The cryptocurrency's upward momentum shows no signs of slowing, with altcoins taking turns leading the market.

During Monday’s trading session, the entire cryptocurrency market continued its upward trend, showing a clear structural pattern. Alternative coins represented by XRP, Solana, and Dogecoin performed notably, with 24-hour gains of 2.02%, 3.86%, and 2.57%, respectively, all surpassing Bitcoin and Ethereum’s performance during the same period. This phenomenon reflects investors’ ongoing interest in diversified portfolios under the current market environment.

Mainstream Coins Take Turns Leading, Cryptocurrency Market Shows Divergence

As of 3:00 AM Beijing time on March 24, the overall crypto market displayed a multi-point breakout pattern. Bitcoin’s latest price is $70,530, up 3.32% in 24 hours; Ethereum is priced at $2,140, up 3.74% in 24 hours. Although both major mainstream coins have seen significant gains, alternative coins exhibit relatively stronger momentum in intraday trading.

From a technical perspective, Bitcoin has shown signs of an upward breakout after a previous consolidation phase. Analysis indicates that the current price is approaching the 20-day moving average, a key technical level—if it can hold above this level, it will lay a foundation for a stronger rally. Analysts point out that above $70,000, clear technical support has formed, with each pullback to this zone attracting buyers.

At the same time, it is important to note that there is some technical resistance during this rally. From market performance, selling pressure is mainly concentrated at higher levels, indicating some profit-taking by traders during rebounds. However, each pullback tends to be relatively limited, a characteristic often signaling strong buying intent.

On-Chain Data Insights: Short-term Participants’ Profit and Loss Battles

According to the latest on-chain data model released by Glassnode, there are significant differences in the cost basis among various types of market participants. The current spot price is approximately $70,530, while the average cost basis for short-term holders is as high as $99,900, meaning many recent entrants are still at a loss.

This data point is crucial because it reveals potential selling pressure sources in the market. When prices rebound, holders in loss are more likely to sell near their cost basis to quickly break even. Such sell-offs can exert downward pressure on the rally.

In contrast, active investors’ average holding price is roughly aligned with the current spot level, around $87,700. From this perspective, this group’s holders are in a semi-profit, semi-loss state amid slight fluctuations, and their trading decisions tend to be more hesitant. This situation often coincides with low-volume consolidation.

Deeper valuation references come from the real market average, about $81,100, and the realized price, approximately $56,200. The latter represents the on-chain aggregate cost basis of the overall supply and is often regarded by institutional investors as a long-term key reference point.

Macro Background Analysis of Cryptocurrency Rally

On the macro front, the historic rise of precious metals has become a significant contextual factor. Data shows that silver has gained about 155% so far this year, briefly becoming the third-largest asset by market value globally; gold has increased by approximately 72%. The strong performance of these traditional assets is closely related to investor concerns about long-term purchasing power.

Against this backdrop, the narrative of Bitcoin as “digital gold” has regained attention. Compared to traditional precious metals like silver, Bitcoin’s core advantage lies in its strong network effect. This means that as user numbers grow, Bitcoin’s value proposition will further strengthen. Conversely, traditional metals lack such network lock-in effects, and extreme price volatility can lead participants to exit quickly.

Historically, this cycle bears some resemblance to the super cycle of precious metals in 1979, when inflation was in double digits. This provides a new investor base for the crypto market—those worried about fiat devaluation are gradually building crypto allocations.

Technical Outlook and Key Resistance Levels

Regarding future price movements, analysts generally focus on several key technical levels. On the upside, breaking through and stabilizing above the $73,000–$76,000 resistance zone would pave the way for further advances. Support levels are focused around $68,000–$70,000.

It is worth noting that current market activity remains relatively steady, with no signs of liquidity drying up. Under this balanced force dynamic, the crypto market is expected to continue its oscillating upward trend. In the short term, investors should pay close attention to whether short-term holders’ cost basis near $99,900 can form an effective barrier, and the stability of active investors’ ranges.

Additionally, the alternating rise of alternative coins indicates that market participants remain highly interested in diversification. This often signals a positive shift in market sentiment and a renewed recognition of risk assets.