Crypto Price on February 20: Bitcoin falls below $52,000 while Solana and Internet Computer both have 4% declines

In Tuesday’s trade, major cryptocurrency tokens were mixed with a tilt toward declines. Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Polkadot, Toncoin, and Shiba Inu were trading in the green, while Bitcoin, Solana, Avalanche, Chainlink, Polygon, and Internet Computer were trading in the red.

Ethereum was up 0.34% at $2,931, while Bitcoin was down 0.9% at $51,926, in trade. Over the previous day, the value of the worldwide cryptocurrency market dropped by 0.1% to approximately $1.98 trillion.

After testing the $52,000 resistance level, traders are now consolidating Bitcoin at $51,700 as they book profits. If it is not overcome, support may be found at $51,300. The immediate resistance is located at $52,200.

After hitting resistance at $52,000, bitcoin is currently consolidating below that level. This week, a sharp increase towards $53,000 is conceivable as market makers attempt to invalidate significant short positions in the market. This week’s cryptocurrency news, particularly NVIDIA’s highly anticipated quarterly report, could be impacted by the mood of the broader stock market.

Solana, Avalanche, Internet Computer, and Chainlink were the top losers among the major altcoins, losing 1-4 percent.

Currently, DeFi’s total volume is $6.59 billion, or 9.38% of the 24-hour volume of the whole cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $62.94 billion, or 89.63% of the entire 24-hour volume of the cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, saw a rise in market capitalization to $1.02 trillion in the past day. Currently, 51.54% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased by 13.7% to $21.7 billion in the past day.