Cryptocurrency Market Analysis as of March 14, 2024

This week, Bitcoin reached a new all-time high, surging to $73,785 by March 14.

Throughout the week, the total cryptocurrency market capitalization grew from $2.51 trillion to $2.77 trillion. Bitcoin saw a nearly 10% increase, Ethereum rose by 5%, Ripple surged by almost 11%, and Litecoin gained 13%.

Technical Analysis

Bitcoin

Observing the weekly Bitcoin chart, it's evident that the cryptocurrency continues its upward trajectory, hitting a pinnacle of $73,785 on March 14.
Bitcoin surpassed the psychological level of $70,000 per coin and the 61.8 Fibonacci extension level. The next target lies around the $77,000 mark, corresponding to the 100 Fibonacci extension level.

Ripple

Ripple consolidated above the 0.6729 level and reached resistance at 0.7460. Should the support at 0.6729 hold, XRP/USD could potentially rebound within this range.

Ethereum

Against the backdrop of overall market growth, Ethereum approached the resistance of the range between 3586.13 and 3992.43. Failure to exit it might lead to a sideways or downward correction in price. However, the consolidation above the 3992.43 level could pave the way for further gains, targeting 4171.20.

Litecoin

Litecoin saw a rise within the range between 88.12 and 102.30 this week, yet an attempt to exit it upwards resulted in a false breakout. Presently, LTC/USD has retraced to the middle of the sideways trend, indicating potential movement towards either boundary.