02.03.202113:48 Forex Analysis & Reviews: Cryptocurrencies continue to grow, and Bitcoin promotes investment in Altcoins: Reasons and Forecast

The cryptocurrency market is starting to recover after a weekly market correction. Over the past day, the main digital assets have risen in price by an average of 5-12%. However, the hardest part is yet to come. Despite the steady growth since the beginning of the week, the positions of crypto assets are just starting to get close to indicators where problems can begin.

Over the past day, bitcoin managed to overcome the psychological threshold of $50,000, but a few hours later it moved back to $48,000. The coin failed to gain a foothold, but there is every prerequisite that the cryptocurrency will be able to hold on to new positions on the next attempt. This is evidenced by the renewed flow of investment from MicroStrategy, as well as reports of the introduction of bitcoin as a means of payment in hundreds of stores around the world by Rakuten companies.

Exchange Rates 02.03.2021 analysis

The situation is improving for Ethereum, which has risen in price by 12% over the past day. Having reached a local low of $1,300, the crypto asset managed to overcome the $1,500 mark. In addition to the overall growth of the market and the positive economic situation, the growth of ETH was influenced by indirect interest from the Dubai-based company D7, which relies on altcoins. Recently, the company announced the creation of a fund for operations in the network of currencies Etheruem, Cardano, and Polkadot. This announcement clearly contributed to the growth of the ether, which has recently kept away from high-profile announcements.

Exchange Rates 02.03.2021 analysis

The XRP token shows less joyful results and continues to be quoted at $0.493. However, taking into account the information agenda, it is worth recognizing that the Ripple coin shows a very large margin of safety.

Exchange Rates 02.03.2021 analysis

Litecoin, like XRP, does not succumb to the general rate of growth of quotes and develops its own unhurried rhythm. The coin made a big leap on the morning of March 2 and is worth $180 as of 10:00 UTC.

Exchange Rates 02.03.2021 analysis

The cryptocurrency market shows overall growth for the second day in a row. It is quite possible to assume that the main digital assets have overcome the price correction and are beginning to create a springboard for future records. This is an expected but unconfirmed scenario. The market may continue to fluctuate for a few more days because the main coins are only being selected to the optimal price indicators.

However, some conclusions are already being drawn. For example, it became clear that large investors were divided into three main categories in their policies regarding Bitcoin. The first group was convinced that the first cryptocurrency "plays" according to the rules of the market and does not depend solely on the current economic form of large investors. This conclusion means that bitcoin is an excellent tool not only for investment but also a promising means of payment. The second group includes companies that take a wait-and-see attitude and cannot say for sure how important Bitcoin will play in their portfolio.

And the third group, which is gaining momentum, is disappointed in Bitcoin, but not in the cryptocurrency market. This includes Bill Gates' investment funds, D7 companies, and other global market participants who have given up trying to influence Bitcoin and focused on investing in altcoins. Such a plurality of views can have both positive and negative effects on the market. However, there is no denying the increasing interest in digital assets in the first months of 2021.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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Analista del: Artem Petrenko
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