Quick analysis of the cryptocurrency market on February 24: On Friday morning, the market capitalization of all cryptocurrencies was $1.09 trillion.

The eldest and most valuable cryptocurrency in the world, Bitcoin (BTC), fell under the $24,000 threshold early on Friday as the value of all coins plummeted. Other well-known cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), all ended the day in negative territory. With a 24-hour increase of nearly 10%, the Bone ShibaSwap (BONE) coin was able to surpass all other gainers. With a drop of over 10% over the course of a day, the NEO token turned out to be the largest loser.

At the moment of writing, the market capitalization of all cryptocurrencies was $1.09 trillion, down 1.67 percent over the previous 24 hours.

Bitcoin price today
According to CoinMarketCap, the price of one bitcoin was $23,976.21, a decline of 2.06 percent over the previous 24 hours. The price of Bitcoin was Rs 20.51 lakhs, according to Indian platform WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,650.94, a decline of 1.09 percent over the previous 24 hours. According to WazirX, the price of ethereum in India was Rs. 1.42 crores.

Dogecoin price today
Currently trading at $0.08443, DOGE experienced a 24-hour loss of 1.77 percent, according to statistics from CoinMarketCap. WazirX reports that the Dogecoin price in India was Rs 7.37.

Litecoin price today
Over the past 24 hours, Litecoin fell 1.26 percent. It was currently selling at $94.50 at the time of writing. The cost of LTC in India was Rupees 7,953.32.

Ripple price today
The price of XRP was $0.39, down 1.47 percent over the previous 24 hours. The price of ripple was Rs 33.20, according to WazirX.

Solana price today
The price of XRP was $0.39 after a 1.47 percent drop over the previous 24 hours. According to WazirX, the cost of ripple was Rs 33.20.

On Thursday, most cryptocurrencies saw an increase in worth. The market capitalization of all cryptocurrencies was $1.1 trillion, with a volume of roughly $60.9 billion over the previous day.

Bitcoin
The biggest and most well-known virtual money in the world, Bitcoin, increased 1.6 percent to $24,564.2. The market price of it was $470,3 billion. The value of the transaction was $28.9 billion.

Following the publication of the minutes from the January FOMC meeting, Bitcoin dropped to $23,600 yesterday. Despite the fact that it had just hit a peak, traders may have changed their attention to locking in profits, which led to a decline in price.

Ethereum
The second-largest virtual money, increased by two percent to $1,678.1 and has a market value of $202.5 billion. In the previous day, Ethereum trades were worth almost $8.8 billion.

“ETH has typically traded between $1,600 and $1,650. Overall, market players appear to be responding to the FOMC release in a variety of ways.”

Dogecoin
A virtual currency founded on memes, increased 1.9 percent on Thursday. It was valued at $11.4 billion on the market. The value of the transaction was $741.80 billion.

Shiba Inu
Shiba Inu market capitalization increased by 4% to $7.4 billion. In the previous 24 hours, there were $377.7 million in trades.

Solana
Solana increased 0.6 percent to $24.6 and has a $9.3 billion market value. In the previous 24 hours, Solana saw trades worth $841.4 million.

Polygon
The market capitalization of Polygon increased by 3.3 percent to $12.4 billion. In the last 24 hours, there were $692.2 million worth of transactions.

On Wednesday, the value of most cryptocurrencies decreased. The market capitalization of all cryptocurrencies was $1.1 trillion, with a volume of approximately $68 billion during the previous day.

Bitcoin
Bitcoin, the biggest and most used virtual currency in the world, dropped 3% to $24,182.9. It had a market value of $465 billion. The value of the trade was $32.2 billion.

In the last 24 hours, Bitcoin dropped from its prior peak and reached $24,000 after a rapid change in market sentiment for cryptocurrencies. Bulls were unhappy as BTC failed to surpass its resistance level at $25,200 despite achieving a high of $25,100.

Ethereum
The second-largest virtual currency, dropped 3.9 percent to $1,643 and now has a market value of $200.9 billion. In the previous day, $9.1 billion worth of Ethereum was traded.

“Ethereum’s value also dropped, dropping below $1,700 as bears took control of the market. Support for ETH is currently at $1,630, and resistance is at $1,650.”

Dogecoin
The meme-based virtual currency Dogecoin fell 4%. It was valued at $11.2 billion in the market. There were $493.9 million in trades.

Shiba Inu
Shiba Inu market capitalization fell by 5.1 percent to $7.1 billion. In the previous 24 hours, there were $351.7 million in transactions.

Solana
Solana lost 6.1 percent to $24.4 and now has a $9.2 billion market cap. $926.7 million worth of Solana’s shares were traded in the previous day.

Polygon
With a $1.4 billion market capitalization, Polygon fell 8.8%. In the previous 24 hours, there were $499.9 million in trades.

With a trade volume of $40 billion entering the market, Bitcoin price has been rising. The BTC/USD pair, which is presently trading at $24,372.00, has decreased by less than 1% during the last 24 hours. Notwithstanding this recent decline, its value has increased noticeably by more than 11% over the past seven days.

The most popular cryptocurrency in the world is receiving fresh attention as a result of this spike, and investors are eagerly scanning for the next important levels to monitor.

Let’s look more closely at the essential cryptocurrency market fundamentals that can be affecting the overall price movement.

Bitcoin Ordinals

A brand-new class of digital asset called Ordinal Inscriptions was introduced in January 2023. They resemble non-fungible tokens but differ in that they are printed on satoshis, the smallest unit of value in the Bitcoin currency (NFTs).

The demand for Ordinal inscriptions has significantly increased since the end of January. There were more than 150,000 inscriptions in use as of February 19.

The Ordinals Protocol gives users the ability to embed references to digital art into modest payments, resulting in the creation of non-fungible tokens based on Bitcoin (NFTs). Since its introduction in January 2023, this protocol has grown significantly in popularity; by February 19, there had been over 150,000 inscriptions.

The Ordinals Protocol has the ability to increase the network security of the cryptocurrency while encouraging developers to add cutting-edge features by encouraging the development of Bitcoin NFTs. It is also noteworthy that the introduction of the Ordinals Protocol was timed to a significant rise in the BTC/USD price.

Bitcoin Price

From a technical standpoint, Bitcoin is currently trading sideways, and its price range has been constrained at $23,700 to $25,200. The BTC/USD pair’s immediate resistance level is positioned at $25,200, and a break through it might push the price of bitcoin to $26,000.

Ethereum Price

The price of Ethereum is $1,699.48, a change of 0.60% over the last 24 hours. The market capitalization of Ethereum tokens was $202,997,472,837.18 following the most recent price movement. Ethereum has had a change of 41.99% so far this year.

On Monday, cryptocurrencies continued to lose money. The market capitalization of all cryptocurrencies was $1.1 trillion, with a volume of $61.5 billion during the previous day.

Bitcoin
Bitcoin, the biggest and most used virtual currency in the world, decreased 1.39 percent to $24,355.5. At the time, it had a $470 billion market value. The value of the trade was $28.1 billion.

“During the weekend, Bitcoin rose to over $25,000. Today, it is down to $24,000. The fact that Bitcoin has maintained its weekly gains shows that buyers are still in the market. The next resistance level will be at $31,000, and there won’t be any significant impediments between if buyers can push BTC back to $25,250.

Ethererum
The second-largest virtual currency, decreased 0.9 percent to $1,678.5 and has a market value of $205.5 billion. In the previous day, Ethereum trades were worth $7.6 billion.

“Similar to Bitcoin, Ethereum has grown steadily and is now getting close to its $1,700 resistance level. A breakthrough could trigger a rise in the coming days.”

Dogecoin
Dogecoin, a virtual currency based on memes, decreased 1.8 percent to $0.1. It was valued at $11.5 billion in the market. There were $543.6 million worth of transactions.

Solana
Solana increased 10.4% to $20.8 and now has a $9.7 billion market cap. In the previous 24 hours, Solana’s trading volume was $1.3 billion.

Shiba Inu
Shiba Inu market capitalization of $7.3 billion decreased by almost 1.4 percent. In the previous 24 hours, there were $500.3 million in trades.

Polygon
With a market capitalization of $12.8 billion, Polygon share price dropped by 1.9% to $1.4. In the past 24 hours, there were $771.8 million worth of transactions.

At least in contrast to the upheaval of 2022, Bitcoin appears to be on course for a successful year. Even ChatGPT predicts that BTC will end 2023 on a high note.

In 2023, Bitcoin has experienced significant growth. The value of the oldest cryptocurrency in the world has increased by nearly 42% since the year’s beginning. After the tragic events of 2022, this price surge is a huge relief for investors, traders, and cryptocurrency companies. Where BTC will go from here is not apparent, though. Will it maintain its rising trajectory, stay within the present range, or decline to levels last seen in 2022?

Here is a compilation of cryptocurrency specialists’ forecasts for BTC’s future increases.

At the end of Q1, according to Michael Novogratz, Bitcoin will be at $30,000.

By the end of Q1 this year, according to renowned investor and CEO of the blockchain investment business Galaxy Digital Mike Novogratz, Bitcoin will reach $30,000 per unit. At a Bank of America conference on February 15, Novogratz stated, “I wouldn’t be surprised if we were at $30,000 by the end of the quarter when I see at the price action, when I look at the enthusiasm of the people calling, the FOMO building up.” The price of BTC is at $23,625; this forecast represents a 30% increase.

Yet, it is still a rather conservative forecast given that Novogratz previously predicted that BTC would reach $500,000 by 2027. The chairman of the US Federal Reserve, Jerome Powell, is the only person who could prevent a rally in bitcoin, according to the CEO of Galaxy Digital.

“Chairman Powell is what makes me doubt that this year will bring about the explosive, return to the previous highs. I don’t see the Fed changing course and cutting anytime soon because he is actually doing what he says he will do, according to Novogratz.

According to one estimate, Bitcoin may reach $56,000 by the end of 2023.

The director of research at the Emerging Assets Group, a cryptocurrency-based organisation that trades commodities and other assets, is William Noble. Noble is a former analyst for Morgan Stanley and Goldman Sachs who correctly forecasted that BTC would rise from $20,000 to $40,000 in December 2020.

In an interview with CoinDesk, Noble predicted that BTC would reach $56,000 soon. “After a long-basing formation, Bitcoin is currently bursting out. There is an adage that states the higher into space, the greater the base “stated Noble. The protracted sideways trend of BTC between November 2022 and January of this year is referred as as the “long base.” Bitcoin fluctuated between $16,000 and $17,000 during this time.

Bitcoin may have another parabolic run back to $56,000 after the current consolidation, according to Noble. A parabolic motion describes a significant rise in an asset’s price. The RSI indicator for Bitcoin and the most recent bull flag formation on the Nasdaq, in his opinion, are two of the primary variables backing his prediction.

Throughout the past week, Bitcoin’s RSI has been trending bullishly, designating BTC as a “strong buy.” Also, over the past 90 days, the Nasdaq has created a bull flag. This suggests an increase in stock prices, which might favourably affect the price of bitcoin.

Investors in institutions predict that BTC will surpass $30,000 this year.

200 institutional investors were canvassed for a study Nickel Digital Asset Management commissioned. This study’s participants controlled around $2.85 trillion in assets in total, which says a lot about them. When asked to predict the price of bitcoin (BTC), 23% of respondents predicted that it will surpass $30,000 by the end of the year.

“Almost nine out of ten seasoned investors believe that the price of bitcoin will increase this year. According to the survey, two out of three people believe that a $100,000 valuation is feasible, but only for long-term investors.

The findings of a Finder.com investigation were comparable. 56 cryptocurrency experts were questioned for this study on a variety of subjects, including BTC’s expected price in 2023. These experts all agreed that BTC would peak this year at roughly $29,000.

Conclusion

At least in contrast to the upheaval of 2022, Bitcoin appears to be on course for a successful year. Even ChatGPT predicts that BTC will end 2023 on a high note. When asked to predict Bitcoin’s price in 2023, the AI tool responded, “Based on the chart patterns, gauges, and historical data provided, it is expected that Bitcoin will trade within a range of $50,000 to $100,000 by the end of 2023.”

But it’s well known that Bitcoin and other cryptocurrencies are incredibly volatile. In a period of days, hours, or even minutes, they can change in opposition to the finest projections and the strongest technical signs. As a result, it’s crucial to conduct your own research and only make investments that you can afford to lose entirely.

Bitcoin dropped to its lowest point in over a week as caution spread due to hawkish remarks made by Federal Reserve officials and additional indications of an aggressive US regulatory crackdown.

As of 7:55 a.m. on Friday in Singapore, the largest digital coin had fallen as much as 4.2% and was trading below $24,000. Ether, Polkadot, and Avalanche, which are smaller tokens, also decreased in value.

The Securities and Exchange Commission filed a lawsuit against TerraUSD in the most recent US regulatory action. A stablecoin called TerraUSD went bankrupt last year, sparking an industry-wide crisis and a slew of high-profile bankruptcies.

Two of the Federal Reserve’s most hawkish policymakers have hinted that they may eventually support going back to larger interest rate increases. The remarks reduced risk taking on international markets and increased Treasury yields.

On Thursday, the cryptocurrency market extended its gains, with Bitcoin and other digital coins trading sharply higher. Investors are optimistic about the Fed’s next monetary policy moves, despite sluggish US consumer data. Short covering in select tokens aided sentiments as well.

Bitcoin surged past the $24,000 mark, as the top crypto token extended its gains and gained 12%. Ethereum, its largest peer, also gained double digits and was just shy of the $1,700 mark. A few altcoins increased by up to 22%.

Following a month of ups and downs, the cryptocurrency market is preparing for a positive outlook. According to ZepPay Trade Desk, the Federal Reserve has raised interest rates by one percentage point in three quarters, the largest increase since 1994.

Bitcoin has now surpassed $21,000 and is trading above $24,000. Other crypto assets that trade alongside Bitcoin, such as Ethereum (ETH) and Binance’s native token BNB, have also seen significant gains.

With the exception of US dollar-pegged stablecoins, all major top crypto tokens were trading with significant gains on Thursday. Aside from Bitcoin, Avalanche increased by 12% and Solana increased by 11%. Ethereum, Shiba Inu, and BNB all increased by 9%, while Dogecoin increased by 8%.

The global cryptocurrency market capitalization was trading sharply higher at $1.12 trillion, up nearly 9% in the last 24 hours. However, total trading volumes increased by more than 23% to $71.47 billion.

The cryptocurrency market bounced back from the early-week shocks following the US January inflation statistics, indicating that inflation is probably going to stay higher than anticipated. Investors are frightened by the news stories about US regulators assaulting stablecoins.

After early-week worries, Bitcoin climbed higher and reclaimed the $22,000 level. Ethereum, its biggest rival, increased by more than 3% to hold close to $1,550. A few alternative coins, though, outperformed the blue-chip coins and saw gains of up to 25%.

Several cryptocurrencies saw a boost after January’s US Consumer Price Index (CPI) data revealed less inflation than anticipated.

“The support is at the $22,000 level, while the next resistance for BTC is now at the $22,260 level. In addition, Ethereum followed Bitcoin’s rise and returned to the $1,500 mark.

Except for the US dollar-pegged stablecoin Tether, all of the top-tier cryptocurrencies saw significant price increases on Wednesday. Cardano saw a gain of over 8%, while Polygon saw a 6% increase. Avalanche rose 4% on the day, while Litecoin increased by more over 5%.

More than 2% more had been added to the market capitalization of all cryptocurrencies in the previous day, pushing it up to $1.02 trillion. The overall trading volumes, however, were essentially unchanged, increasing by about 3% to just under $57.92 billion.

According to Sathvik Vishwanath, Co-Founder & CEO at Unocoin, further SEC pressure and regulation of the cryptocurrency business, such as the inspection of stablecoin securitization, could cause greater market instability and confusion.

The price index of personal consumption expenditures, or PCE, the Fed’s favoured inflation indicator, is released on February 24. On March 14, the subsequent CPI report is due.

Crypto updates

Since Monday, more than $700 million worth of BUSD tokens have been burnt by Paxos, the company that created the $16 billion Binance USD (BUSD) stablecoin. According to blockchain data, Paxos indicated at that time that it would stop issuing the coin due to increasing regulatory pressure.

Bitcoin (BTC) is currently trading above $22,000, down 5% on a weekly basis. Following the release of US inflation statistics today, BTC experienced a mini-rally. BTC may be ready for a promising uptrend thanks to the strong support it has below.

During the early Asian trading hours on Tuesday, the cryptocurrency market was trading little lower. Due to the support from regulators, BNB was falling while Bitcoin and Ethereum were trading flat. Recently, American regulators have been keeping a close eye on cryptocurrency.

The largest crypto asset, Bitcoin, continued to show some weakness and trade below the $22,000 level. In the early trade, Ethereum, its biggest peer, lost another 1% and narrowly held the $1,500 barrier. Some alternative currencies were, nevertheless, facing intense pressure.

In the previous day, Bitcoin’s price fell further as market sentiment remained negative ahead of the anticipated US inflation report. On Monday, Bitcoin prices reached a multi-week low.

“Bitcoin’s immediate support is at a price of $21,650, while its immediate resistance is at a price of $21,800. Ethereum, on the other hand, also saw a one-month low. The price has been fluctuating between $1,400 and $1,500.

Except for a couple, all of the biggest top crypto tokens were trading lower on Tuesday. BNB fell by 6%, whereas Polygon, Litecoin, and Shiba Inu all increased by 3%. Tron gained more than 3%, and Solana gained 1%, among the gainers.

The market capitalization of all cryptocurrencies fell by nearly 1% on the previous day, narrowly holding the $1 trillion level. However, the overall trade volume increased by about 36%, reaching $56.46 billion.