Bitcoin’s new daily records have now become customary. For the past week, almost daily, there has been a new absolute record.
This is happening again today with Bitcoin prices unsatisfied with breaking the other psychological level of 51,000 for the first time, now pushing towards $52,000.
These are staggering numbers for Bitcoin, which in just seven days flew over 36%, even doubling its performance from the lows of late January. In less than a month, Bitcoin’s value increases by about 80%.
In some ways the break of the $50,000 mark was expected, almost taken for granted. A confirmation of a breach of the $50,000 mark would open up scenarios that were unthinkable just a few weeks ago.
It is best to remain cautious, realistic and with feet firmly planted in the reality that for three months now has accompanied the best period ever for the cryptocurrency sector.
Broadening the analysis to the top 50, all cryptocurrencies have seen gains since November, some of them even in triple digits, especially DeFi tokens.
What has been happening in the last 24 hours is causing trading volumes to increase and return to over $620 billion, levels not seen since early last week.
Yesterday’s trading volumes for Bitcoin are back above $12 billion. The same is not true for Ethereum, which is still hanging on to its all-time highs but which “only” traded just over $5 billion yesterday.
The Polkadot (DOT) token is shining brightly today as it is now trading above $30, strengthening its position as the third most-capitalized token, ahead of both Cardano (ADA) and XRP. Among the big players, in addition to the strong rise of Bitcoin, which increased by 5% over 24 hours, there was also a very good performance of Monero (XMR), with a daily rise of 7%.
The total capitalization for the first time exceeds 1,500 billion dollars. The rise in recent hours brings Bitcoin’s dominance back above 62%.
The total collateralized value on decentralized finance falls below $40 billion for the first time in 7 days, a decrease not due to the network effect but to a liquidation of the number of tokenized bitcoin: as the underlying asset rises, users prefer to withdraw. Compared to the peaks of the last three months with over 52,000 BTC tokenized, in the last few hours the amount has dropped below 49,000 BTC.
The podium of the most used projects remains unchanged with Maker leading the way followed by Aave and Compound.
Summary
Bitcoin (BTC), new records
Bitcoin continues to climb higher and higher, one step away from $52,000 at the time of writing this article. In such an environment the only operational reference points are those left behind.
At the moment, the valid support level is the $44,000 level tested several times from an intraday perspective over the last weekend.
Upwards, having reached the Fibonacci extension of $51,500, the next target is now over $54,000.
Ethereum (ETH)
For over a week now, Ethereum prices have been moving above $1,750. It will be necessary to understand in the coming hours as well as in the coming days if this is a consolidation move to push towards $1,900, or the first indications that prices are ready for a healthy retracement.
For Ethereum, the first valid area of dynamic support is about 1,550 dollars, while the static support is identified in the area 1,400-1,430 dollars.
