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Altcoins transfer larger as Bitcoin bull flag factors towards $50K BTC value

02/09/2021

Choose altcoins proceed to hit new yearly highs, whereas a bull flag on Bitcoin suggests merchants are getting ready for a run at $50,000.

Rising institutional curiosity in Bitcoin (BTC) helped elevate the highest cryptocurrency to a brand new file excessive on Feb. 9 and led to a complete market cap worth larger than the market cap of the Russian ruble. 

Knowledge from Cointelegraph Markets and TradingView reveals Bitcoin established a brand new all-time excessive of $48,220 within the early hours on Tuesday and has since pulled again to $47,092, marking a 9.24% improve over the previous 24-hours.

BTC/USDT 4-hour chart. Supply: TradingView

Based on Decentrader founder, filbfilb, as we speak’s market motion confirmed sturdy exercise from the bulls who aggressively “absorbed sellers” positions, ensuing within the “failed breakdown of a low timeframe head and shoulders sample”.

Filbfilb views the present value motion as a optimistic improvement for the way forward for BTC which seems to be to interrupt out larger earlier than establishing a brand new consolidation zone.

BTC/USD 1-day chart. Supply: TradingView

In his Decentrader Telegram channel filbfilb stated:

“The goal for consolidation is close to $52k, the place I’m anticipating a little bit of a correction however the measured transfer general ought to take us in direction of $63,000.”

Altcoins collect momentum as a number of tokens see new highs

Altcoins pushed larger as Bitcoin value consolidated in preparation for what could possibly be a transfer towards $50,000.

Following the launch of CME Ether futures contracts, Ether (ETH) value surged to a brand new excessive at $1,825. Knowledge from CoinMetrics means that the CME launch might result in accelerated inflows into the Grayscale Ethereum Belief (ETHE).

In the meantime, Litecoin futures have additionally seen a surge in exercise with a file $584 million in open curiosity, indicating that the altcoin is attracting the eye of institutional traders.

Each day cryptocurrency market efficiency. Supply: Coin360

Elrond (EGLD) additionally set a brand new value and buying and selling quantity file because it elevated 700% because the begin of 2021 pushed by the discharge of the Maiar pockets and plans to combine with decentralized finance protocols.

Interoperability between blockchains continues to be a distinguished focus within the cryptocurrency sector and this boosted the worth of Polkadot (DOT) to a brand new excessive at $24.04.

DOT’s breakout to a brand new excessive adopted the announcement that Curve Finance can be applied on Equilibrium’s Polkadot parachain.

CRV additionally noticed its value spike to a 2021 excessive at $3.56 on Feb. 5 as information of the upcoming cross-chain performance introduced a recent wave of optimism to the challenge.

Binance Coin (BNB) hit a brand new all-time excessive as its rising DeFi infrastructure and enlargement of token functionalities on Binance Sensible Chain additional strengthen BNB’s fundamentals. On the time of writing, BNB is up 44.09% and buying and selling for $106.66.

Different notable performers prior to now 24-hours embrace a 52.22% rally from Filecoin (FIL) and a 20.23% transfer from EOS.

BTC/USD each day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance fee is 62.9%.