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Bitcoin consolidates at US$51,000 and Ethereum above US$3,000: market expectant

Bitcoin consolidates at US$51,000 and Ethereum above US$3,000: market expectant

February 21, 2024 – 10:53

Experts indicate that the next few days could be characterized by the consolidation of current prices before a possible new rise.

Bitcoin could react positively to the growing enthusiasm around Ethereum.

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On a day characterized by calm in the cryptocurrency market, Bitcoin (BTC) experiences a moderate drop in the last 24 hours, however, remaining above the US$51,600 mark. On the other hand, Ethereum (ETH) manages to exceed US$3,000 For the first time in almost two years, although at this moment it is trading around $2,940.

As for ‘altcoins’, pdeclines continue, with Solana (SOL), XRP, Dogecoin (DOGE) and Chainlink (LINK) recording declines of 3% to 4%. Avalanche (AVAX) and Cardano (ADA) show somewhat steeper losseswhile Tron (TRX) stands out as one of the few large-cap alternative tokens to present a positive performance in the last 24 hours.

Beyond price movements, The panorama in the field of digital assets lacks great news.

BTC spot exchange-traded funds (ETFs) continue to be the focus of the market, recording a trading volume of over $2 billion, marking a new record since their debut on January 11. This increase can be attributed, according to Bloomberg ETF analysts, to the unusual behavior of VanEck’s HODL ETF, which experienced a volume 14 times greater than usual, with 32,000 individual operations.

Bitcoin: resistance and projection

Experts maintain that the celebration of Presidents’ Day in the United States on Monday, which kept the stock market closed, could have contributed to the general rebound. Furthermore, a certain correlation is observed between the net inflows in the Bitcoin ETFs and net outflows into gold ETFs, suggesting a change in risk sentiment in the market.

Despite Bitcoin’s attempts to surpass $53,000, it has faced resistance and retreats to $51,000. Experts indicate that the next few days could be characterized by the consolidation of current prices before a possible new rise. The queen cryptocurrency could begin to feel the positive effects of the next ‘halving’, an event that has historically boosted prices before and after its completion.

Additionally, Bitcoin could react positively to the growing enthusiasm around Ethereum. The main ‘altcoin’ has managed to surpass $3,000 for the first time since April 2022, showing a strong increase of 30% so far this year. Optimism in the market regarding a possible approval of Ethereum spot ETFs could influence the positive momentum of both cryptocurrencies.

Source: Ambito

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