2021-03-08 20:38:00

Market Roundup: Stable Bitcoin Sees NFT Projects Surge

Monday saw Bitcoin hold the $50,000 mark perfectly as it offered respite to the rest of the market. Ethereum strength also saw altcoins gain on a day generally termed as bloody Monday.

Following a slow weekend, Bitcoin remained relatively stable for the time being. Bitcoin has seen massive volatility in 2021. While not offering much time to settle down and range between prices, altcoins have had difficulty trying to gain price. However, Monday’s stability in the market allowed altcoins to gain in prices as the market remained relatively green. 

Bitcoin Bounces Back

Bitcoin continues to hover around the $51,000 mark. A strong indication that the bull market is most certainly not over. Similarly, Ethereum also held firm after finally breaking through the $1,700 price range. Ethereum had been looking stronger all weekend but was unable to break the level until Monday.

Bitcoin strength continues to hold important levels. This lack of volatility could allow altcoins to move more before Bitcoin sees another leg back up to challenge the previous all-time high. 

Source: Tradingview 

Altcoins Time to Shine

Altcoins have finally been able to play catchup after Bitcoin’s volatility took a back seat. Most of the market saw green on Monday with some noticeable gainers.

One being Chainlink (LINK) which climbed over 11% in price. Leapfrogging Litecoin (LTC) at the same time to take the top 9 spots. Uniswap also saw an impressive 5% price jump, inching it ever closer to XRP, which is now only $4.5 billion ahead in market capitalization. 

Source: CoinGecko

Top 100 Biggest Gainer

For the second time in less than a week, Chiliz (CHZ) tops the list as the biggest gainer in the top 100. Chiliz has seen some exponential growth over the last week. On Monday, the price surge of nearly 40% sees CHZ hit a market capitalization of $1 billion. The project has been riding a wave of hype and FOMO following recent news.

The company announced it would be expanding to the United States with a $50 million budget. The aim is to grow the NFT fan token exchange in the United States. The boost in the project’s pricing is not surprising, considering NFTs are all the rage right now, and Chiliz offers fans the opportunity to own actual NFTs of their favorite sports teams. 

On Monday, other major gainers see NFT stalwarts Enjin Coin (ENJ) and Decentraland (MANA) among the top gainers.

Source: CoinGecko

With Monday starting well, the week is looking good. Investors will expect more green this week as NFT mania takes over the market. If Bitcoin can remain stable for the next few days, it could offer altcoins the opportunity to see more bullish price action.

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