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NFT-related altcoins hit new highs after Bitcoin price rallies to $53K

Bitcoin’s daily close above the key $52,000 level signals that bulls intend to make a second attempt at securing a new all-time high.
The cryptocurrency market saw an influx of activity on March 8 that provided a lift to the vast majority of the top tokens as the world celebrates International Women’s Day. Bitcoin’s (BTC) recovery back above $50,000 was followed by a new wave of bullish optimism and analysis from Bloomberg senior commodity strategist Mike McGlone suggested that Bitcoin is pushing gold aside as a store of value in investors’ portfolios. Data from Cointelegraph Markets and TradingView shows the price of BTC has increased 4.6% from a low of $49,272 during the early trading hours of March 8 to $53,300 at the time of writing.BTC/USDT 4-hour chart. Source: TradingViewRecent analysis shows that while professional traders remain hesitant to open new BTC long positions due to a strengthening dollar index and rising Treasury yields, large corporations are buying BTC at an accelerated rate leading to heavy outflows from exchanges. Now that Bitcoin price has secured a daily close above the $52,000 level, its possible that these reluctant traders will open new long positions.Bitcoin balance at all exchanges. Source: glassnodeOn-chain data from glassnode also points to a bullish case for Bitcoin as miners have stopped selling BTC for the most part and now appear to be in accumulation mode. NFT capabilities help boost token pricesAltcoins also moved significantly higher as many top projects reached new all-time highs on Monday. Non-fungible tokens (NFT) projects like …
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