Altcoins, Bitcoin, Cryptocurrency, News & Updates

Crypto Market Update 02/09: Bitcoin Aiming For 50K, Ether and Alts Rallying

Bitcoin (BTC) rallied above USD 5,000 and traded to a new all-time high near USD 47,500. On the flipside, Ethereum (ETH) could rally further beyond USD 1,775, while XRP is surging towards the USD 0.500 level. The altcoins like BTT, LUNA, DGB, and CAKE are up above 30%.

Bitcoin rallied considerably above the USD 42,000 and USD 45,000 resistance levels. BTC even spiked above USD 47,000 and traded to a new all-time high near USD 47,500. It is currently (05:00 UTC) consolidating gains and it could extend to rise towards USD 48,500 and USD 50,000.

Likewise, most other major altcoins extended their rally. ETH/USD traded to a new all-time high near USD 1,775 and it might extend gains. XRP/USD is up over 15% and it is approaching the USD 0.500 resistance.

Total Market Capitalization


Bitcoin Price

After a clear break above USD 42,000, the bitcoin surged over USD 5,000. BTC even cleared the USD 45,000 and USD 46,000 levels. It traded close to USD 47,500 before starting a consolidation phase. The price remains elevated and it seems like there are chances of more upsides above USD 48,000. The next major resistance on the upside could be near USD 50,000.

Initial support on the downside is near the USD 46,200 level. The first significant support sits at USD 45,500, below which the price might start an extended downside correction.

Meanwhile, some analysts claim that Tesla‘s purchase of USD 1.5bn in BTC may have forced cryptocurrencies onto the agenda of corporate treasurers globally.

“We see fundamental reasons for corporate crypto treasury exposure and expect others to follow suit. We don’t think this happens overnight, but we do think there’s much more room for corporate treasury penetration and expect the trend to continue,” wrote strategists at Fundstrat Global Advisors, as announced by Bloomberg.

Ethereum Price

Ethereum (ETH) also gained bullish momentum beyond the USD 1,700 level. ETH spiked beyond USD 1,750 and traded to a new all-time high near USD 1,775. It is struggling to gain pace above USD 1,775. If there is a close above USD 1,775, the bulls might test USD 1,850 or even USD 1,900.

If there is a downside correction, the USD 1,700 zone is a decent support. The next major support is now forming near the USD 1,650 level.

ADA, Litecoin, and XRP Price

Cardano (ADA) remained stable above USD 0.650 and it extended its rally above USD 0.700. ADA traded as high as USD 0.725 and it is correcting gains. Initial support is near the USD 0.672 level. The main support is now near USD 0.650, below which there is a risk of a larger decline. On the upside, the USD 0.725 level is short-term resistance.

Litecoin (LTC) gained over 10% and it cleared the USD 155 and USD 165 resistance levels. LTC is now trading above USD 170 and it might climb further towards the USD 178 and USD 180 levels. If there is a downside correction, the bulls might remain active near USD 165.

Ripple (XRP) price is gaining momentum above USD 0.450 resistance. The price even cleared the USD 0.465 level and it might move towards the USD 0.492 and USD 0.500 resistance levels. Any more gains might set the pace for a drive towards the USD 0.550 level in the near term.

Other Altcoins Market Today

Several altcoins rallied over 20%, including BTT, LUNA, XVS, DGB, CAKE, MIOTA, EGLD, FIL, SOL, RUNE, BTCB, AVAX, and TRX. Out of these, BTT surged over 160% and LUNA exceeded the USD 5.00 resistance.

Overall, Bitcoin is gaining bullish momentum above USD 46,000. There are chances of more upsides in BTC towards the USD 48,500 and USD 50,000 levels in the near term.

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