With Bitcoin, Ethereum, BNB, Solana, and Cardano leading the way, the cryptocurrency markets saw a rise in trading on Friday. In the last day, the total market capitalization of cryptocurrencies increased by 2.24% to over $1.74 trillion.
Bitcoin was up 3.8% at $46,196 at 11:50 a.m., while Ethereum was up 1.15% at $2,450.
Other altcoins had 2-5% increases, including BNB, Solana, and Cardano. Tron and Chainlink saw a 3% decrease, while XRP, Avalanche, Dogecoin, Polkadot, and Polygon saw increases of up to 2%.
“BTC showed remarkable strength during the last day, breaking out of its range to approach $46,000. A strong closing and the ongoing hold at this level reinforce the optimistic outlook. The CoinDCX Research Team stated that the next significant levels are $48,000 and $51,750, with support at the prior resistance level of $44,400.
As BTC’s dominance increased, altcoins witnessed little growth as they awaited BTC stability and a change in capital flow, according to CoinDCX.
The CEO of Mudrex, Edul Patel, announced that a spike in whale accumulation was the reason why Bitcoin has crossed the $46,000 threshold. Between January 19 and February 6, there was a 3.6% increase in Bitcoin wallets with more than 1,000 BTC, according to Glassnode. Whale activity has increased, which may indicate rising confidence.
At $4.56 billion, the overall volume of DeFi represents 7.72% of the 24-hour volume in the entire cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $55.11 billion, or 93.14% of the entire 24-hour volume of the cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $905 billion in the past day. Currently, 51.80% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC rose 14.86% to $27.4 billion in the last day.
Vice President of WazirX Rajagopal Menon’s tech perspective
The Exponential Moving Average (EMA) for Bitcoin shows “Buy” at 43886 for a 10-day EMA and “Buy” at 36586 for a 200-day EMA. A 10-day SMA’s Simple Moving Average shows “Buy” at 43587, while a 200-day SMA shows “Buy” at 34604.
At 68, the Relative Strength Index (14) is classified as “Neutral.” A neutral outlook is indicated by the Average Directional Index (14) at 14 and the Stochastic %K (14, 3, 3) at 96.
At 607, the MACD Level (12, 26) is showing “Buy.” The William’s Percentage at -5 signals “Sell,” while the Stochastic RSI Fast (3, 3, 14, 14) at 100 indicates “Neutral.”
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