The crypto market has shown an incredible performance over the past week. Bitcoin has sustained momentum and risen above the $60,000 level, reaching $64,000.
The levels reached at the end of February have suggested to many investors that March could be an even more impressive month for the current bullish rally.
However, no prediction is set in stone, as many factors could swing investors’ sentiments and move the trends in the opposite direction. At the moment, the crypto market seems to have taken a small pause to catch its breath.
Crypto Market Momentarily Slows Down
The global crypto market reached a significant milestone for this bullish run a few days ago. As reported, the total crypto market cap hit $2T on February 27, an accomplishment not seen since April 2022.
As March begins, the market cap for the crypto market sits at $2.3 trillion, representing a 17.97% surge in the 7-day timeframe. This growth has surpassed the level established in early 2022 and potentially clears the path to the $2.4 trillion mark seen in December 2021.
Nonetheless, the market rise seemingly slowed down momentarily. The current market cap of $2.31 trillion represents a modest 1.32% decrease over the last day, according to CoinMarketCap data.
Similarly, the total crypto market trading volume was around $127.9 billion at writing time, registering a significant 35.77% drop from yesterday.
Trading volume chart in the last 24 hours. Source: CoinMarketCap
The data shows that Bitcoin and Ether have faced over 40% market activity decrease compared to the trading volume registered 24 hours ago. Similarly, some of the largest memecoins showed a slowdown in performance.
As the list below shows, Dogecoin (DOGE) registered a 5.9% price drop on the last day. Likewise, Shiba Inu’s (SHIB) price decreased by 5.8% in the same timeframe.
Price performance of the top ten cryptocurrencies in the last 24 hours. Source: CoinGecko
On the contrary, Solana (SOL) performed better on the last day than the top ten cryptocurrencies, registering a 4.1% price surge. SOL’s $134 price places it alongside DOGE as the best-performing cryptocurrencies among the top ten in the last seven.
Among the largest gainers on the last day, PEPE reversed yesterday’s 12% price drop after registering a 10.9% growth during the past 24 hours. Similarly, the dog-themed memecoins dogwifhat (WIF) and (BONK) registered a price increase of 20,66% and 6.65%, respectively.
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