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

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

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.

Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
BTC/USDT 4-hour chart. Source: TradingView

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.

Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
BTC/USD 1-day chart. Source: TradingView

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.”

ltcoins 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.

Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
Daily cryptocurrency market performance. Source: Coin360

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.

Altcoins move higher as Bitcoin bull flag points toward $50K BTC price
BTC/USD daily chart. Source: Coin360

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance 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

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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