On February 21, there were mixed movements in the cryptocurrency market. While Ethereum (ETH) and Solana (SOL) reported slight gains, Bitcoin (BTC) crossed the $98,000 mark.
Bitcoin surge driven by Federal Reserve’s rate cut speculation
As a result of the Federal Reserve Bank of Atlanta’s (Federal Bostic) suggestion that two rate cuts may occur this year, Bitcoin has reclaimed the $98,000 mark. As of the 21st, Bitcoin is trading at $98,430.09, up 1.65% from the previous day, according to CoinMarketCap. Since reaching an all-time high of $109,114.88 on the 20th of last month, Bitcoin has been confined. It has now dropped roughly 9.87% from its peak.
Additionally, Bitcoin has crossed the $98,000 threshold for the first time since the 14th. Bitcoin has recently been fluctuating sideways between $95,000 and $96,000. As the likelihood of monetary policy easing by the U.S. Federal Reserve increased, Bitcoin experienced a slight recovery.
Mixed performance across major Cryptocurrencies
At $3.23 trillion, the total value of the world’s cryptocurrency market was up almost 1% from the day before. The overall market volume, on the other hand, increased by 8% to $90.13 billion, suggesting that trading activity across digital assets has increased.
With Bitcoin’s dominance rising to 60.31%, the most recent data shows increased volatility in altcoins, indicating investor preference for the leading cryptocurrency despite shifting market sentiment. The price of bitcoin increased by more than 1% in the past day, reaching $98,388. The leading cryptocurrency hit a high of $98,767.19 and a low of $96,805.78 during the day. The consistent upward trend keeps stirring up speculation that Bitcoin might surpass the psychologically significant $100,000 threshold.
According to data, Bitcoin’s market share grew by 0.23% to 60.31%, indicating that investors are turning to the cryptocurrency in the face of mounting uncertainty in the altcoin space. Bitcoin may soon reach new highs and draw more institutional interest if the momentum continues.
XRP experienced downward pressure and lost almost 2% in the last day despite the general uptrend. In the past 24 hours, XRP’s price dropped more than 2% to $2.65. The intraday price of the token fluctuated between $2.64 and $2.74. The price of Ethereum increased by a small 0.2% to $2,748, with a 24-hour range of $2,708.22 to $2,770.03. Ethereum’s market share dropped to 10.25%, suggesting that investors are less excited about it than they are about Bitcoin.
With a slight 0.5% increase, Solana (SOL) is now trading at $174.55. The intraday low and high of the coin were $170.99 and $176.59, respectively. Due to a significant decline in Solana-based meme coins like Official Trump, Solana has recently been weak. The Libra token, which has since plummeted, was also pushed by Argentina’s President Javier Milei through X (formerly known as Twitter) and saw a sharp increase in value.
Disclaimer
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