Major cryptocurrencies traded flat until late Friday evening but began recovering some losses during the weekend. The crypto market cap is crawling back towards the uptrend with a current 1.2% growth to $1.98 trillion in past 24 hours.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 a.m. EST) |
| Bitcoin BTC/USD | +0.9% | $51,570 |
| Ethereum ETH/USD | +2.4% | $3,033 |
| Solana SOL/USD | +0.2% | $102.50 |
What Happened: Bitcoin BTC/USD traded mostly sideways over the past week, briefly testing its support level of $50,800 and pushing the valuation below the $1 trillion mark. Analysts viewed this resistance level as crucial, with potential significant price reactions upon breakout.
In other developments, Shiba Inu SHIB/USD remained in the spotlight due to its notable burn rates and whale transfers throughout the week. The community also announced some major developments expected to contribute to a potential rally in the token's price.
Additionally, following former President Donald Trump's acceptance of Bitcoin, the MAGA memecoin TRUMP/USD experienced a rally, propelling the Trump crypto portfolio to newer highs.
Following Nvidia's earnings performance and Vitalik Buterin's comments on utilizing AI to address Ethereum’s technical challenges, AI-related cryptocurrencies rose on positive sentiment. Tokens like Bittensor TAO/USD and Render RNDR/USD saw gains alongside a Nvidia-related memecoin.
On a contrasting note, the European Central Bank characterized the approval of Spot Bitcoin ETFs as the “naked emperor’s new clothes.” These ETFs experienced a slowdown in flows mid-week, with the top ten seeing a two-week low in inflows on Feb. 22, with five funds reporting no net movement.
Another significant development in the crypto space was social platform Reddit filing for a $5 billion IPO and allocating partial cash reserves to Bitcoin and Ethereum.
Highest gainers in the past 24 hours are:
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded 8:45 a.m. EST) |
| Arweave AR/USD | +16.3% | $15.11 |
| Worldcoin WLD/USD | +8.4% | $8.88 |
| Woo WOO/USD | +6.5% | $0.51 |
The global cryptocurrency market cap currently stands at $1.98 trillion.
Bitcoin’s dominance in the market marginally decreased from 52.42% last week to 51.2% this week, with the Crypto Fear & Greed Index also decreasing from 76 to 70, still in the Greed zone.
In the broader market, the Nasdaq Composite over the past week rose by 1.32% to close at 15,996.82, while the Dow Jones Industrial Average also saw a 1.3% increase, closing at 39,131.53.
The week marked the Nasdaq Composite closing above the $16,000-mark first time since November 2021 driven by bullish sentiment on Nvidia Corp.’s strong quarterly results. Notable earnings winners included Block’s surprise Q4 quarter profit alongside a surge in profits from Bitcoin sales made through the Cash App.
Supporting the market rally, unexpected declines in weekly jobless claims and slightly higher-than-expected existing home sales for January were noted. Additionally, the Fed announced a pause on rate cuts until inflation reflects a sustained decline.
Analyst Notes: Bitcoin analyst Willy Woo emphasizes a historical pattern, suggesting that Bitcoin holders should hold the asset for four years as it has “never returned below 30% annualized for a 4-year investment, no matter how badly timed.”
In a short video, Rekt Capital points out the current Bitcoin pre-halving retracement, drawing parallels to historical occurrences of this pattern.
Bitcoin Pre-Halving Retrace Happening Right Now?
— Rekt Capital (@rektcapital) February 24, 2024
If you enjoyed this 1-minute summary on #BTC
Checkout the full video here:https://t.co/wbm2IRW0jY
Enjoy and Subscribe!$BTC #Crypto #Bitcoin pic.twitter.com/0gg6QQn1gm
Also Read: Are Retail Investors Interested In Crypto? JPMorgan Findings Differ From Google's
What’s Next: CryptoQuant data revealed that on Feb. 19, Bitcoin accumulation addresses experienced a record-breaking net inflow of 25,300 BTC, marking the highest single-day influx ever recorded.
Crypto chart analyst Ali Martinez tweeted,
As #Bitcoin consolidates within the $51,000 to $52,500 range, its accumulation levels have remained impressively high and show no signs of slowing down! pic.twitter.com/meAmdmiugw
— Ali (@ali_charts) February 24, 2024
Crypto and macro stock markets trader Matthew Hyland predicts Bitcoin to be bullish for the continuation of the uptrend if it remains above the $49,100 on the weekly time frame.
Pseudonymous crypto analyst Pentoshi does not see “any signs of a major top at this point.” He adds that post the halving event, “alts will offer the most upside.”
While the week created concerns about Bitcoin breaking below the $50,000 mark, it is currently changing hands at $51,550. Will the crypto king make it to $55,000 or drop to $45,000 ahead of the Halving?
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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