Crypto Price on February 12: Bitcoin holds above $48,000; Solana, Avalanche shed up to 4%
cryptocurrency markets were trading marginally lower in Monday's trade after Bitcoin hit the 48,000 mark over the weekend. The global cryptocurrency market cap fell 0.8% to around $1.8 trillion in the last 24 hours.
At 11:50 a.m., Bitcoin was trading 0.14% lower at $48,128, while Ethereum was down 1.15% at $2,498.
Meanwhile, other altcoins such as Solana, Avalanche, Cardano and Polygon fell 3-4%. XRP, Dogecoin, Chainlink, Polkadot, Internet Computer and Shiba Inu also declined up to 3%.
BTC has been registering an upward price action since last week, given the spot ETF momentum. A recent post by Glassnode highlighted that on-chain indicators assessing BTC’s value show that we may have entered the initial stages of a bull market, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
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View Details»Shivam Thakral, CEO of BuyUcoin, said, «The crypto market continues the upward trend driven by increasing interest and adoption of Bitcoin Spot ETFs. Over the weekend, Bitcoin rose more than 6% in a day, marking resistance around $49,000 and closed above $48,000 today. Any breakout above $49,000 could push the price towards $50,000 and potentially towards the all-time high region above $60,000. Once Bitcoin dominance cools down, Ethereum and altcoins can also see a potential rapid jump in their market capitalization.»
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