Crypto Price on February 13: Bitcoin trades near $50K mark; Solana, Avalanche jump up to 8%

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Bit­coin hit the $50,000 lev­el for the first time in more than two years, thanks to inflows into exchange-trad­ed funds backed by the dig­i­tal asset. The world’s largest cryp­tocur­ren­cy was also buoyed by expec­ta­tions of inter­est rate cuts lat­er this year and last mon­th’s reg­u­la­to­ry nod for U.S. exchange-trad­ed funds designed to track its price.

How­ev­er, Bit­coin fell just below the $50,000 mark in ear­ly trade on Tues­day, trad­ing 3.9% high­er at $49,971. Where­as, the price of Ethereum, the sec­ond-largest cryp­tocur­ren­cy, was up 6% at $2,649.

Also Read | Bit­coin hits $50k lev­el for first time in more than two years

Fol­low­ing the rise in Bit­coin and oth­er alt­coins, the glob­al cryp­tocur­ren­cy mar­ket cap surged 3.8% to around $1.87 tril­lion in the last 24 hours.

Bit­coin breaks through the $50,000 mark for the first time since 2021. The surge may be attrib­uted to the robust per­for­mance of the US stock mar­ket, sub­stan­tial inflows into spot Bit­coin ETFs, and an upcom­ing halv­ing event, said Edul Patel, CEO of Mudrex.“Bitcoin faces its next resis­tance at the $50,250 lev­el, poten­tial­ly paving the way for a fur­ther climb beyond $51,200,” Edul added.Meanwhile, Shiv­am Thakral, CEO of BuyU­coin, said, “As expect­ed, Bit­coin soared to $50,000 after hold­ing and break­ing above the $49,000 sup­port. There are approx­i­mate­ly 60 days until the Bit­coin Halv­ing in April 2024 which could poten­tial­ly push the cryp­tocur­ren­cy mar­ket to new highs.”“The macro fac­tors such as the antic­i­pat­ed rate cut by the US Fed and the grow­ing pop­u­lar­i­ty of Bit­coin ETFs will dri­ve the mar­ket in the mid to long term. We can expect Bit­coin to retest its all-time high of $69,000 post-halv­ing,” Thakral added.

Oth­er alt­coins such as Solana, Avalanche, Ton­coin and Poly­gon surged 5–7%. XRP, Car­dano, Doge­coin, Polka­dot, and Shi­ba Inu also gained 2–4%.

The total vol­ume in DeFi is cur­rent­ly $6 bil­lion, 8.29% of the total cryp­to mar­ket 24-hour vol­ume. The vol­ume of all sta­ble­coins is now $65.3 bil­lion, which is 90.14% of the total cryp­to mar­ket 24-hour vol­ume, as per data avail­able on CoinMarketCap.

In the last 24 hours, the mar­ket cap of Bit­coin, the world’s largest cryp­tocur­ren­cy, increased to $979 bil­lion. Bit­coin’s dom­i­nance is cur­rent­ly 52.41%, accord­ing to Coin­Mar­ket­Cap. BTC vol­ume in the last 24 hours increased 76.3% to $34.17 billion.

“Bit­coin cross­ing $50,000 today, for the first time in two years, is a notable win for all its enthu­si­asts. The asset, already 3x its Nov. 2022 bot­tom, looks healthy to ral­ly towards $52,000 in the com­ing days if it holds cur­rent lev­els. How­ev­er, post $52,000, a pull­back is like­ly,” Vikram Sub­bu­raj, CEO of Giot­tus, said.

Mar­ket sen­ti­ment indi­cates that Bit­coin may con­sol­i­date at cur­rent lev­els for a while as alt­coins do bet­ter com­par­a­tive­ly, Sub­bu­raj said.

Tech view by Rajagopal Menon, VP, WazirX

BTC’s Expo­nen­tial Mov­ing Aver­age for a 10-day EMA indi­cates “Buy” at 46897, and a 200-day EMA indi­cates “Buy” at 37083. The Sim­ple Mov­ing Aver­age for a 10-day SMA indi­cates “Buy” at 46108, and a 200-day SMA indi­cates “Buy” at 35004.

The Rel­a­tive Strength Index (14) is at 78, indi­cat­ing ‘Sell”. The Sto­chas­tic %K (14, 3, 3) at 95 and the Aver­age Direc­tion­al Index (14) at 23 indi­cate a Neu­tral outlook.

The MACD Lev­el (12, 26), at 1712, indi­cates “Buy”. The Sto­chas­tic RSI Fast (3, 3, 14, 14) at 100 indi­cates ‘Neu­tral’, and William’s Per­cent­age at ‑5 indi­cates ‘Sell’.

(Dis­claimer: Rec­om­men­da­tions, sug­ges­tions, views and opin­ions giv­en by the experts are their own. These do not rep­re­sent the views of The Eco­nom­ic Times)

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