Bitcoin and Ether Market Update February 11, 2021
Total crypto market cap added $201 billion to its value for the period since Monday and now stands at $1,409 billion. The top ten coins are mostly in red for the last 24 hours with Binance Coin (BNB) losing 12.4 percent while Cardano (ADA) added 6.4 percent to its value. At the time of writing bitcoin (BTC) is trading at $46,262 on the Bitstamp daily chart, ether (ETH) climbed up to $1,774.
The most valuable crypto asset corrected its price down to $38,868 on Sunday, February 7 after failing to close above the $39,150-$39,300 zone on the daily chart for the second straight session. It is worth noting that this area was also a temporary resistance back on January 14-15. BTC closed the previous week with a 17.2 percent of increase and was on track to invalidated the mid-term bearish scenario.
On Monday, the coin was struggling to surpass the above-mentioned horizontal resistance, but some solid fundamentals helped it gain the required momentum. Elon Musk’s car manufacturer company Tesla officially announced they acquired $1.5 billion worth of Bitcoin and are planning to make the leading cryptocurrency official payment method for their cars.
The news resulted in a 19 percent increase in the price of BTC in less than an hour as bulls pushed it to a new all-time high of $46,764.
The second day of the workweek was as intense as the first one with bitcoin climbing further to $48,237 during intraday before dropping back down to $45,000 in the afternoon. Still, it ended the day almost flat, at $46,528.
On Wednesday, February 10, the entire cryptocurrency market turned red, experiencing another typical flash crash moment. The BTC/USD pair in particular erased $1,700 from its capitalization and closed at $44,840.
As of the time of writing this article, BTC is trading significantly higher, at $46,309 after successfully rebounding from the $44,500 line and moving above the daily pivot point.
The Ethereum Project token ETH started pulling back after reaching a new all-time high of $1,761 on February 5. In its second consecutive session on the negative territory, the coin fell all the way down to $1,487 during intraday trading on Sunday, February 7, and eventually ended the week at $1,611. This corresponded to a 22 percent of growth on a weekly basis.
On Monday, the ether, which was also fueled by the Tesla news, skyrocketed to $1,776 during midday then lost few dollars of its value and ended the day at $1,750, or 8.6 percent higher.
The Tuesday session was quite a volatile one for ETH as it was moving in the wide range between its new highest point of $1,822 and $1,709. In fact, the whole altcoin market was moving in a price discovery territory.
Still, the coin drew a short green candle body to $1,769 on the daily chart.
The mid-week session on Wednesday was again a volatile one. ETH traded in the $1,680 – $1,84 zone before closing with a loss at $1,740.
The coin is trading at $1,766 midday on Thursday.
Below is the 4-hour chart: