Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
Growing institutional interest in Bitcoin (BTC) helped the leading cryptocurrency to a new record on February 9, with total market capitalization exceeding that of the Russian ruble.
Data from Cointelegraph Markets and TradingView show that Bitcoin hit a new all-time high of $48,220 early Tuesday morning and has since fallen to $47,092, up 9.24% in the past 24 hours.
BTC/USDT 4-hour chart. Source: TradingView
According to Decentrader founder Filbfilb, today’s market action has shown strong bullish activity that has aggressively “absorbed sellers’ positions,” resulting in “a failure of the head-shoulder model with short time frames.”
Filbfilb sees the current price action as a positive development for the future of BTC, which could turn upward before a new consolidation zone is formed.
Table CTB/USD 1 day. Source: TradingView
The television station Filbfilb reported on it in its “Decentrader Telegram.”
“The consolidation target is near $52,000, where I expect a slight correction, but the measured movement as a whole should take us to $63,000.”
Changing coins grow in size as different tokens reach new heights.
The price of bitcoin rose as the price of bitcoin consolidated toward $50,000.
Following the launch of the CME Ether (ETH) futures contracts, the price of Ether (ETH) reached a new high of $1,825, with CoinMetrics data suggesting that the launch of CME could lead to an accelerated inflow of funds into the Grayscale Ethereum Trust (ETHE).
Meanwhile, Litecoin futures also experienced a sharp increase in activity with a record open interest of $584 million, suggesting that Altcoin is attracting the attention of institutional investors.
Daily indicators for the cryptocurrency market. Source: room360
Elrond (EGLD) also set a new record in terms of prices and transaction volumes, up 700% since the beginning of 2021, thanks to its exit from the Mayar portfolio and plans to integrate decentralized financial protocols.
Interoperability of block strings remains a major concern for the cryptocurrency industry, which has pushed the price of the Polka Dot (DOT) to a new high of $24.04.
DOT’s breakthrough to new heights followed the announcement of the launch of Curve Finance on Polkadot’s Equilibrium parachute.
On February 5, the PRC share price reached its highest level in 2021, at $3.56, when the announcement of the next cross-channel feature brought a new wave of optimism to the project.
Binance Coin (BNB) reached a new high as DeFi’s growing infrastructure and the expansion of token functionality on the Binance Smart Chain continued to strengthen BNB’s fundamentals. At the time of writing, BNB is up 44.09% and trading at $106.66.
Other notable performances in the past 24 hours include a 52.22% rally in Filecoin (FIL) and a 20.23% move in EOS.
Daily chart of BTC/USD. Source: Moneta360
The total market capitalization of cryptocurrents is currently $1.4 trillion, with Bitcoin leading the way at 62.9%.
Frequently asked questions
How does the price of Bitcoin affect the price of Altcoin?
It has long been speculated that Bitcoins and Altcoins have an inverse relationship: when the number of coins increases, other coins decrease because people sell their spares to get into the Bitcoin system. When Bitcoin declines, other coins decline because people are selling everything.
What happens to electronic currencies when the price of Bitcoin rises?
The price of most, if not all, Altcoins is highly correlated with the price of Bitcoin. … When Bitcoin rises, the altcoins maintain the price, and when Bitcoin falls, the altcoins fall even more.
Why are Altcoins declining as Bitcoin rises?
Because you use BTC to get Alt. So, when BTC goes up, the value of altcoin goes down…. . Because when alts go up, BTC doesn’t go down.
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