Bitcoin may be consolidating following a retraction after briefly scaling the $25k mark


Bitcoin is currently trading around $24,467 after hitting the $25k mark at 17.20 on Sunday, February 19. This is the first time the coin has reached that value in eight months. The last time Bitcoin traded around this value was in June 2022. This was the month that the cryptocurrency dropped rapidly from nearly $32k to $19k, losing $13,000 in the process. As the market started showing signs of recovery on January 9, the crypto ecosystem is not short of positive projections regarding the direction of the price of BTC.

At its current price, the value of BTC is down by 1.5% in 24 hours, having ranged from $23,880 to $25,112 over this period. Its market cap is currently $472 billion, which is 0.4% lower in a day, while its 24-hour volume is $39 billion.

Still heading up

On the 7-day chart, Bitcoin is up by 12.2%, which is one of the reasons why many analysts are convinced that we are in a bull market. With a Relative Strength Index of 57, the coin is not yet in the overbought region, so it is safe to infer that we shall see higher values for Bitcoin in the coming weeks. This can also be seen from the pattern formed by the 7-day and 21-day moving average indicators in the chart below.

Ethereum is down by 1.1% in the past 24 hours, but it has gained 11% on the 7-day chart, bringing its market price to $1,687. Its market has seen a slight increase in volume at $8.3 billion. Its market cap of $203 billion gives it a dominance of 17.38%, second only to Bitcoin’s dominance of 40.28%.

Solana, Polkadot and OKB leading the 7-day chart

Even though most top altcoins have made slight losses in the past 24 hours, a top gainer is Solana, which has gained 12.4% in the past 24 hours. Over the course of the week, Solana has gained 23%, making it the second biggest gainer in the past 7 days behind OKB, which is up by 28.9%.

The strong run of SOL, the Solana token, is traceable to the February 17 news that the Helium Network will migrate to the Solana blockchain on March 27th. On its own, OKB, the cryptocurrency of the exchange OKX, is trending after it listed several tokens such as $BLUR, the popular NFT marketplace platform, $IGU, and $WOO. The launch of its Dip and Peak Sniper Portfolio 2.0 has also boosted interest in the exchange. OKB is currently trading at $52, according to data from Coingecko.

Another strong performance comes from Polkadot. DOT is currently up by 1.9% in 24 hours. Its 7-day record shows a surge of 21%. On February 14, the Polkadot network announced that participation in its staking program attracts 1500 new users every month.

The Polkadot Blockchain Academy, a five-week program, just ended. It was meant to accelerate the adoption of Web3, and it also attracted the crypto community and investors.

Author: Kamma

Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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