

Experts emphasize that the market of virtual assets is not as overheated as the stock market, so we don't expect BTC to plunge in the near future. Thus, according to experts, its deepest low will be no more than $21,500, if the market will be in a state of correction for a few days.

Altcoin market

Ethereum, Bitcoin's main competitor, also started Tuesday with a decline, but later switched to growth. At the time of writing, the coin was trading at $1,622.

As for the cryptocurrencies from the top 10 by capitalization, during the day, all coins except for several stablecoins showed decline. Moreover, Cardano (-2.41%) showed the worst results in the last 24 hours, while XRP (+0.46%) was the best performer.

In the past week, all cryptocurrencies from the top ten, with the exception of some stablecoins, also showed a steady decline. Polygon (-9.89%) led losses.

According to CoinGecko, the world's largest aggregator of data on virtual assets, in the last 24 hours, among the top 100 most capitalized digital assets, the token ImmutableX (+7.13%) led gains, while NEM (-8.23%) led losses.

At the end of last week, in the first hundred of the strongest digital assets the best results were shown by the digital asset Stacks (+39.06%), while the worst one was Conflux (-33.83%).

According to CoinGecko, as of Wednesday evening, the total market capitalization of cryptocurrencies is above the important key level of $1 trillion and stands at $1.041 trillion.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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