Bitcoin in recovery returns to $46,500
Bitcoin in recovery returns to $46,500
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Bitcoin in recovery returns to $46,500

By Federico Izzi - 11 Feb 2021

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After yesterday’s day that closed with a daily decline of -3.5% for Bitcoin, the worst since the beginning of February, today there is a change of course with a return of strength and a rise that allows the recovery of most of the losses suffered yesterday.

Yesterday also saw new all-time highs for Ethereum, which climbed to just short of $1,840. 

coin360 20210211
Source: COIN360.com

Among the best rises of the day is Iota (MIOTA), which with a 50% climb from yesterday’s values is back above $1.20, the highest peak since June 2018. It is a movement that allows Iota to climb back to 25th position in the ranking of the largest capitalized coins with about $3 billion in total capitalization. 

Other rises include Icon (ICX), up 40%. This is followed by Enjin Coin (ENJ) and Basic Attention Token (BAT), both up over 30%. 

ADA 20210211

Among the big names, the rise of Cardano (ADA) continues, which yesterday touched the one-dollar mark, the highest level since January 2018. For Cardano, it is a rise that adds to the gains of the past few days and thus sees the performance rise over 400% since the beginning of the year. 

PNT 20210211

Going beyond the top 100 capitalized, it is necessary to highlight the strong rise that is characterizing the token of pNetwork (PNT, formerly EDO), which in 48 hours sees its value triple, from 80 cents to over $2.4. For PNT, it’s the highest price spike since May 2018 on all exchanges.  

The total market cap drops below $1.4 trillion. If you take away Bitcoin’s capitalization, the market cap rises to $550 billion in these hours, one step away from the all-time record set in the first days of January 2018. 

Bitcoin’s dominance remains above 61%, with Ethereum gravitating around 14.5% and the third-largest by capitalization, Cardano flying above 1.7% which in percentage terms is the highest level since May 2018.

DeFiPulse 20210211

DeFi climbs one step closer to the psychological wall of $40 billion. Maker consolidates industry leadership with $6.4 billion followed by Aave and Compound. 

BTC 20210211
Bitcoin chart by Tradingview

Bitcoin (BTC), rising and recovering the $46,500 mark.

Bitcoin, after yesterday’s weakness with prices that have returned below $44,000, in these hours recovers $46,500

Both in the short and medium-term Bitcoin confirms the bullish trend. The monthly cycle started on January 27th confirms the strength of the annual upper cycle. At the moment the first bearish signal would be realized with prices below $41,000, a level that coincides with the bullish trendline that joins the lows from the end of January.

ETH 20210211
Ethereum chart by Tradingview

Ethereum (ETH)

Despite the volatility of yesterday’s day that recorded prices down more than 8% from the all-time highs marked on the same day, Ethereum remains above the levels of collapse risk. 

The bullish structure of Ethereum, confirmed by the rises of recent weeks, keeps prices within a safe limbo while allowing wide swings like the one of yesterday. 

 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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