Select altcoins continue to hit new yearly highs, while a bull flag on
Bitcoin suggests traders are preparing for a run at $50,000.
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.
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.
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.”
Altcoins 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.
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.
The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 62.9%.
source link : https://cointelegraph.com/news/altcoins-move-higher-as-bitcoin-bull-flag-points-toward-50k-btc-price
