After enjoying six consecutive days of bullish momentum, the cryptocurrency markets exhibited a mixed trading scenario on Friday. Bitcoin, the leading cryptocurrency, experienced a 1.4% decline in the last 24 hours, settling at $61,349 by around 11:24 am IST. Meanwhile, other major cryptocurrencies, including Solana, Toncoin, Avalanche, and Litecoin, demonstrated gains of up to 8%. Conversely, Ethereum, BNB, and Dogecoin lagged behind, facing downturns of up to 5.5%.
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Cryptocurrency Markets
Edul Patel, CEO of Mudrex, offered insights into Bitcoin’s current situation, stating, “Following its surge to $64,000, Bitcoin is now stabilizing around $61,000, prompted by a spike in liquidations. Nevertheless, Bitcoin has already set new record highs in local currencies across numerous countries, including China, Japan, the UK, India, Argentina, Turkey, Egypt, and more showing demand and resilience.”
With increasing inflows into spot Bitcoin ETFs and the approaching halving event, Patel anticipates that the bullish trend is likely to persist.
Meanwhile, the CoinDCX Research Team reported, “In the past 24 hours, the crypto market remained neutral, with both BTC and ETH experiencing slight drops of 1-2%. From a technical standpoint, BTC is exhibiting sideways movement in smaller time frames, currently below the 7-day EMA but above the 20-day EMA. Key resistance levels for BTC are observed at $65,500 and $69,000.”
In the dynamic world of cryptocurrencies, the total volume in DeFi currently stands at $10.43 billion, constituting 7.26% of the total crypto market 24-hour volume. Stablecoins contribute significantly, with a total volume of $129.27 billion, representing 89.96% of the total crypto market 24-hour volume, according to data from CoinMarketCap.
Over the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, dipped to $1.205 trillion, with Bitcoin’s dominance currently at 52.77%. Bitcoin’s trading volume in the same period decreased by 36.4%, totaling $58.7 billion.
The month of February witnessed a remarkable 45% surge in the value of Bitcoin. Analysts attribute this rally to continuous inflows into Bitcoin ETFs and anticipation surrounding the upcoming halving event in April.
“With the halving event less than 50 days away, BTC witnessed the highest monthly jump of 44% in February, the highest since December 2020. Looking at the investor activity and on-chain transaction data, the current uptrend seems to be just the start of what is coming,” said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
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