Despite these changes, the total market capitalization has only seen a slight increase of 0.2% in the last day.
Cryptocurrencies maintain notable stability in recent hours. Bitcoin (BTC) barely registered any movements in the last 24 hours, hovering around US$42,900 and briefly reaching US$43,300. Meanwhile, Ethereum (ETH) shows a more positive performance, registering an increase of 1.5%, taking it to US$2,360.
In the general market picture, the quotes of other cryptocurrencies do not attract particular attention. Among the main ‘altcoins’, the falls of 2.5% in Cardano (ADA) and 3.3% in Chainlink (LINK) stand out, as well as the increases of 3% in Tron (TRX). Other cryptocurrencies such as XRP, Solana (SOL), Avalanche (AVAX), or Dogecoin (DOGE) move with notable moderation.
Analysts maintain that Bitcoin is in a consolidation phase “within the main uptrend“This vision is currently supported, with the key range between US$41,400 and US$44,000, in an environment where exchange-traded funds (ETFs) are gradually gaining ground and miners continue to apply selling pressure.
Bitcoin and the BlackRock ETF
Thus, BlackRock’s exchange-traded fund, iShares Bitcoin Trust (IBIT), has earned some US$3.2 billion since its launch on January 11, consolidating itself among the global ETF leaders. Meanwhile, Fidelity’s Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), ranks eighth among US ETF productswith receipts of $2.51 billion since the same period.
Despite these positive developments, some analysts express caution, noting that the lack of news and the expected postponement of ETH exchange-traded funds could lead to a short-term decline in the price of Bitcoin. However, some see this possible decline as a buying opportunity, especially if the price falls towards $40,000.
Regarding the Chinese New Year, February 10, some analysts suggest that it could be a key date for the market, remembering that last year coincided with a significant rally in cryptocurrencies. In addition, events such as the halving of the Bitcoin network rewards are anticipated, historically associated with bullish cycles in the months before and after their realization.
Source: Ambito
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