Growing institutional interest in Bitcoin (BTC) helped lift the leading cryptocurrency to an all-new high on February 9, resulting in an overall market value that exceeds the market value of the Russian ruble.
Data from Cointelegraph Markets and TradingView shows that Bitcoin reached a new full-time high of $ 48,220 in the early hours of Tuesday and has since fallen to $ 47,092, an increase of 9.24% in the last 24 hours.
According to the founder of Decentrader, filbfilb, today market activity showed strong bulls activity, which strongly led to “accommodating sellers’ positions”, resulting in a “failed spread of head and shoulder patterns in a lower time frame”.
Philbfilb sees the current price action as positive for the future of Bitcoin, which is expected to rise before a new consolidation zone is created.
Decentrader said on her Telegram channel:
“The consolidation target is around $ 52,000, so I would expect some correction, but overall the measured move will bring us closer to $ 63,000.”
Altcoins gain momentum as multiple tokens reach new heights
Altcoins accumulated when the bitcoin price was standardized in preparation for what would have been $ 50,000.
After the launch of CME Ether futures, the price of Ether (ETH) rose to a new level of $ 1,825. CoinMetrics data indicates that the CME release could lead to a rapid flow of Grayscale Ethereum Trust (ETHE).
Meanwhile, Litecoin futures also saw an increase in activity at a record high interest rate of $ 584 million, indicating that altcoins are gaining interest from institutional investors.
Elrond (EGLD) also set a new record for price and volume as it increased 700% since early 2021 thanks to the release of Maiar Wallet and plans to integrate with decentralized financial protocols.
Blockchain interoperability remains in the spotlight in the cryptocurrency sector, pushing the Polkadot (DOT) price to a new high of $ 24.04.
DOT erupted to a new height after announcing the implementation of Curve Finance on the Equilibrium Polkadot umbrella.
CRV also faced a $ 3.56 price increase in 2021 on February 5, when news of jobs across upcoming chains unleashed a new wave of optimism about the project.
Binance Coin (BNB) has reached a new record high since DeFi’s growing infrastructure and the expansion of token functionality in Binance Smart Chain from the BNB base. At the time of writing, BNB is up 44.09% and is trading at $ 106.66.
Other accounts observed over the past 24 hours include a 52.22% increase in Filecoin (FIL) and a 20.23% increase in EOS.