Crypto Market Update: Bitcoin Steadies Above $51,000; Minor Dips for Solana, Polygon, and More
Bitcoin Price Range: $51,000 to $52,500 in Past Week
On Tuesday, February 20th, Bitcoin experienced a slight decline of 0.88 percent, settling at $51,577 (approximately Rs. 42.8 lakh). Over the past week, Bitcoin’s value has oscillated between $51,000 (about Rs. 42.3 lakh) and $52,500 (about Rs. 43.5 lakh).
This pricing milestone marks a significant achievement for Bitcoin, nearing levels not seen in nearly two years, attributed to recent ETF approvals in the United States and anticipation surrounding the upcoming Bitcoin halving event scheduled for later this year.
“Bitcoin has crossed the trillion-dollar market cap threshold, solidifying its position among the world’s top ten companies by market capitalization, which has notably buoyed overall market sentiment. This positive sentiment is attracting a surge of retail investors, fostering an optimistic outlook for the market,” commented the CoinSwitch Markets..
Ether, on the other hand, saw a marginal increase of 0.78 percent on Tuesday, with its current trading price resting at $2,907 (approximately Rs. 2.4 lakh).As of Tuesday, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Tron — all recorded small gains.Chainlink, Polkadot, Uniswap, Cosmos, Stellar, and Bitcoin SV are also trading in minor profits.
In the last 24 hours, the overall crypto market cap only managed to grow by 0.05 percent. The present valuation of the crypto sector stands at $1.97 trillion (roughly Rs. 1,63,49,286 crore) as per CoinMarketCap. Meanwhile, Solana, Avalanche, Polygon, Shiba Inu, Litecoin, and Leo witnessed losses on Tuesday.
“As the spot BTC ETF narrative plays out, investor focus seems to be gaining momentum towards spot ETFs for Ethereum. In other news, Japan’s cabinet approved a bill allowing investment funds and venture capital firms to acquire cryptos as assets. This is likely to further institutional participation and adoption within the crypto market,” the Coinswitch markets
