Wednesday, February 21, 2024

Market Watch Jan 17: Bulls and Bears Fight to Get Hold On Bitcoin.

While the bulls and the bears struggled to get hold of BTC price, Bitcoin once again made it to the $21,000 mark. The bulls managed to escape through the bearish pressure as the sell-off continues.

Currently, Bitcoin is trading at $21,130. It gained 0.19% in the last 24 hours. As more buyers enter the market, the price flow has taken to an upward direction. Crypto prices have been moving upward quite consistently. The broader cryptocurrency market is lighted in green thanks to the rush of favorable economic data – a decline in the US Consumer Price Index (CPI) catapulted crypto and stock prices upward.

Ether has been approaching the crucial $1,600 mark. At the time of writing this article, the second-most popular cryptocurrency was changing hands at $1,562. It has been down by 0.42% in the last 24 hours, as per data from CoinMarketCap, and gained nearly 18% in the past seven days. But many of the altcoins are flashing in red. Some of the coins have lost the gains they made over the past few days. XRP is the biggest loser. It’s down by 5.26%. Dogecoin is down by 3.81%, Polkadot by 3.20%, Cardano and Litecoin by 2.69%, Shiba Inu by 2.32%, and Tron by 1.52%.

The crypto market recorded its market capitalization surpassing the $1 trillion mark over the weekend, marking the highest levels since October 2022. Bradley Duke, co-CEO at ETC Group, said the main driver behind the 20% BTC hike over the past week has been lower inflation stats and strong job growth numbers. He believes this is being reflected in the BTC futures market.

Mark Connors, head of research at 3iQ, said a major factor is the growing US debt load set against a declining workforce that is aging out. He highlighted that if inflation is not allowed to cut the debt in real terms, there will be more of it. Connors said Bitcoin is more correlated to debasement than inflation.

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