The cryptocurrency markets were trading higher in Friday’s trade, led by Bitcoin, Ethereum, BNB, Solana, and Cardano. The global cryptocurrency market cap rose 2.24% to around $1.74 trillion in the last 24 hours.

At 11:50 a.m., Bitcoin was trading 3.8% higher at $46,196, while Ethereum was up 1.15% at $2,450.

Other altcoins such as BNB, Solana, and Cardano surged 2-5%. XRP, Avalanche, Dogecoin, Polkadot, and Polygon rose up to 2%, while Tron and Chainlink declined up to 3%.

“In the past 24 hours, BTC displayed notable strength, breaking out of its range to reach $46,000. The current hold at this level, along with a solid close, adds to the bullish sentiment. The next key levels are $48,000 and $51,750, with support at the previous resistance of $44,400,” said CoinDCX Research Team.

With BTC dominance rising, altcoins saw limited gains, waiting for stability in BTC and a shift in capital flow, CoinDCX added.Meanwhile, Edul Patel, CEO of Mudrex, said that Bitcoin surpassed the $46,000 mark, driven by a surge in whale accumulation. Glassnode reports a 3.6% rise in Bitcoin wallets holding over 1,000 BTC from January 19th to February 6th. The heightened activity among whales suggests growing confidence in BTC’s value as the halving event approaches.The total volume in DeFi is currently at $4.56 billion, 7.72% of the total crypto market 24-hour volume. The volume of all stablecoins is now $55.11 billion, which is 93.14% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $905 billion. Bitcoin’s dominance is currently 51.80%, according to CoinMarketCap. BTC volume in the last 24 hours increased 14.86% to $27.4 billion.

Tech view by Rajagopal Menon, Vice President, WazirX

BTC’s Exponential Moving Average for a 10-day EMA indicates “Buy” at 43886, and a 200-day EMA indicates “Buy” at 36586. The Simple Moving Average for a 10-day SMA indicates “Buy” at 43587, and a 200-day SMA indicates “Buy” at 34604.

The Relative Strength Index (14) sits at 68, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 96 and the Average Directional Index (14) at 14 indicate a Neutral outlook.

The MACD Level (12, 26), at 607, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 100 indicates ‘Neutral’, and William’s Percentage at -5 indicates ‘Sell.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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