Bitcoin (BTC) price is rallying the broader cryptocurrency ecosystem. This rebound is encompassing, as altcoins like XRP, Dogecoin, and Cardano have also seen their prices clear immediate resistance levels. When writing, the combined crypto market cap jumped by 4.51% in 24 hours to $2.69 trillion. With Bitcoin price leading the charge, the market may be set to recover the over $1 trillion lost thus far this year.
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. Beyond the coin’s price uptick, the trading volume has also jumped by 3%, reaching $57 billion.
BTC 1D Price Chart. Source: CoinMarketCap
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.
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.
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.
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.
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.
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.
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.
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