Bitcoin Surpasses $98,000 as Cryptocurrency Market Experiences Mixed Trends
The cryptocurrency market experienced mixed movements on February 21, with Bitcoin (BTC) crossing the $98,000 threshold while Ethereum (ETH) and Solana (SOL) posted modest gains.
The total global crypto market capitalization stood at $3.23 trillion, marking a nearly 1% rise from the previous day.
Meanwhile, total market volume surged by 8% to $90.13 billion, indicating heightened trading activity across digital assets.
Despite the overall uptrend, XRP faced downward pressure, losing nearly 2% in the past 24 hours. The latest data highlights increased volatility in altcoins as Bitcoin’s dominance climbed to 60.31%, reflecting investor preference for the leading cryptocurrency amid fluctuating market sentiment.
Bitcoin’s price climbed over 1% in the last 24 hours, trading at $98,388. The flagship cryptocurrency recorded an intraday low of $96,805.78 and a high of $98,767.19. The steady uptrend continues to fuel speculation about Bitcoin’s potential to breach the psychologically significant $100,000 mark.
Bitcoin dominance
Data shows that Bitcoin’s dominance in the crypto market increased by 0.23%, reaching 60.31%, suggesting that investors are seeking refuge in Bitcoin amid growing uncertainty in the altcoin sector. If the momentum persists, BTC could soon test new highs, attracting further institutional interest.
- Ethereum’s price saw a marginal rise of 0.2%, settling at $2,748, with a 24-hour range fluctuating between $2,708.22 and $2,770.03. Ethereum’s dominance slipped to 10.25%, indicating weaker investor enthusiasm compared to Bitcoin.
- Key resistance remains at $2,800, and a breakout above this level could drive further upward movement.
- Solana (SOL) experienced a modest 0.5% increase, currently trading at $174.55. The coin’s intraday low stood at $170.99, while its high reached $176.59.
Broader market sentiment continues to influence SOL’s price action, with traders closely watching for signs of a breakout or consolidation.
What you should know
XRP’s price fell by over 2% in the past 24 hours, slipping to $2.65. The token reached an intraday low of $2.64 and a high of $2.74.
- Despite the decline, expectations for an XRP exchange-traded fund (ETF) gained traction as Grayscale’s application entered the US Securities and Exchange Commission’s (SEC) review process.
- The possibility of an XRP ETF approval could significantly impact the token’s price trajectory, potentially reversing its recent losses. However, with regulatory uncertainty still looming, XRP remains susceptible to market fluctuations.
- Among meme cryptocurrencies, Dogecoin (DOGE) declined by 1.5% to $0.253, while Shiba Inu (SHIB) fell by 0.5% to $0.00001552. Meanwhile, Pepe Coin (PEPE) gained over 1% to $0.000009722, and FLOKI recorded a 3% increase, trading at $0.00009888.
With volatility persisting across the broader crypto market, investors are closely monitoring price movements and regulatory developments that could shape future trends.
