Altcoins move higher as Bitcoin bull flag points toward $50K BTC price

Published at: Feb. 9, 2021

Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb. 9 and led to a total market cap value higher than the market cap of the Russian ruble. 

Data from Cointelegraph Markets and TradingView shows Bitcoin established a new all-time high of $48,220 in the early hours on Tuesday and has since pulled back to $47,092, marking a 9.24% increase over the past 24-hours.

According to Decentrader founder, filbfilb, today’s market action showed strong activity from the bulls who aggressively “absorbed sellers” positions, resulting in the “failed breakdown of a low timeframe head and shoulders pattern".

Filbfilb views the current price action as a positive development for the future of BTC which looks to break out higher before establishing a new consolidation zone.

In his Decentrader Telegram channel filbfilb said:

“The target for consolidation is near $52k, where I’m expecting a bit of a correction but the measured move overall should take us towards $63,000.”

Altcoins gather momentum as multiple tokens see new highs

Altcoins pushed higher as Bitcoin price consolidated in preparation for what could be a move toward $50,000.

Following the launch of CME Ether futures contracts, Ether (ETH) price surged to a new high at $1,825. Data from CoinMetrics suggests that the CME launch could lead to accelerated inflows into the Grayscale Ethereum Trust (ETHE).

Meanwhile, Litecoin futures have also seen a surge in activity with a record $584 million in open interest, indicating that the altcoin is attracting the attention of institutional investors.

Elrond (EGLD) also set a new price and trading volume record as it increased 700% since the start of 2021 driven by the release of the Maiar wallet and plans to integrate with decentralized finance protocols.

Interoperability between blockchains continues to be a prominent focus in the cryptocurrency sector and this boosted the price of Polkadot (DOT) to a new high at $24.04.

DOT’s breakout to a new high followed the announcement that Curve Finance would be implemented on Equilibrium’s Polkadot parachain.

CRV also saw its price spike to a 2021 high at $3.56 on Feb. 5 as news of the upcoming cross-chain functionality brought a fresh wave of optimism to the project.

Binance Coin (BNB) hit a new all-time high as its growing DeFi infrastructure and expansion of token functionalities on Binance Smart Chain further strengthen BNB’s fundamentals. At the time of writing, BNB is up 44.09% and trading for $106.66.

Other notable performers in the past 24-hours include a 52.22% rally from Filecoin (FIL) and a 20.23% move from EOS.

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 62.9%.

Tags
Bitcoin
Bitcoin Price
Markets
Ethereum
Market Update
Cryptocurrencies
Ether Price
Related Posts
DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K
Today Bitcoin (BTC) price continued to face selling pressure in the $32,500 to $33,000 resistance cluster and this led to a mild 3% to 5% pull back from most altcoins. Despite the recent revelation that BlackRock, the world’s largest asset manager, has given the green light for two of its funds to invest in Bitcoin futures, BTC price still struggles to gain momentum above the $33,000 level. Meanwhile, the DeFi sector continues to flourish as Venus (XVS) and Fantom (FTM) saw their prices increase 23% overnight and the total value locked in DeFi protocols currently stands at $25.77 billion. Following …
Bitcoin / Jan. 26, 2021
Traders flock into altcoins as Bitcoin price trades sideways
The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains. Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action. While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors feeling relatively optimistic about Bitcoin’s future price prospects. A growing number of experts have voiced their …
Bitcoin / Jan. 9, 2021
Ethereum killers and layer-2 tokens rally despite 5% Bitcoin price drop
On Feb. 10, Bitcoin (BTC) price pulled back 5% from its newly established $48,220 high and a number of altcoins also underwent slight corrections. Data from Cointelegraph Markets and TradingView shows Bitcoin has declined 4.96% since yesterday’s highs and currently trades at $44,900. The pullback to the $45,000 level could simply be the result of traders taking recent profits from Bitcoin and altcoins as the rally appeared to be losing momentum around the $48,000 level. A recent announcement from JPMorgan analysts saying that they don’t expect to see any large firms follow Tesla’s recent $1.5 billion Bitcoin purchase could have …
Bitcoin / Feb. 10, 2021
20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow
Whoever coined the phrase “sell in May and go away” had brilliant insight, and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true. May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000, and traders worry that losing this level will ensure a visit to the low $20,000s …
Bitcoin / May 20, 2022
A bullish Bitcoin trend reversal is a far-fetched idea, but this metric is screaming 'buy'
Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market. According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23 consecutive day uptrend that saw BTC trading above it’s realized price ($21,700). The firm also noted that the “total inflows and outflows to all exchanges” metric shows exchange flows at multi-year lows and back to “late-2020 levels,” which reflects a “general lack …
Bitcoin / Aug. 23, 2022