Growing institutional interest in Bitcoin (BTC) helped push the top cryptocurrency to a new record high on February 9, and resulted in an overall market cap value that was higher than the market cap of the Russian ruble.
Data from Cointelegraph Markets and TradingView shows that Bitcoin hit a new all-time high of $ 48,220 in the early hours of the morning on Tuesday and has since declined to $ 47,092, up 9.24% over the past 24 hours.
BTC / USDT 4-hour chart. Source: TradingView
According to Decentrader founder filbfilb, today’s market action showed strong activity by the bulls aggressively “absorbing” the sellers’ positions resulting in the “failed collapse of a head-and-shoulders pattern with a low time frame.”
Filbfilb sees the current price development as a positive development for the future of BTC, which is expected to break out higher before the establishment of a new consolidation zone.
BTC / USD 1-day chart. Source: TradingView
In his Decentrader Telegram channel filbfilb said:
“The target for consolidation is at $ 52,000, where I expect a small correction, but overall measured movement should take us towards $ 63,000.”
Altcoins gain momentum as multiple tokens hit new highs
Altcoins rose as Bitcoin price consolidated in preparation for a possible move towards $ 50,000.
After the start of the CME Ether Futures contracts, the price of Ether (ETH) rose to a new high of USD 1,825. Data from CoinMetrics suggests the CME launch could lead to accelerated inflows into the Grayscale Ethereum Trust (ETHE).
Meanwhile, Litecoin futures have seen a surge in activity as well, with a record $ 584 million in open positions, indicating that the altcoin is attracting the attention of institutional investors.
Daily market performance in cryptocurrencies. Source: Coin360
Elrond (EGLD) also set a new price and trading volume record as it has increased 700% since early 2021, due to the release of the Maiar wallet and planning to integrate with decentralized financial protocols.
Blockchain interoperability continues to play an important role in the cryptocurrency sector, and this raised the price of Polkadot (DOT) to a new high at $ 24.04.
DOT’s breakout to new highs followed the announcement that Curve Finance would be implemented on Equilibrium’s Polkadot parachute.
CRV saw prices soar to a 2021 high of $ 3.56 on February 5, as news of its upcoming cross-chain functionality brought a new wave of optimism to the project.
Binance Coin (BNB) hit a new all-time high as the growing DeFi infrastructure and expansion of token functions in the Binance Smart Chain continue to bolster BNB’s fundamentals. At the time of writing, the NBB is up 44.09% and is trading at $ 106.66.
Other notable performers over the past 24 hours include a rally of 52.22% from Filecoin (FIL) and a move of 20.23% from EOS.
BTC / USD daily chart. Source: Coin360
The market capitalization for cryptocurrencies is now $ 1.4 trillion, and the dominance rate of Bitcoin is 62.9%.