BTC/USDT 4-hour chart. Source: TradingView.
According to Decentrader creator, filbfilb, todays market action revealed strong activity from the bulls who strongly “soaked up sellers” positions, leading to the “stopped working breakdown of a low timeframe head and shoulders pattern”.
Filbfilb views the present rate action as a favorable development for the future of BTC which wants to break out higher before establishing a brand-new consolidation zone.
BTC/USD everyday chart. Source: Coin360.
The general cryptocurrency market cap now stands at $1.4 trillion and Bitcoins supremacy rate is 62.9%.
Title: Altcoins move higher as Bitcoin bull flag points toward $50K BTC price.
Sourced From: cointelegraph.com/news/altcoins-move-higher-as-bitcoin-bull-flag-points-toward-50k-btc-price.
Published Date: Tue, 09 Feb 2021 21:40:00 +0000 Share on TwitterShare on FacebookShare on LinkedInShare on RedditShare on Pinterest2021s Most Anticipated Growth & Wealth-Building OpportunityJoin Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency TogetherCLAIM YOUR SEAT!Read More.
BTC/USD 1-day chart. Source: TradingView.
In his Decentrader Telegram channel filbfilb stated:.
” The target for combination is near $52k, where Im anticipating a little a correction but the measured move overall should take us towards $63,000.”.
ltcoins collect momentum as numerous tokens see brand-new highs.
Altcoins pressed higher as Bitcoin price combined in preparation for what could be an approach $50,000.
Following the launch of CME Ether futures agreements, Ether (ETH) rate rose to a brand-new high at $1,825. Information from CoinMetrics suggests that the CME launch might cause sped up inflows into the Grayscale Ethereum Trust (ETHE).
On the other hand, Litecoin futures have likewise seen a rise in activity with a record $584 million in open interest, showing that the altcoin is drawing in the attention of institutional investors.
Daily cryptocurrency market efficiency. Source: Coin360.
Elrond (EGLD) also set a new cost and trading volume record as it increased 700% given that the start of 2021 driven by the release of the Maiar wallet and plans to incorporate with decentralized financing protocols.
Interoperability between blockchains continues to be a prominent focus in the cryptocurrency sector and this boosted the price of Polkadot (DOT) to a brand-new high at $24.04.
DOTs breakout to a brand-new high followed the statement that Curve Finance would be implemented on Equilibriums Polkadot parachain.
CRV likewise saw its rate 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 facilities and expansion of token functionalities on Binance Smart Chain even more enhance BNBs fundamentals. At the time of writing, BNB is up 44.09% and trading for $106.66.
Other notable entertainers in the previous 24-hours consist of a 52.22% rally from Filecoin (FIL) and a 20.23% move from EOS.
Growing institutional interest in Bitcoin (BTC) assisted raise the leading cryptocurrency to a brand-new record high on Feb. 9 and resulted in a total market cap worth greater than the marketplace 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 actually since pulled back to $47,092, marking a 9.24% increase over the past 24-hours.