Let's take a look at what's going on in the cryptocurrency market today, including the prices of bitcoin and ethereum, as well as some of the more notable altcoins.
The price of bitcoin has risen above $56,000. BTC has found support above $55,000.
It then broke through the $57,000 and $57,500 resistance stages. The price even broke through the $58,000 resistance level, reaching a new monthly high of $58,140. It's now correcting lower and trading below $58,000.
On the upside, the price is likely to come up against solid selling interest, around $58,000. A consistent close above the $58,000 resistance level would almost certainly mark the start of a strong rally. In the short term, the bulls' next goal maybe $60,000. Any further gains could push the price up to $62,000.
In other Bitcoin News, for the first time, open interest in BTC futures is nearing $20 billion. Glassnode reported via a tweet on March 11 that open interest across exchanges approached a new peak very close to $20 billion.
Goldman Sachs, which recently reopened its crypto arm for its clients interested in crypto, reported a rise in customer demand for cryptocurrency and related products.
Ethereum continued to fall below the $1,750 support level. But it remained well above $1,720 and $1,700.
The price formed a low near $1,724 before beginning an upsurge. A new high was reached above the $1,800 resistance mark. The price formed a high near $1,845 but is currently trading below $1,800.
Ethereum developers appear to be fasttracking the network's move from a proof-of-work chain to a proof-of-stake chain. This was moved forward in reaction to the few miners that threatened a.show of force in protests of the EIP 1559 upgrade. The upgrade would have helped miners profits. One analyst called it a good thing.
Check the market summary for altcoins.
The lowest point for Bitcoin Cash was $518. It 's high was at $561, but is currently trading above $520.
The highest point reached by Ripple was above $0.463. It reached an intraday low of $0.432. The price is trading above $0.435.
The intraday low point for Litecoin was $198. It touched a high of $214 and is now trading just above $200.
In conclusion, things seem to be slowing down but theret is Still in a bull run.
