Home Crypto Crypto Market Analysis Daily Crypto Review, Feb 10 – Bitcoin fighting to regain $10,000 after...

Daily Crypto Review, Feb 10 – Bitcoin fighting to regain $10,000 after a sudden crash occurs

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Another green weekend for the crypto industry came as Bitcoin broke the $10,000 mark. Many say that this is only the beginning of a move that can take Bitcoin to $100,000. However, the past couple of hours were quite turbulent. The majority of the cryptocurrency market made gains over the weekend, but they mostly fell down in price in the past 24 hours. Bitcoin is currently trading for $9,963, which represents a 1.7% decrease on the day. Meanwhile, Ethereum lost 2.86% on the day, while XRP lost 3.65%.

Kick Token took the position of today’s most prominent daily gainer, with gains of 53.88%. On the other side, Synthetix Network lost 12.41% on the day, which made it the most prominent daily loser.

Bitcoin’s dominance fell down slightly over the weekend. It is now at 63.75%, which represents a decrease of 0.72% when compared to the value it had on Friday.

 

The cryptocurrency market capitalization gained quite a bit over the weekend. It is currently valued at $285.04 billion, which represents an increase of $9.9 billion when compared to Friday.

What happened in the past 24 hours

American investment data provider Weiss Ratings updated its ranking for Bitcoin (BTC) to “excellent” by assigning it the A- grade. The rating update came due to strong price performance.

Weiss Ratings posted a tweet published on Feb. 7, saying that: “The Weiss Crypto Rating for BTC is now A- (excellent). This is thanks to improving fundamentals as well as positive price action ahead of Bitcoin’s halving.”

Before Bitcoin received the A- rating, it was rated lower than XRP and EOS as they were considered cryptocurrencies with the best combination of tech and adoption. However, Bitcoin has a higher grade than both of them now.

Honorable mention

Binance Coin (BNB) 

Binance Coin (BNB) has shown its strength, mostly due to the changes in the fundamentals. Several fundamental core events happened during the last week. These events were perceived as positive by the traders. Binance launched futures trading for Zcash as well as BNB this week.

The exchange also added support for the Russian ruble. This feature allows users to make cryptocurrency purchases via their Visa banking card. On top of that, Binance hired Iskander Malikov, former COO at TradingView, as the new director of fiat in order to boost its fiat-to-crypto gateways.

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Technical analysis

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Bitcoin

The uptrend that started on Feb 4 continued over the weekend as well, pushing Bitcoin’s price over 10,000. The price slowly approached $9,900 and then spiked up all the way to $10,200. The move was not accompanied by a significant volume increase, but it was rather a slow grind towards the goal. However, the past few hours brought us a massive drop in price, where Bitcoin fell to $9,725 in a matter of minutes. The price recovered and the largest cryptocurrency by market cap is now trading just under $10,000.


Key levels to the upside                    Key levels to the downside

1: $10,010                                         1: $9,872

2: $10,360                                         2: $9,732

3: $10,470                                         3: $9,585


Ethereum

Ethereum had quite a bit of a run over the weekend as well. The price steadily went up and rose to $230, but consolidated below the $225.5 level. The past couple of hours brought us a sudden price drop, where Ethereum fell down to the $217.5 support level. However, bears did not manage to break this support level, and Ethereum quickly bounced back.


Ethereum’s volume is elevated at the moment, while its RSI left the overbought territory and is currently in the higher part of the value range.

Key levels to the upside                    Key levels to the downside

1: $225.5                                             1: $217.5

2: $240                                              2: $198 

3: $251.3                                           3: $193.6


Ripple

XRP spent the weekend mostly by being in the consolidation mode. However, it made one attempt to break the $0.285 resistance level, which failed. The price continued to consolidate at the levels right below $0.285 ever since the failed spike. However, the past couple of hours brought XRP bears to the game as well. A sudden move made XRP go from $0.282 to $0.27. However, the bulls quickly reacted, and the price went back to the previous levels.


XRP’s volume is still a bit elevated, while its RSI level is moving to the lower portions of the value range.

Key levels to the upside                    Key levels to the downside

1: $0.285                                            1: $0.266

2: $0.31                                              2: $0.2454

3: $0.324                                            3: $0.235

 

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