At the start of the past week, Bitcoin reached a new all-time high, briefly surpassing $123,000. However, the excitement was short-lived, with the primary cryptocurrency almost immediately losing $7,000 in value. The subsequent ten days saw Bitcoin trapped in a relatively narrow range between $117,000 and $120,000, with each attempt to break free met with a strong rejection.

The most significant drop occurred recently when Galaxy Digital reportedly started to offload $1.5 billion worth of BTC, causing the cryptocurrency’s price to fall below $115,000 for the first time in two weeks. While Bitcoin has managed to regain some of its losses, it is still struggling to surpass $116,000 and is down by over 2.5% on the weekly scale.

Meanwhile, several altcoins like LTC, ENA, and CRO saw significant gains during the same period. Binance Coin soared to a new all-time high of over $800 before experiencing a slight dip. Ethereum, driven perhaps by substantial inflows into spot Ethereum ETFs, is also in the green, having risen to $3,850 earlier this week. It currently hovers near $3,700, marking a 1.2% weekly increase.

However, recent sharp price corrections from assets like XRP, XLM, HBAR, PEPE, and AAVE have dampened some of the altseason speculation. These cryptocurrencies have all endured double-digit losses since last Friday.

Key market data: Market Cap: $3.876T | 24H Vol: $265B | BTC Dominance: 59.4%. BTC: $115,670 (-2.6%) | ETH: $3,684 (+1.2%) | XRP: $3.06 (-13%).

This week’s notable crypto headlines include BlackRock’s Ether ETF becoming the 3rd fastest fund to hit $10B in a year, a $140M sell-off by a Ripple co-founder that crashed XRP on Binance, Robert Kiyosaki urging investors to own actual BTC rather than ‘paper’ ETFs, and Bitfinex’s report suggesting investor shift from Bitcoin to altcoins. For a full price analysis of Ethereum, Ripple, Cardano, Solana, and HYPE, click here.

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Bitcoin’s value is now hovering around $103,000, with many investors looking for signs of future support. Despite global market uncertainty, some altcoins are finding buyers on dips. After news of Israel’s airstrikes on Iran, Bitcoin dropped below $103,000, but subsequent buying pushed the price back towards $106,000. The overall sentiment is that Bitcoin’s bottom isn’t likely to drop significantly, but substantial upward price discovery may not occur until the upcoming Federal Reserve meeting.

As for Ethereum, it declined from $2,879 and dipped below the 20-day EMA ($2,580) on Friday, implying a rejection of the breakout above $2,738. XRP, on the other hand, broke above its moving averages on Monday, but the momentum could not be maintained, leading to a close encounter with the solid $2 support level.

Other altcoins such as BNB, SOL, and DOGE are also facing similar market situations. BNB has been trading between $693 and $634, indicating an equilibrium between the supply and demand. Solana, after rising above the moving averages, could not sustain the higher levels and broke below the moving averages on June 12. Dogecoin turned down from the $0.21 level, suggesting that the price remains within the $0.26 to $0.14 range.

Cardano, Hyperliquid, Sui, and Chainlink have also experienced volatile movements. Cardano turned down from the 50-day SMA ($0.72), indicating that bears continue to sell on rallies. Hyperliquid, after breaking the $42.25 resistance, is heading towards the breakout level from the symmetrical triangle pattern. Sui turned down from the 50-day SMA ($3.55), showing that bears are aggressively defending this level. Lastly, Chainlink re-entered its descending channel pattern, suggesting active sellers at higher levels.

These predictions provide a roadmap of potential price movements but always come with risk. Investors should, therefore, conduct their own market research before making any investment decisions.

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Ethereum (ETH) saw a 2% price surge this week, with a consolidation just below the $2,870 resistance level. The momentum for ETH is gradually building, evident in the bullish trend on both daily MACD and RSI charts. However, the volume has been consistently low since the start of February.

Looking forward, if Ethereum can break the $2,870 resistance, it might quickly shoot to $3,000, revitalizing market optimism and triggering a buying spree.

Ripple (XRP) enjoyed a 5% price increase this week, yet it fell short of testing the $3 resistance. The recent upswing is encouraging for bulls, but the momentum and volume lack the necessary strength for a breakthrough. Consequently, a continued consolidation is anticipated.

For XRP to sustain a rally, it needs to break above $3. Any less could be interpreted as bearish, potentially causing buyers to lose interest due to the lack of volatility.

Cardano (ADA) remains static at $0.8, with no significant movement. The current resistance lies between $0.84 and $0.9, and buyers seem unable to propel the price higher. To turn bullish, buyers need to push the price above $0.9. If not, sellers could take control, pushing ADA back to its support level at $0.65.

Binance Coin (BNB) is experiencing a pullback after failing to break the $700 resistance, resulting in a 2% price drop since last week. It is critical for buyers to defend the $600 support level to prevent a bearish trend. Once the pullback phase ends, BNB might attempt another run at the key resistance, provided it can maintain a price above $600.

Solana (SOL) had a challenging week with an 11% price drop, making a lower low which is contrary to the current market trend. The main concern for SOL holders is the price making a lower low, which could put the $164 support under pressure if buyers don’t return soon. If the current trend persists, SOL could plunge to the next major support level at $134.

The post In-Depth Crypto Market Update: A Look at ETH, XRP, ADA, BNB, and SOL appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Ethereum (ETH)

During Monday’s unexpected crypto crash, Ethereum’s value plummeted to $2,100 before regaining some stability. Despite a 16% weekly loss and current price hovering around $2,700, the coin couldn’t break the $3,000 resistance level. The selling pressure and bearishness are evident in the market, with Ethereum’s MACD indicating a bearish cross on the weekly chart.

Going forward, Ethereum’s critical support stands at $2,400. Investors must uphold this level to prevent a potential slump below $2,000.

Ripple (XRP)

XRP experienced a price drop to $1.8 on Monday, curtailing its rally. The price decline left sellers in control, leading to a 24% weekly loss. Currently priced at $2.3, XRP could see further decreases to $2 or $1.6, significant support levels.

Despite buyer interest below $2, the overall sentiment remains bearish. XRP appears to be entering a major correction phase, which may last several weeks before any significant upward movement.

Cardano (ADA)

Cardano also faced a challenging week, with its price dropping to $0.5 on Monday before a slight recovery. Despite this, ADA ended the week with a 21% loss. The bearish momentum suggests the downtrend may continue.

ADA’s primary support level is $0.64, which could potentially halt the downward trend. However, if the bearish sentiment persists, this may be a temporary halt before lower levels are reached.

Binance Coin (BNB)

BNB faced a significant test of resilience on Monday, with its price dropping to a low of $500, unseen since September 2024. Despite efforts to maintain BNB above $600, the week ended with a 15% loss.

BNB has robust support at $550 and $500. However, in the current market climate, the best outcome for BNB would be a bounce that tests the $600 resistance level.

Solana (SOL)

SOL holders were hit hard on Monday when the price slipped below $200. Despite attempts to revive it above this level, SOL ended the week with a 19% loss, and it currently trades around $190. The $200 level has now become a significant resistance, with $164 acting as the crucial support.

Looking ahead, SOL’s bearish momentum, indicated by the MACD and RSI making lower highs, suggests that sellers may maintain control over the price for some time. A potential reversal could occur in the $164 to $134 range.

The post February 7th Cryptocurrency Market Overview: A Closer Look at ETH, XRP, ADA, BNB, and SOL appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Reuters writes that the bank explained its decision saying that transacting with crypto poses security risks. In particular, these risks are connected to crypto’s decentralized nature and lack of regulation. This ban will come into effect on April 30.

Bitcoin and some altcoins have decreased in price after the announcement. Bitcoin has lost around 3% and Ethereum has lost about 3%. Moreover, Binance Coin is down by about 9%, and XRP fell by about 12% in the last 24 hours, per Coin Market Cap data.

The cryptocurrency that is outperforming today with its massive 24-hour gains of almost 200% is Dogecoin. According to CNN, the significant boost of DOGE price could be related to Elon Musk tweeting about the meme-like crypto. He tweeted a photo of a painting by a Spanish artist captioning it “Doge Barking at the Moon,” the source says.

Support for DOGE already pushed it to the tenth place among cryptocurrencies by market cap this week. Now, it has already climbed to fifth, per Coin Market Cap data, and is trading at around $0.39 at the time of writing.

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In other updates from the crypto exchange, Binance has recently introduced Stock Tokens. With these tokens, users can trade fractional stocks. By the time of writing, it listed and opened trading for Tesla Inc. (TSLA) and Coinbase (COIN) Stock Tokens.

The CEO of Binance Changpeng Zhao has revealed that Binance’s plan for this year is to work on launching the Binance Card as soon as possible. In particular, the card will allow P2P crypto transactions and payments to merchants with cryptocurrency.

Binance Coin (BNB) has posted massive gains this year. Starting with the price of about $37.7 on January 1, the token grew to an all-time high of $637.44 on April 12, per Coin Market Cap data. It now ranks third among cryptocurrencies, with a market cap of over $79.6 billion. The token is now down over 6% from yesterday, trading at about $514 at the time of writing.

Analyst Nicholas Merten attributes the BNB rally to the delay in the Ethereum upgrade that made some traders migrate to Binance Smart Chain for altcoin trading.

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However, not only the two largest cryptocurrencies have seen a price increase. Binance Coin (BNB), the third-largest crypto, is up by over 10% in the past 24 hours. In addition, it is up by almost 40% in the past 7 days, per CoinMarketCap.com data. The fifth and the sixth-ranked cryptos Polkadot (DOT) and Ripple’s XRP increased in price by over 31% and 50% in the past 7 days, respectively.

Increasing cryptocurrency adoption could be the reason why Bitcoin and altcoins post gains. Two of the world’s leading investment banks, Goldman Sachs and Morgan Stanley, started offering access to digital assets for their wealth management clients. Payment networks Visa and PayPal have introduced crypto payment support. Moreover, automaker Tesla started accepting Bitcoin for payments in the U.S.

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