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Crypto market flirts with $2 trillion capitalization despite snoozing bulls

Crypto market flirts with $2 trillion capitalization despite snoozing bulls
Jordan
Major
4 months ago
3 mins read

Despite the fact that some cryptocurrency analysts have anticipated a tumultuous few weeks ahead, the price of Bitcoin (BTC) has remained stable at the start of the week.

The global crypto market capitalization has grown by roughly 1.51% in the 24 hours and is currently valued at $1.99 trillion as of February 16, with the market briefly crossing the $2 trillion mark, aided by Bitcoin, which has had a strong start to February, with BTC recovering from six-month lows at the beginning of 2022.

Over the previous 24 hours, the entire crypto market volume has decreased by 1.48% to $74.08 billion. Meanwhile, the 24-hour volume of all stable coins is now $59.87 billion, accounting for 80.82% of the market volume, whereas DeFi’s accounts for $9.23 billion, or 12.46% of the total, according to CoinMarketCap statistics.

Global market cap 1-day chart. Source: CoinMarketCap

Bitcoin price analysis

Indeed, BTC has steadied around the $41,000 to $45,000 price range, which in turn has helped improve the broader market sentiment. 

Currently, Bitcoin is changing hands at $44,168, up 0.37% in the last 24 hours and 1.46% across the previous seven days. Despite the leading cryptocurrency up in the last week, it is still down by almost 35% compared to its record high of $69,000 in November.

BTC 7-day price chart. Source: CoinMarketCap

The leading crypto by market cap has a total worth of $837.8 billion and market dominance of 42%, while Ethereum has a total worth of 18.9%.   

Other leading cryptocurrencies have also been relatively stable, with Ethereum, Solana (SOL), and Cardano (ADA) all up on the day at the time of publication. Meanwhile, Avalanche (AVAX) has surged by more than 9.78% over the last 24 hours, trading just above $95.

Prominent crypto trading analyst Michael van de Poppe has pointed out the importance of Bitcoin holding above $42,000 as it could have resulted in the asset returning back below $40,000, he said:

“Bitcoin held the crucial level. It needed to hold $42K to avoid a heavy drop towards $37K. Good bounce upwards.”

BTC USD chart. Source: Michael van de Poppe

Following the continued accumulation of Bitcoin on centralized exchanges, combined with the weekly RSI “looking incredibly bullish,” as crypto expert Plan B has stated, it will be interesting to see if Bitcoin can maintain its upwards momentum in the upcoming weeks, especially given that sentiment has begun to improve in the market.

Given the reduced amount of Bitcoin available on exchanges and the various technical indicators pointing to a significant increase in the price of the cryptocurrency, investors will be hoping for a repeat of the results achieved in October 2020, when the cryptocurrency’s price increased by 290%.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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