The Bitcoin (BTC) bulls, trying to surpass $ 58,000, failed, despite US Federal Reserve Governor Jerome Powell’s statement on March 22 that cryptocurrency could “replace gold.”
According to data from Cointelegraph Markets and TradingView, investors’ efforts to beat all $ 58K in the past two days failed, and BTC fell to $ 54K.
On-chain analysis shows that while the BTC price has struggled to exceed $ 60,000, whales have continued to accumulate Bitcoin for the past 30 days.
Cryptocurrencies are gaining mainstream popularity
The macro outlook for the cryptocurrency industry continues to improve day by day. TIME, one of the world’s largest magazines, announced that they are looking for a CFO close to Bitcoin and cryptocurrencies. The famous magazine also explores transforming its iconic covers into NFT.
With the evolution of blockchain technology to the point where it can broadcast video and music, the value of the platforms that have the advantage of entering the first in these sectors has multiplied in the past months.
Theta (THETA) and Theta Fuel (TFUEL) led the blockchain-based video streaming industry. The price of both tokens increased astronomically to record levels in 2021.
Music streaming platform Audius (AUDIO) also showed a strong rally last month. Trading at $ 0.356 on Feb. 28, AUDIO hit an all-time high of $ 2.05 on March 16.
Augur (REP), one of the other altcoins that showed a remarkable performance on March 22, rose 30 percent to 39.30, and XRP rose 20 percent to $ 0.60.
The total value of the cryptocurrency market was $ 1.746 trillion, while Bitcoin’s dominance was 59.8 percent.