Cryptocurrency prices on February 20: Solana, Internet Computer, and Bitcoin all fall by up to 4% and below $52,000.
In Tuesday's trade, major cryptocurrency tokens were mixed with a tilt towards declines. Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Polkadot, Toncoin, and Shiba Inu were trading in the green, while Bitcoin, Solana, Avalanche, Chainlink, Polygon, and Internet Computer were trading in the red.
At 12:25 p.m., Ethereum was up 0.34% at $2,931, while Bitcoin was 0.9% lower at $51,926, according to market data. Over the previous day, the value of the worldwide cryptocurrency market dropped by 0.1% to approximately $1.98 trillion.
"After testing the $52,000 resistance level, traders are now consolidating Bitcoin at $51,700 as they book profits. The $52,200 level is the immediate barrier, and if it is not overcome, support may be found at $51,300," stated Edul Patel, CEO of Mudrex.
In the meantime, Giottus CEO Vikram Subburaj stated, "Bitcoin is stabilising below $52,000 after running into resistance at that level. This week, a sharp increase towards $53,000 is conceivable as market makers attempt to invalidate significant short positions in the market. This week's cryptocurrency events, particularly NVIDIA's highly anticipated quarterly report, might be impacted by broader stock market mood.
Solana, Avalanche, Internet Computer, and Chainlink were the top losers among the major altcoins, losing 1-4 percent.
Currently, DeFi's total volume is $6.59 billion, or 9.38% of the 24-hour volume of the whole cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $62.94 billion, or 89.63% of the entire 24-hour volume of the cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, saw a rise in market capitalization to $1.02 trillion in the past day. Currently, 51.54% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased by 13.7% to $21.7 billion in the past day.
Stocks Suggestions
Based on technical analysis, Bitcoin is expected to encounter resistance at $52,779 and support at $50,355. Though there is still uncertainty, the Relative Strength Index (RSI) points to a neutral market. Although Kiyosaki's confidence generates enthusiasm, market mood is still cautious, and it's unclear where bitcoin will go after breaking below the crucial $52,780 line.
