Bitcoin slips from $52,000 mark, Ethereum briefly hits $3,000 mark

On Wednesday, February 21, Bitcoin made a small profit of 0.31%. Currently, Bitcoin is worth $51,977 (approximately Rs. 43 lakh). According to market experts, Bitcoin currently has a resistance level of $53,000 (approximately Rs. 43.9 crore), and a break above this resistance will indicate a strong rebound for the asset. The price of Bitcoin has increased significantly by $400 (approximately Rs. 33,160) in the last 24 hours. Cryptocurrency charts reflected Wednesday’s market volatility, with altcoins showing mixed gains and losses.

Ethereum crossed the $3,000 (roughly Rs. 2.48 lakh) mark for the first time since April 2022. However, the asset failed to gain a foothold at that threshold. Ethereum price fell by 2.05% and is currently trading at $2,870 (approximately Rs. 2.30 lakh).

“In the current market conditions, Bitcoin is sending overbought signals, causing investors to be cautious about potential consolidation. At the same time, Ethereum is exhibiting an ascending channel pattern, driven by the continued development of its ecosystem. The price is close to $3,000 (approximately Rs. 2.48 lakh). WazirX Vice President Rajagopal Menon told Gadgets360 that investors are cautious as there is a short-term buying rush as the moving averages show bullish momentum, breaking the daily pattern.

Tether, Solana, Ripple, USD Coin, Cardano and Avalanche all joined Ether in recording losses on Wednesday.

Dogecoin, Polkadot, Shiba Inu, Litecoin, Cosmos and Stellar also posted losses.

The overall cryptocurrency market capitalization fell by 0.16% in the past 24 hours. The industry is currently valued at USD 1.98 trillion (approximately Rs. 1,64,13,606 crore) coin market cap.

Meanwhile, Binance Coin, Tron, Chainlink, Polygon, Leo, Cronos and Monero joined BTC in recording gains on Wednesday.

At this point, market analysts are more excited to witness Ethereum’s trajectory than Bitcoin’s.

“Ethereum is extremely popular. As a computing network, it is the default choice for most Web3 developers. This means: more traffic and more highways to maintain. So developers are upgrading to enable highways Smoother. And they did it without affecting traffic. They tested the upgrade on service roads (testnet) and then ported it to the mainnet highway. Dencun mainnet is scheduled to launch in March, which Can be seen as an internal catalyst for a better future for Web3,” said Ashish Singhal, co-founder of CoinSwitch.

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