Updated February 15th, 2024 at 11:29 IST

Bitcoin breaches $52K mark, crypto market cap nears 2 trillion

For Bitcoin to keep climbing, it needs to close above $52,000. Likewise, Ethereum aims to break the $2,900 barrier on its way to $3,300, experts suggest.

Reported by: Anirudh Trivedi
Bitcoin | Image:Republic
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Crypto market overview: The two-week positive momentum for Bitcoin has led the leading cryptocurrencies to attain 2-year highs with Bitcoin crossing the $52,000 level and Ethereum hovering close to $2,800. Bitcoin also crossed $1 trillion in market capitalisation for the first time since December 2021. The overall market capitalisation of the crypto market has also witnessed a 5.12 per cent rise in the last 24 hours, nearing the landmark of $2 trillion. 

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On the other hand, the Crypto Fear and Greed Index recorded a two-point dip due to the potential of heavy profit booking in the coming days. 

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Image credit: Alternative.me

Rajagopal Menon, Vice President, WazirX

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“Rising to $52,000, Bitcoin reattained a $1 trillion market cap after 26 months, indicating further potential for upward movement. Despite briefly dipping below $50,000 on Tuesday due to US inflation data, BTC swiftly rebounded. This surge pushed BTC's market value above $1 trillion for the first time since December 2021, with a 5.7 per cent increase in the last 24 hours.”

“Altcoins such as Cardano (ADA) and Dogecoin (DOGE) saw a 6 per cent upswing, and Ethereum (ETH) reached $2,750, its highest point since May 2022. Bullish sentiment remains, targeting $75,000, fueled by substantial inflows into US-listed spot BTC ETFs, including BlackRock's IBIT. Analysts anticipate BTC's upward trajectory, underlining key support level at $46,000 while expressing caution about a potential slowdown in momentum.”

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Talking about the Bitcoin ETF investments driving the crypto bull run, the CoinDCX Research Team said, “The crypto market continues to rise, with Bitcoin and Ethereum hitting their highest points of the year. This growth is fueled by increased investments in Bitcoin spot ETFs and positive sentiment about the upcoming halving event.”

“For Bitcoin to keep climbing, it needs to close above $52,000. Likewise, Ethereum aims to break the $2,900 barrier on its way to $3,300. Alts have also started showing strength, tokens like STX and IMX have surged by over 25 per cent in just a few days,” added CoinDCX. 

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CoinSwitch Markets Desk

“Bitcoin hits $52,500 as any doubts that bears had for a return from the $50,000 mark were shattered because of significant buying interest from institutional investors. Blackrock alone now holds more than 100,000 BTC. The next resistance for BTC is however not very far away and a small retracement can be expected around the $53,000 mark.”

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“ETH on the other hand also broke past $2,800 as it went back to May 2022 levels. Ethereum is currently in high demand from staking and re-staking derivatives in the market. If ETH and BTC do not see a heavy correction, an altcoin season might be on the cards as we approach the Bitcoin halving in April,” added CoinSwitch.

Edul Patel CEO of Mudrex said, “Bitcoin reclaimed the $1 trillion market value, a milestone unseen since November 2021. A firm close above $52,700 is expected to open the door for a potential climb to $60,000 and beyond. If this trend persists, Bitcoin is likely to surpass its previous all-time high of $69,000 very soon.” 

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Sharing the future outlook for the crypto market movement, Vikram Subburaj, CEO, Giottus said, “Bitcoin has breached the $52,000 mark today fuelled by increased volumes into ETFs and has become a $1 trillion asset again. The price movement suggests a bullish trend in the short term with the next big resistance at $55,000. Meanwhile, its RSI (at 81.3) has officially entered overbought territory hinting at a possible correction in the near term.”

“Ethereum is approaching $2,800 and has maintained a robust weekly performance with a 15 per cent gain. Among other altcoins, Cardano and Avalanche posted daily gains of 7 per cent. Key upside targets for altcoins: Ethereum ($2,850), BNB ($365), Solana ($125), Cardano ($0.60), and Avalanche ($45),” added Subburaj. 

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WazirX’s Menon also said, “The technical indicators indicate that Bitcoin signals a positive scenario, with the Hourly MACD displaying increased momentum in the bullish zone. The Relative Strength Index (RSI) for BTC/USD has surpassed the 50 level, indicating heightened buying strength. Key support levels at $51,500 and $50,500 offer a base for potential price recoveries. Conversely, notable resistance levels at $52,500, $53,200, and $54,400 present challenges for extended upward movement in the market.”

Shivam Thakral, CEO of BuyUcoin said, “The Total Crypto Market has increased by 5 per cent from the last day to $1.95 trillion, fueled by a new Bitcoin all-time high (ATH) again for this year. The market optimism around Bitcoin halving continues as Bitcoin has regained a $1 trillion market cap above $52,000 and is just 30 per cent away from ATH. One event investors should pay close attention to is the recent Genesis court approval to redeem its Grayscale Bitcoin Trust holdings valued at $1.3 billion and its potential impacts on the cryptocurrency market.”

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Published February 15th, 2024 at 11:29 IST