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02/19/2024

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Bitcoin Holds Above $52K; Polygon and Internet Computer Surge Up to 9%

In Monday's trading, major cryptocurrencies showed upward momentum, led by Bitcoin, Ethereum, Solana, and Dogecoin. By morning, Bitcoin was trading 1.2% higher at $52,311, while Ethereum saw a 4% increase to $2,920.

Bitcoin Holds Above $52K; Polygon and Internet Computer Surge Up to 9%

In Monday’s trading, major cryptocurrencies showed upward momentum, led by Bitcoin, Ethereum, Solana, and Dogecoin. By morning, Bitcoin was trading 1.2% higher at $52,311, while Ethereum saw a 4% increase to $2,920.

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The global cryptocurrency market cap also rose by 1.4% in the last 24 hours, reaching around $1.97 trillion.

Crypto Market Insights from Industry Experts

Bitcoin Outlook: Edul Patel, CEO of Mudrex, notes that Bitcoin traded around the $52,000 mark over the weekend, signaling a growing optimistic outlook. Bulls are displaying patience in cashing out their profits, anticipating a sustained uptrend. Patel suggests that if Bitcoin maintains its position above the current level, the next target could be $55,000.

Ethereum Trends: Patel also observes a more bullish trend in Ethereum compared to Bitcoin, with a 15% gain over the last seven days and a current price of $2,800. A close above $2,900 would potentially propel Ethereum to confront the next resistance level.

Bitcoin Strength: Shivam Thakral, CEO of BuyUcoin, comments on Bitcoin’s ongoing strength as it aims to surpass the $53,000 resistance. Thakral believes that a breakout above this level could lead to a short-term price surge towards $60,000.

Altcoin Performance: Altcoins such as Polygon and Internet Computer saw significant gains of 6% and 9%, respectively. Additionally, Solana, Dogecoin, Shiba Inu, Toncoin, Polkadot, and Cardano also experienced increases of up to 2%.

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Insights on Crypto Market Trends and Analysis

The total volume in DeFi currently stands at $5.67 billion, representing 8.55% of the total crypto market’s 24-hour volume. Meanwhile, stablecoins account for $60.03 billion in volume, constituting a significant 90.47% of the total crypto market’s 24-hour volume, as per data from CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $1.027 trillion. Bitcoin’s dominance currently stands at 51.81%, according to CoinMarketCap. However, BTC volume in the same period experienced a 13.3% decline, reaching $18.6 billion.

Expert Analysis and Price Predictions

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, notes that Bitcoin remains stable around the $52,000 mark, while Ethereum hovers around $2,800. Chaturvedi highlights Bitcoin’s recent positive performance, which correlates with movements in the US Dollar and treasury yields. This suggests that the leading narrative for Bitcoin is institutional demand rather than its traditional role as a safe haven asset. Chaturvedi identifies key resistance for Bitcoin at $52,800, and failure to surpass this level may result in a downward correction. Similarly, the first major support for Bitcoin is at $51,300; a close below this could signal a continuation of bearish momentum.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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