Crypto Price on February 6: Bitcoin falls below $42,800; Altcoins trade mixed
Bitcoin (-0.15%), BNB (-0.9%), Solana (-0.7%), Cardano (-1.1%) and Avalanche (-2.1%) were trading in the red, while Ethereum (0.7%), XRP (.3%), Polygon (1.9%), and Chainlink (2.3%) were trading in the green.
The global cryptocurrency market cap surged 0.24% to around $1.64 trillion in the last 24 hours.
At 11:40 a.m., BTC was trading 0.15% lower at $42,704. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $837 billion.
«Federal Reserve Chair Jerome Powell's confirmation that the Fed is not keen on cutting rates in March did little to dampen bullish enthusiasm, as the $42,000 level found robust support. The next resistance for BTC is at $43,800, while support is at $41,300,» said Edul Patel, CEO of Mudrex.
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View Details»Meanwhile, Vikram Subburaj, CEO of Giottus, said, «Bitcoin continues to consolidate below $43,000 as traders await fresh ammunition to offset selling pressure above that level. Altcoins are also trading in a rangebound manner with the exception of Chainlink.»
The total volume in DeFi is currently $4.15 billion, 9.67% of the total crypto market 24-hour volume. The volume of all stablecoins is now $39.65 billion, which is 92.29% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
Bitcoin's dominance is currently 51.14%, according to
