Cryptocurrency price today: Bitcoin collapses from $52,000, Ether retreats after briefly touching $3,000

Bitcoin posted a small profit of 0.31% on Wednesday, February 21st. Currently, the value of Bitcoin stands at $51,977 (approximately Rs. 43 lakh). According to market experts, the resistance for Bitcoin currently stands at $53,000 (around Rs. 43.9 lakh), a breakout that would indicate a strong rally for the asset. In the last 24 hours, Bitcoin price has seen a notable increase of $400 (around Rs. 33,160). The cryptocurrency chart reflects market volatility on Wednesday, with altcoins showing mixed movements towards gains and losses.

Ether managed to touch the $3,000 mark (around Rs. 2.48 lakh) for the first time since April 2022. The asset, however, failed to maintain a solid position at that level. With a loss of 2.05%, the value of Ether currently stands at $2,870 (approximately Rs. 2.3 lakh).

“In the current market environment, Bitcoin signals overbought conditions, causing investors to be wary of potential consolidation. Meanwhile, Ethereum is displaying an ascending channel pattern, flirting with $3,000 (around Rs. 2.48 lakh) and fueled by ongoing developments in its ecosystem. Breaking free from their usual daily patterns, investors are exercising caution amid a short-term buying spree amid bullish momentum indicated by moving averages,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Bind, Solana, Ripple, Currency in USD, CardanoAND Avalanche — all posted losses along with Ether on Wednesday.

Dogemoneta, Polka dot, Shiba Inu, Litecoin, CosmosAND Stellar also recorded losses.

The overall cryptocurrency market capitalization fell by 0.16% in the last 24 hours. The current valuation of the industry stands at $1.98 trillion (approximately Rs. 1,64,13,606 crore) according to CoinMarketCap.

In the meantime, Binance coin, Tron, Chain shirt, Polygon, Leo, ChronoAND Monero posted gains alongside BTC on Wednesday.

Right now, market analysts are more excited to see Ether’s trajectory than Bitcoin’s.

“Ethereum is very popular. As a computing network it is the default choice for most Web3 developers. This means: more traffic and more highway maintenance. So the developers are releasing an update to make the highway much smoother. And they do it without interrupting traffic. They test the update on the service road (testnet) and then transfer it to the main network highway. Dencun’s mainnet launch is expected in March and this can be seen as an internal catalyst for a better future of Web3,” said Ashish Singhal, co-founder of CoinSwitch.

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