Altcoins
Crypto Price February 21: Bitcoin Stays Below $52,000; altcoins tank up to 6%
Major crypto tokens were trading in the red during Tuesday trading as dwindling expectations for anticipated Federal Reserve interest rate cuts sapped risk appetite, with investors turning to the news from the latest meeting of the US central bank to get some clues about the outlook for its policy.
As of 12:25 p.m., Bitcoin was trading down 0.3% at $51,814, while Ethereum was up 1.4% at $2,971. Meanwhile, the world cryptocurrency Market capitalization fell 0.21% to around $1.97 trillion over the past 24 hours.
Other prominent altcoins include Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer and Shiba Inu fell as much as 6%. While Ethereum and Tron jumped 2%.
Cryptocurrency Tracker
“Over the past 24 hours, Bitcoin has seen a notable rise, reaching a new high for the year at $53,000. However, it quickly fell back to $50,750 due to factors such as peak open interest and unfavorable funding rates for bullish positions,” the CoinDCX research team said.
Conversely, Ethereum remained relatively strong throughout the turmoil, showing resilience by barely dropping in price and even surpassing the $3,000 mark, CoinDCX said. Meanwhile, at the Ethereum rally, Ashish Singhal, co-founder of CoinSwitch, said: “ETH has been down since mid-January. There are two main factors for this: the first is the anticipation of a spot ETF in the United States, Standard Chartered Bank expects the SEC to approve Ethereum spot ETFs sometime this month May, and this can be seen as an external validation of traditional finance. Another major driver is the progress of the “Dencun upgrade” of the Ethereum network. “Total DeFi volume is currently $6.73 billion, or 7.70% of the total 24-hour crypto market volume. The volume of all stablecoins now stands at $79.25 billion, or 90.62% of the total 24-hour crypto market volume, according to data available on CoinMarketCap. Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.015 trillion. Bitcoin dominance is currently at 51.61%, according to CoinMarketCap. BTC volume over the past 24 hours increased by 44.8% to $31.55 billion.
“Bitcoin saw a small correction to $50,700, while trying to break the $53,000 resistance and quickly reached $52,000. This price action could be the result of the VanEck spot Bitcoin ETFHODL, which surged up to 14 times in a single day with a trading volume of $258 million,” said Shivam Thakral, CEO of BuyUcoin.
Tech View by Rajagopal Menon, Vice President, WazirX
BTC’s exponential moving average for a 10-day EMA reads “Buy” at 50626, and a 200-day EMA reads “Buy” at 38081. The simple moving average for a 10-day SMA reads “Buy” at 51,115 and a moving average of 200. Today’s SMA reads “Buy” at 35,794.
The Relative Strength Index (14) stands at 75, indicating “Sell”. The Stochastic %K (14, 3, 3) at 80 and the Average Directional Index (14) at 35 indicate a neutral outlook.
The MACD level (12, 26) at 2472 indicates “Buy”. The fast stochastic RSI (3, 3, 14, 14) at 79 indicates “Neutral” and the Williams percentage at -12 indicates “Sell”.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)