Daily Crypto Update: Bitcoin Dips Below $52,000, Ether Retreats from $3,000 High
Bitcoin’s 24-Hour Movement: Notable $400 Increase Recorded in Price
On Wednesday, February 21, Bitcoin experienced a marginal increase in value, registering a modest profit of 0.31 percent. At present, the price of Bitcoin stands at $51,977 (approximately Rs. 43 lakh). Market analysts highlight the critical resistance level for Bitcoin at $53,000 (about Rs. 43.9 lakh).
A breakthrough past this threshold is anticipated to signal a robust rally for the digital asset. Over the past 24 hours, Bitcoin has demonstrated noteworthy price movement, witnessing an increase of $400 (roughly Rs. 33,160). The cryptocurrency market exhibited considerable volatility during this period, with altcoins displaying a mixed trajectory characterized by both gains and losses.
Ether, the second-largest cryptocurrency by market capitalization, briefly surged to the milestone of $3,000 (approximately Rs. 2.48 lakh) for the first time since April 2022. However, Ether’s ascent to this level proved to be short-lived, as the asset subsequently retreated. Currently, Ether is experiencing a decline of 2.05 percent, with its value resting at $2,870 (about Rs. 2.3 lakh).
Commenting on the prevailing market dynamics, Rajagopal Menon, Vice President of WazirX, highlighted the contrasting trends observed in Bitcoin and Ethereum. While Bitcoin signals potential overbought conditions, prompting investor caution regarding potential consolidation, Ethereum is exhibiting signs of an ascending channel pattern. Ethereum’s flirtation with the $3,000 mark is fueled by ongoing developments within its ecosystem. Amidst this backdrop, investors are exercising prudence, navigating a short-term buying spree amidst a bullish momentum signaled by moving averages.
Tether, Solana, Ripple, USD Coin, Cardano, and Avalanche — all recorded losses alongside Ether on Wednesday.Dogecoin, Polkadot, Shiba Inu, Litecoin, Cosmos, and Stellar also registered losses.The overall crypto market cap slipped by 0.16 percent in the last 24 hours. The sector’s current valuation stands at $1.98 trillion (roughly Rs. 1,64,13,606 crore) as per CoinMarketCap.
Meanwhile, Binance Coin, Tron, Chainlink, Polygon, Leo, Cronos, and Monero recorded gains alongside BTC on Wednesday.At this time, market analysts are more excited to witness Ether’s trajectory than Bitcoin’s. “Ethereum is very popular. As a compute network it is the default choice for most Web3 developers. This means: more traffic and more highway maintenance.
So developers are shipping an upgrade to make the highway a lot smoother. And they are doing it without disrupting the traffic. They test the upgrade on the service road (testnets) and later port it to the mainnet highway. The mainnet launch of Dencun is scheduled for March and this can be seen as an internal catalyst for a better Web3 future,” said Ashish Singhal, Co-founder, CoinSwitch.
