The main cryptocurrency slowed its growth below $ 42,000 on Friday. Bitcoin traded at $41,600 at one point. A 0.3% drop was reported at the end of the session on Thursday, and it ended the day near the $41,000 mark. At the same time, altcoins, on the contrary, took advantage of the strengthening of stock indicators and the weakening of the dollar for a powerful upward push.
Meanwhile, analysts of the Santiment company reported that the activity of large holders of the main digital asset (VTS-whales) decreased to the lowest level in a year. And this means that in the next couple of days the market will not show sharp movements. According to the world's largest aggregator of data on virtual assets CoinGecko, the total capitalization of the crypto market increased by 1.1% to $ 1.92 trillion on Thursday. The Bitcoin dominance index has decreased by 0.4% over the past 24 hours - to 40.6% amid the strengthening of altcoins. Since the beginning of March, the main cryptocurrency has shown a decrease of 6%. For almost the entire month, bitcoin has been in a sideways range from $37,000 to $42,000, not daring to choose a certain vector of movement. The coin lost more than 16% in January, and its price increased by 12% in February.
The BTC updated the historical record in November 2021, soaring above $69,000. Since then, the cryptocurrency has moved to a steady decline and has fallen in price by more than 40%. According to the results of the past year, the cost of bitcoin increased 1.6 times - to $46,200 from $28,900. At the beginning of the week, the price of the BTC permanently increased against the background of strengthening stock indexes and weakening of the US dollar. On Wednesday, the US Federal Reserve expected to raise rates by 0.25%, following this news, the crypto market and other risky assets began to increase sharply. So, after the Fed meeting, the key US stock index S&P 500 instantly jumped by 2.24%, the Dow Jones gained 1.55%, and the NASDAQ Composite rose by 3.77%.
The unpredictable behavior of digital gold forces experts to make the most unexpected predictions about its future. On the eve of the CEO of the virtual asset management company Galaxy Digital Mike Novogratz shared another preliminary scenario, according to which the coin will soar to $500,000 in 2025.
