Bullishness within the cryptocurrency market continued on Feb. 18 as Bitcoin (BTC) trades close to $51,000 and Ether (ETH) is inside attain of the
Bullishness within the cryptocurrency market continued on Feb. 18 as Bitcoin (BTC) trades close to $51,000 and Ether (ETH) is inside attain of the $2,000 degree for the primary time as retail merchants stay lengthy whereas professional merchants are much less optimistic within the brief time period.
Information from Cointelegraph Markets and TradingView reveals Bitcoin value has pulled again barely from current all-time highs to a present worth of $51,924 whereas ETH value has elevated 5.66% to a file excessive of $1,950.
Buyers in Canada confirmed their wholesome urge for food for entry to the highest cryptocurrency because the debut of the Canadian Bitcoin ETF noticed practically $100 million in quantity in the course of the first few hours of buying and selling.
In the meantime, Microsoft co-founder Invoice Gates indicated that he has taken a “impartial view” on Bitcoin and is neither brief nor lengthy on the asset, feeling that BTC “can go up and down simply primarily based on the mania or regardless of the views are.”
New assist and resistance ranges emerge for BTC
Chad Steinglass, Head of Buying and selling at CrossTower, has recognized the following wall of resistance for Bitcoin round $53,000 whereas its present assist degree is round $51,000, making a “slender channel” that’s unlikely to “maintain for very lengthy.”
In a non-public dialog with Cointelegraph, Steinglass said:
“Beneath $51,000 there’s extra assist at $49,000, and above $53,000. I anticipate the following pocket of resistance to return round $56,000, which is one other massive open curiosity possibility strike.”
In terms of Ether (ETH), Steinglass indicated that the current selloff in altcoins “dragged ETH down together with them,” however because the selloff subsided on Feb. 18 Ether was in a position to “break away and drive greater.”
Steinglass took the resilience proven by Ether throughout a turbulent market in altcoins as a “signal that the story behind ETH is extra broad and strong than the current frenzy in altcoins that utilized ETH for staking functions.”
Enhance in jobless claims places strain on conventional markets
Conventional markets fell below strain on Feb. 18 because the financial restoration from the Covid pandemic sputters within the U.S. and unemployment claims elevated following a number of weeks of a downward pattern within the metric.
The S&P 500, Dow and NASDAQ all completed the day within the pink, down 0.44%, 0.38% and 0.72% respectively.
A number of altcoins set up new highs
Altcoins bounced again from their current dip to see wholesome value good points on Thursday, with Binance Coin (BNB) outperforming the remainder of the highest ten because it elevated greater than 20% over the previous 24-hours to a brand new all-time excessive of $218.94
Dogecoin (DOGE) and IOTA (MIOTA) have additionally elevated by roughly 16% to a value of $0.059 and $1.52 respectively, whereas REN gained 20.75% to notch a brand new file excessive at $1.21.
The general cryptocurrency market cap now stands at $1.57 trillion and Bitcoin’s dominance fee is 60.6%.