The cryptocurrency market digest (BTC). Overview for 31.03.2023


The BTC dropped to 27,806 USD on Friday. The cryptocurrency lacks an impulse to bring to life its ambitious targets for growth. The support level is 26,750 USD, and the next one is 26,500 USD. Resistance levels are 29,000 USD and higher.

The correlation with the US stock market has somewhat weakened, which brought down the support from this part of buyers.

By the end of the week, month, and quarter, the capitalisation of the crypto market has dropped by 1.168 trillion USD. The BTC takes up 46%, its part of the market has shrunk noticeably. The part taken up by the ETH is estimated as 18.8%.

BTC let us earn in Q1/23

The leading cryptocurrency over January-March 2023 grew by 70%. We only saw similar growth in 2021, when the token rose by 103%. Compared to the BTC, investments in traditional assets turned out less profitable. For example, the S&P 500 index grew by just 5.5% and Nasdaq – by 19%.

Citi waits for the growth of the token market

By 2030, the market of token assets will have grown 80 times, reaching 4 to 5 trillion USD. Simultaneously, according to Citi valuations, DLT-based (distributed ledger technology) trade financing volumes will also grow substantially. Most confidently tokens will take root in direct and venture investments.


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.