NFT-backed altcoins set a record while Bitcoin pushed $ 54,000

With the price of Bitcoin (BTC) rising above $ 50,000, the cryptocurrency market has generally been on an upward trend. So much so, Bloomberg senior commodity strategist Mike McGlone said that Bitcoin is pushing gold as a store of value in investor portfolios.

Cointelegraph Markets and TradingView data shows that the BTC price has risen by close to 8 percent since the morning hours of March 8, to as high as $ 53,770.

4-hour chart of the BTC / USDT pair. Source: TradingView

Analysis says professional traders are hesitant to open long BTC positions due to the stronger dollar index and increased bond returns. Big companies are buying BTC quickly and there are heavy exits from stock exchanges.

Bitcoin accumulations in stock exchanges. Source: glassnode

On-chain data from Glassnode shows that miners are mostly stopping BTC sales and going into accumulation. This means an increase for the bitcoin price.

NFT tokens flew

Altcoin prices rose significantly on Monday. Unique or immutable token (Non-fungible token, NFT) projects such as Ultra (UOS), Theta (THETA) and Enjin (ENJ) all achieved double digit gains.

4-hour chart for THETA / USDT – UOS / USDT – ENJ / USDT. Source: TradingView

UOS price; After the mainnet announcement that will increase the cross-chain and NFT features, it rose 21 percent to a record level of $ 0.452.

Theta, the blockchain-based video streaming platform, climbed to an all-time high of $ 4.98 before the hard fork on March 10.

Theta; In February, Sony performed strongly after announcing its participation in Europe’s Theta blockchain verification program and improving NFT payments for publishers.

Enjin (ENJ) hit an all-time high of $ 1.76 on March 5, focusing on building a broad-based NFT ecosystem.

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