March 31, 2024 at 11:52 AM | Read time: 3 minutes
On Sunday evening, major cryptocurrencies saw a spike in prices, with Bitcoin reaching a record high of $70,000, marking the end of a successful first quarter for the market.
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +1.31% | $70,886 |
| Ethereum (CRYPTO: ETH) | +2.38% | $3,615 |
| Dogecoin (CRYPTO: DOGE) | +6.84% | $0.21 |
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What Happened: Over the Easter weekend, Bitcoin saw an increase of approximately $1,000, following comments from Jerome Powell, Chair of the United States Federal Reserve.
In an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, Powell expressed a calm attitude towards inflation and economic prospects.
He stated that the government is not in a rush to reduce interest rates, as the economy is strong and the job market is robust. The current prediction for the first rate cut is in June, with a 61% chance of a 0.25% reduction at the Federal Open Market Committee meeting in September.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Core (CRYPTO: CORE) | +66.32% | $2.72 |
| Jupiter (CRYPTO: JMP) | +23.45% | $1.81 |
| Bitcoin Cash (CRYPTO: BCH) | +14.97% | $681.17 |
The global cryptocurrency market cap is currently at $2.65 trillion, showing a slight decrease of 0.39% in the past 24 hours.
On Sunday evening, stock futures prices also saw a small increase as Wall Street prepares for the start of the second quarter. The Dow Jones Industrial Average futures rose by 110 points, or 0.3%, while S&P 500 futures and Nasdaq futures increased by 0.3% and 0.5%, respectively.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe predicts that Bitcoin’s current consolidation will continue, with potential movement starting on Tuesday. He suggests that if $67K holds, there may be a final ATH (all-time high) test before the halving.
Benjamin Cowen, founder of Into The Cryptoverse, believes that the “BTC dominance train is about to leave the station.”
Daan Crypto Trades, another analyst, predicts that if there is a successful breakout, BTC prices could potentially reach $80,000.
Ali Martinez, an on-chain analyst, has pointed out a head and shoulders formation on the 30-minute chart for Bitcoin. She suggests that if BTC stays above the 200EMA and breaks through the neckline resistance at $71,580, there could be a potential increase of 4.44%, targeting a price of $74,760.
Photo By: Avi Rozen On, Shutterstock
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