What Changed in Crypto Markets While You Were Sleeping — March 31

Bitcoin (BTC) Update

Bitcoin has been increasing since bouncing from support on March 25. Since then, it’s reached a local high of $59,800 on March 31. 

Currently, BTC is trading inside the $59,500 resistance area. This is the 0.786 Fib retracement level of the previous drop. 

Technical indicators have turned bullish. The MACD has given a bullish reversal signal and the RSI has crossed above 50. While the stochastic oscillator has yet to make a bullish cross, it’s very close to doing so.

Altcoin Movers

The top-ten cryptocurrencies by market cap have seen some slight changes today. Cardano (ADA) is close to overtaking the #4-ranked Tether (USDT). The former has a market cap of $38.4 billion while the latter has $40.7 billion.

THETA has also fallen behind Litecoin to take the #10 spot. The two assets are neck-and-neck though, with less than $100 million difference in market cap.

BitTorrent (BTT) is today’s biggest gainer so far. CoinMarketCap is reporting a 34% spike in the past 24 hours. BTT is up nearly 70% in the past week.

Solana is the biggest loser of the day, down 9%. It has fallen to the #24 rank with a market cap slightly above $5 billion.

In Other Crypto News

• American rapper Snoop Dogg announced his first non-fungible token (NFT) collection. “A Journey With The Dogg” will drop on April 2. The collection will include original tracks from Snoop. One track titled “NFT” is precisely centered around the recent trend. Along with the tracks, artworks inspired by Snoop’s life will be included in the drop.

• Asia’s largest crypto wallet company imToken has completed a funding round with lead investment from Qiming Venture Partners. IDG Capital and Breyer Capital have also participated. The $30 million round will be used to accelerate platform innovation, build a dedicated research arm, and recruit top talent.

• Palm is an NFT ecosystem created in collaboration with Ethereum co-founder Joseph Lubin. Contemporary artist Damien Hirst will be the first artist to drop an NFT on Palm.