Crypto Price on February 21: Bitcoin stays below $52,000; altcoins tank up to 6%
At 12:25 pm, Bitcoin was trading 0.3% lower at $51,814, while Ethereum was up 1.4% at $2,971. Meanwhile, the global cryptocurrency market cap fell 0.21% to around $1.97 trillion in the last 24 hours.
Among other top altcoins, Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu fell up to 6%. While Ethereum and Tron surged up to 2%.
«In the last 24 hours, Bitcoin experienced a notable surge, reaching a new high for the year at $53,000. However, it quickly retraced to $50,750 due to factors such as peaking open interest and unfavorable funding rates for bullish positions,» said CoinDCX Research Team.
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View Details»Conversely, Ethereum remained relatively strong throughout the turmoil, showing resilience by barely dropping in price and even surpassing the $3,000 milestone, CoinDCX said.
Meanwhile, at the rally in Ethereum, Ashish Singhal, Co-founder of CoinSwitch, said, «ETH has been on a tear since mid-January. There are two major drivers for this; First is the anticipation of a spot ETF in the US, Standard Chartered Bank expects the SEC to approve spot Ethereum ETFs sometime in May, and this can be seen as an external validation from traditional finance. Another major driver is the progress of the 'Dencun upgrade' of the Ethereum network.»
The total volume in DeFi is currently $6.73 billion, 7.70%
