Best Cryptocurrencies to Focus on if Bitcoin Breaks $70000; BTC, DOGE, GRT price prediction

Cryptocurrency Price Prediction: With Bitcoin entering price discovery mode, the cryptocurrency market is regaining bullish momentum after a spike in weekday volatility. On Friday, BTC price surged to an all-time high of $70,000, encouraging a long-term recovery trend for altcoins. In particular, artificial intelligence (AI)-related memecoin actors and tokens recorded the highest growth and were a key driver of the broader market rally.

Santiment, a recognized firm in the cryptocurrency analysis space, recently highlighted the superior performance of major cryptocurrencies compared to traditional assets. Bitcoin and Ethereum surged 10.0% and 14.7%, respectively, during the week, notably outpacing the S&P 500’s modest gain of 0.5%.

Historically, bull markets in the cryptocurrency space have shown little to no correlation with the stock market. This new trend could signal a significant shift in investor sentiment as the market ecosystem evolves to view cryptocurrencies as a potentially more independent asset class.

📊 #Bitcoin (+10.0%) and #Ethereum (+14.7%) was noticeably ahead. #SP500 (+0.5%) returns this week. Historically, #Cryptocurrency The market is expected to continue #bull market has little to do with #stock, so traders hope that this trend will continue. https://t.co/dgRoilWYuJ pic.twitter.com/yUVYP5KFQI

— Santiment (@santimentfeed) March 9, 2024

Also Read: Cryptocurrency Prices Today March 9th: PEPE rises 20% as Bitcoin nears $68,000, Ethereum nears $4,000, FLOKI rises 50%.

1) Bitcoin (BTC)

Bitcoin is the first and best-known decentralized digital currency that enables peer-to-peer transactions without intermediaries based on blockchain technology. The digital asset recently entered traditional markets with the launch of a spot BTC ETF, which was approved by the US SEC in January.

Large investment inflows into these ETFs have been the main reason for the aggressive recovery in the price of Bitcoin since late January. From a low of $38542, buyers have driven the coin up 81% in six weeks, reaching its current trading price of $68435.

The current Bitcoin market cap is $1.3 billion, up 1.4% intraday. A potential breakout of $70000 would set $77500 and $92000 as the nearest resistance based on existing pivot levels.

However, the daily chart shows potential demand zones at $63285 and $57450.

Also Read: BlackRock’s Bitcoin Holdings Surpasses MicroStrategy’s With $2 Billion Net Inflows This Week

2) Dogecoin (DOGE)

Dogecoin (DOGE) is a peer-to-peer open source cryptocurrency that started as a joke based on the “Doge” meme but quickly evolved into a legitimate digital currency thanks to a passionate community and creative memes. Dogecoin stands out for its low transaction fees, high-speed transactions, and use for tipping and charitable donations.

Amid the Memecoin craze in the cryptocurrency market over the past two weeks, Dogecoin has witnessed massive inflows, registering a 98% growth as its price rebounded from $0.084 to its current trading price of $0.16.

As of press time, DOGE’s market cap stands at $24.1 billion, with trading volume hovering at $3.2 billion. Due to the influence of the rising support trend line, Dogecoin price may rise to $0.206 and then to $0.27. Conversely, immediate support levels are $0.148 and $0.13.

Also Read: Dogecoin Nears $0.2, Smog Pumps As Meme Coin Craze Continues

3)Graph (GRT)

The Graph (GRT) is a decentralized, open-source indexing protocol for querying data across blockchains, enabling the creation of fully decentralized applications. It stands out in that it provides efficient and reliable access to blockchain data, helping developers build more sophisticated and user-friendly dApps.

GRT, the native token of the Graph Network, is riding an aggressive rally evidenced by five consecutive green candles on the weekly chart. From the $0.149 support, the coin price rose 160% to $0.39, and the altcoin market cap also rose to $3.69 billion.

Due to the continued rally, the Graph price may face resistance around $0.47 and $0.54. However, due to its occasional bearish nature, support can be found at $0.32 and $0.258.

takeout

Bitcoin and Ethereum significantly outperformed traditional assets, extending their recovery trend in March. Amid the recovery trend, AI tokens and memetic cryptocurrencies are the leading sectors boosting broader market sentiment.

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Sahil is a dedicated full-time trader with over 3 years of experience in the financial markets. With a strong understanding of technical analysis, he closely follows the daily price movements of top assets and indices. Driven by a fascination with financial products, Sahil has enthusiastically embraced the emerging cryptocurrency space and continues to explore opportunities driven by his passion for trading.

The content presented may include the personal opinions of the author and may vary depending on market conditions. Do your market research before investing in cryptocurrency. Neither the author nor the publication accepts any liability for your personal financial losses.