Altcoins bounce to new highs as Bitcoin price trades sideways under $50K
The cryptocurrency market made up for some of the losses of the past few days on February 25, when Bitcoin (BTC) briefly crossed the $50,000 mark and many spirits posted double-digit gains.
Data from Cointelegraph Markets and TradingView show that Bitcoin hit a low of $45,200 late in the evening of February 24, before climbing 15% to $52,000 in the morning.
BTC/USDT 4-hour chart. Source: TradingView
Although the recovery in the cryptocurrency market is welcome for optimistic investors, the price of Bitcoin is still finding resistance above $50,000, and this level has yet to be confirmed as a support.
Economists have also become concerned about rising government bond yields, which are generally a sign of economic weakness and could have a major impact on many markets.
100,000 of Bitcoin catalysts.
As Bitcoin enters a minor correction phase, analysts are wondering if digital assets could surpass $100,000 by the end of 2021.
According to Giles Coghlan, chief currency analyst at HYCM, the answer to this question “depends on who you ask.” Proponents of cryptocurrency are “very optimistic” that 2021 will be “the year Bitcoin will come to the fore,” while traditionalists are skeptical about the “risky and unpredictable market.”
Coghlan sees the driving force behind recent progress as “public excitement” following the pro-crypto tweets of Elon Musk and Mark Cuban, but now “enthusiasm seems to be waning” as Bitcoin struggles to hold $50,000.
Given the volatility of BTC, it is “too early to say whether this will be a new level of core support.”
Mr. Coghlan said:
“I would not be surprised if the price slowly drops to $40,000 in the coming weeks, which seems a more realistic support level. A drop below that level is also possible, depending on Bitcoin’s performance in 2020.”
The analyst believes that the acceptance and approval of Bitcoin by “large institutional funds and regulators” is the next big driver of new high prices, which will also end the dominance of the cryptocurrency market by retail traders and could eventually lead to a “less volatile” market.
Announcements and protocol updates increase the price of altcoins
Several large and mid-cap Altcoins experienced a price break on Thursday, as recent announcements and new integrations increased trading volume.
Daily indicators for the cryptocurrency market. Source: room360
ADA Cardano is the first piece in the top 10, currently up 10.4% and trading at $1.15, while Fantom (FTM) continues to benefit from its recent cross-channel integration with Ethereum, up 31.79% at a price of $0.7755.
Other notable performers include Enjin Coin (ENJ), which is currently up 34% to $0.6221. MATIC Polygon is also up 27.74% and is trading at $0.2023.
Daily chart of BTC/USD. Source: Moneta360
The total capitalization of the cryptocurrency market currently stands at $1,533 billion, with Bitcoin dominating at 61.3%.
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