- Here are the top five cryptos to watch out for in March as Fed is likely to raise interest rates to curb inflation.
- Bitcoin, Ethereum, Tether, Cardano, and Solana are on the list.
- Investors should stay cautious as the market can go either direction following Fed’s actions.
2023 is comparatively a better year for cryptocurrencies in terms of price. The assets have likely come out of the grapple of the prolonged bear market of 2022.
Even though most of these assets have displayed double-digit gains in the last two months, the market can go either way following different factors. Investors should stay cautious as inflation is not under control. The Fed is likely to raise interest rates by 6%, according to a recent Bank of America note shared by reports. This could also have an impact on the whole cryptocurrency market.
To add to this, the SEC has doubled down on its scrutiny of the crypto realm. Gary Gensler, the US SEC chair also recently made the statement that every crypto except BTC is security. Let us look at the five cryptocurrencies to watch in March.
Bitcoin is trading at $23,760 at press time, with a 1.5% gain in value over the last 24 hours. CoinMarketCap data also reveals that the coin is up by 43.47% in the last 60 days. However, the $25,000 price is a crucial resistance for BTC, and breaking it would require strong bullish movement. The bears are likely to take over if BTC fails to gather momentum.
BTC is the primary cryptocurrency on the watchlist as the altcoins generally tend to follow the trend of Bitcoin. If the price of Bitcoin tends to pump or drop, altcoins are likely to follow it.
Ethereum is trading at $1,655 at press time, with a 1.6% gain in value in the last 24 hours. Data also reveals that ETH is up 38.45% in the last 60 days. In the last 30 days, ETH broke the $1,700 resistance to touch $1,732. However, the asset had fallen below $1,700 at press time.
ETH should be on your watchlist as the much-awaited Shanghai upgrade is likely to go live this month. If the upgrade completes without any hindrance, it could likely push the price of ETH higher.
The second-largest meme coin is doing relatively better in 2023, with a 53% gain in the last 60 days. At press time, SHIB is trading at $0.00001238, with a 0.44% gain in value over the last 24 hours.
SHIB should be on your watchlist as the much-awaited Shibarium is set to drop any time soon. Even though there is no clear-cut idea of the date, the launch is expected to be in March.
Solana has been going through a rough patch ever since the fall of FTX. However, SOL managed to pump by 131% in the last 60 days.
Recently, the Solana network faced an outage, which halted the blockchain for a few hours. The team had also assigned a team to investigate the matter. At press time, SOL is trading at $22.58 with a 1.1% gain in value over the last 24 hours.
Solana is planning to improve its blockchain with new plans to ramp up the blockchain. The price of SOL could likely go up if such an upgrade stops the frequent network outages of the Solana network.
Cardano has been on a steady pace in terms of price since 2023. The coin is up 47% in the last 60 days. The ADA team recently launched a Valentine’s Day update that affected the price of ADA.
At press time, ADA is trading at $0.3618, with a 0.89% drop in value over the last 24 hours. Cardano is on the list as the blockchain team is already planning to implement new ecosystem developments, according to a recent report. The price of ADA is likely to go up if the works of these developments are underway.
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