Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb. 9 and led to a total market cap value higher than the market cap of the Russian ruble.
Data from Cointelegraph Markets and TradingView shows Bitcoin established a new all-time high of $48,220 in the early hours on Tuesday and has since pulled back to $47,092, marking a 9.24% increase over the past 24-hours. BTC/USDT 4-hour chart. Source: TradingView
According to Decentrader founder, filbfilb, today’s market action showed strong activity from the bulls who aggressively “absorbed sellers” positions, resulting in the “failed... Check out the latest cryptocurrency news reports here https://topmagazinewire.com/category/cryptocurrency
Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
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Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb. 9 and led to a total market cap value higher than the market cap of the Russian ruble.
Data from Cointelegraph Markets and TradingView shows Bitcoin established a new all-time high of $48,220 in the early hours on Tuesday and has since pulled back to $47,092, marking a 9.24% increase over the past 24-hours. BTC/USDT 4-hour chart. Source: TradingView
According to Decentrader founder, filbfilb, today’s market action showed strong activity from the bulls who aggressively “absorbed sellers” positions, resulting in the “failed breakdown of a low timeframe head and shoulders pattern”.
Filbfilb views the current price action as a positive development for the future of BTC which looks to break out higher before establishing a new consolidation zone. BTC/USD 1-day chart. Source: TradingView
In his Decentrader Telegram channel filbfilb said: “The target for consolidation is near $52k, where I’m expecting a bit of a correction but the measured move overall should take us towards $63,000.” ltcoins gather momentum as multiple tokens see new highs Altcoins pushed higher as Bitcoin price consolidated in preparation for what could be a move toward $50,000. Following the launch of CME Ether futures contracts, Ether (ETH) price surged to a new high at $1,825. Data from CoinMetrics suggests that the CME launch could lead to accelerated inflows into the Grayscale Ethereum Trust (ETHE).
Meanwhile, Litecoin futures have also seen a surge in activity with a record $584 million in open interest, indicating that the altcoin is attracting the attention of institutional investors. Daily cryptocurrency market performance. Source: Coin360
Elrond (EGLD) also set a new price and trading volume record as it increased 700% since the start of 2021 driven by the release of the Maiar wallet and plans to integrate with decentralized finance protocols.
Interoperability between blockchains continues to be a prominent focus in the cryptocurrency sector and this boosted the price of Polkadot (DOT) to a new high at $24.04. DOT’s breakout to a new high followed the announcement that Curve Finance would be implemented on Equilibrium’s Polkadot parachain. CRV also saw its price spike to a 2021 high at $3.56 on Feb. 5 as news of the upcoming cross-chain functionality brought a fresh wave of optimism to the project. Binance Coin (BNB) hit a new all-time high as its growing DeFi infrastructure and expansion of token functionalities on Binance Smart Chain further strengthen BNB’s fundamentals. At the time of writing, BNB is up 44.09% and trading for $106.66. Other notable performers in the past 24-hours include a 52.22% rally from Filecoin (FIL) and a 20.23% move from EOS. BTC/USD daily chart. Source: Coin360
The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 62.9%.
Title: Altcoins move higher as Bitcoin bull flag points toward $50K BTC price Sourced From: cointelegraph.com/news/altcoins-move-higher-as-bitcoin-bull-flag-points-toward-50k-btc-price Published Date: Tue, 09 Feb 2021 21:40:00 +0000 John Diaz– Stocks Market I am John Diaz and I’m passionate about business and finance news with over 11 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind topmagazinewire.com with a vision to broaden the company’s readership throughout 2019. I am an editor and reporter of “Stocks Market” category. 2021's Most Anticipated Growth Wealth-Building Opportunity Join Thousands of Early Adopters Just Like Yo...
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