Bitcoin on Wednesday, February 21 recorded a small profit of 0.31 percent. Presently, the value of Bitcoin stands at $51,977 (roughly Rs. 43 lakh). As per market experts, the resistance for Bitcoin currently stands at $53,000 (roughly Rs. 43.9 lakh) -- breaking which would indicate a strong rally for the asset. In the last 24 hours, Bitcoin's price has logged a notable rise of $400 (roughly Rs. 33,160). The crypto chart reflected market volatility on Wednesday, with altcoins showing mixed movement towards gains and losses.
Ether managed to touch the mark of $3,000 (roughly Rs. 2.48 lakh) for the first time since April 2022. The asset, however, could not manage to hold a strong ground at that mark. With a loss of 2.05 percent, the value of Ether presently stands at $2,870 (roughly Rs. 2.3 lakh).
“In the current market scenario, Bitcoin is signalling overbought conditions, causing investor caution regarding potential consolidation. Meanwhile, Ethereum is displaying an ascending channel pattern, flirting with $3,000 (roughly Rs. 2.48 lakh) and fueled by ongoing developments in its ecosystem. Breaking free from their usual daily patterns, investors are exercising caution due to a short-term buying spree amidst a bullish momentum indicated by moving averages,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
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.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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