Monday, July 22, 2024

Market Watch Feb 7: Bitcoin Crosses 42K, Maintain Momentum

After past couple of weeks of slumps, Bitcoin has crossed over the $41,000 with much zeal and enthusiasm to keep the crypto market on the highs. Over the past few days, it was barely able to make it past the resistance level at $38.500.

BTC has gained 3.36% in the past 24-hours, thanks to the light weekend trading. At the time of writing this article, the popular crypto is being traded at $42,869, as per CoinMarketCap. It has seen significant growth of 16.12% in the past seven days.

Ethereum, the world’s second most popular cryptocurrency has successfully crossed the resistance level at $2,900. It is up by nearly 3% in the past 24-hours and is trading at $3,078. Analysts hope that Ether will cross the $4,000 mark this week as it has recorded gains of over 20% in the past seven days.

While the gains have been considerable, analysts highlighted that spot trading was down over the last week. One of the reasons for this was the Lunar New Year holidays in the Asian market. But gaming tokens in the broader crypto market rallied over the weekend. The majority market was somewhat quiet.

Market analysts believe investors need to make a decisive move to reverse the price downtrend since November 2021’s peak of $69,000. But looking at the charts, it can be stated that sellers have been in control with brief BTC rallies.

Meanwhile, the altcoins are also in the green. Solana (SOL) has been up by 8.17% in the past 24-hours and is trading at $119.46, XRP is also up by 8.17%, Polkadot (DOT) is up by 3.28%. Stablecoin Binance USD is down by 0.21% in the past 24-hours, but meme coin Shiba Inu is at an all-time high of 26.54% in the past 24-hours.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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