Volatility in the financial markets has impacted cryptocurrency as well, and here is a rundown on activity here.
Bitcoin prices have spiked sharply and hovered in the $42,000 range. This means that traders will see action in the altcoin domain as well. Last week, the total crypto market cap touched $1.78 trillion on Feb. 3, and on Feb. 6, 2 trillion. This data was published by CoinGecko. Senator Ted Cruz disclosed that he bought Bitcoin when its prices dipped. It is a given that he has already seen profits within a few days of buying.
The recovery of Bitcoin prices is surely a relief for the bull market, but this rally has induced traders with over $100,000 to sell. Does it look like Bitcoin can hold on to its current gains? Will altcoins join the party and see price hikes? Let’s take a look at the top 5 cryptos and what they may do.
· Bitcoin/USDT – Bitcoin prices soared and closed way above a 20-day price average at $39600. On Feb. 5, prices moved in a small range and traders who bought where prices were at their lowest didn’t rush in to sell.
· Ethereum prices also soared and touched $2839 on Feb. 4. This level is the strongest resistance, and the bear market may try to retain it or push prices down.
· NEAR, an altcoin protocol, reached an all-time high of $12.58 on Feb. 4. The bear market is trying to suppress price rises, but the bulls prevailed in this instance too.
· MANA Decentraland breached new territory with a price rise to settle at $2.70. This crypto is holding on to its gains.
· UNUS SED LEO also completed its rising trend when it breached barriers and closed at $3.92 on Feb. 1st. The price rise held in spite of the bear market.