Crypto Price on February 13: Bitcoin trades near $50K mark; Solana, Avalanche jump up to 8%
cryptocurrency was also buoyed by expectations of interest rate cuts later this year and last month's regulatory nod for U.S. exchange-traded funds designed to track its price.
However, Bitcoin fell just below the $50,000 mark in early trade on Tuesday, trading 3.9% higher at $49,971. Whereas, the price of Ethereum, the second-largest cryptocurrency, was up 6% at $2,649.
Also Read | Bitcoin hits $50k level for first time in more than two years
Following the rise in Bitcoin and other altcoins, the global cryptocurrency market cap surged 3.8% to around $1.87 trillion in the last 24 hours.
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View Details»Bitcoin breaks through the $50,000 mark for the first time since 2021. The surge may be attributed to the robust performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and an upcoming halving event, said Edul Patel, CEO of Mudrex.
«Bitcoin faces its next resistance at the $50,250 level, potentially paving the way for a further climb beyond $51,200,» Edul added.
Meanwhile, Shivam Thakral, CEO of BuyUcoin, said, «As expected, Bitcoin soared to $50,000 after holding and breaking above the $49,000 support. There are approximately 60 days until the Bitcoin Halving in April 2024 which could potentially push the cryptocurrency market to new highs.»
«The macro factors such as the anticipated rate cut by the US Fed and
