[Digital Today Reporter Hyunwoo Choo] The virtual asset (cryptocurrency) market, which had been on a decline for several days, is on the rise again in March. Bitcoin showed a recovery trend with a surge of more than 10% after opening in March.
Based on Coin360 at 8:30 am on the 2nd, Bitcoin (BTC) is trading at $49666, a 10.69% increase from the day before. Bitcoin fell to $43,000 on the 1st and then reversed upward. On the domestic virtual asset exchange Upbit, it is trading at 56.72 million won, up 9.46% from the previous day.
Ethereum (ETH) soared 9.74% from the previous day to $1549, Binance Coin (BNB) soared 22% to $257, and Polkadot (DOT) rose 5.23% to $35.49. Cardano (ADA) is trading at $1.29, down 1.19%, and Ripple (XRP) is trading at 44 cents, up 7.8%.
Cointelegraph, a media specialized in virtual assets, pointed to the rise in favorable prices such as the recovery of the global stock market and premiums from the promotion of the Coinbase listing.
The global stock market showed a recovery trend with the opening on Monday the 1st. Stock markets in Europe such as Australia and Germany turned upward. The US stock market also showed a recovery trend, rising 1.95% for the Dow and 2.59% for the Nasdaq.
The promotion of the listing of Coinbase, the largest cryptocurrency exchange in the United States, is also working as a good news for the market. Coinbase posted a total of 1.2 billion dollars in sales in 2020. Net profit was worth $322 million. When Coinbase is listed on Nasdaq, it will become the first U.S. cryptocurrency exchange to become a public company.
Cointelegraph analyzed that if this upward trend breaks through the $50,000 resistance line, there is enough room to rise to the $56,000 level.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.