Cryptocurrency Market Update: Bitcoin Dips, Sonic Outperforms on February 17

Cryptonews ASIA, BITCOIN, CRYPTOCURRENCY, DOGE, INDIA, LITECOIN, MARKET ANALYSIS, MARKET TRENDS, SOLANA, SONIC, TRADING VOLUME Clara Montgomery February 17, 2025

Cryptocurrency Market Update: Bitcoin Dips, Sonic Outperforms on February 17

On February 17, Bitcoin dropped below $96,000, with a global market cap of $3.2 trillion. Key losses were seen in major cryptocurrencies like Ethereum and Litecoin, while Sonic rose nearly 5% as a top gainer. The market exhibits fear with an index of 38 out of 100, prompting expert insights on current volatility and resistance levels.

On February 17, the cryptocurrency market reached a global capitalization of $3.2 trillion. Bitcoin, the leading cryptocurrency, experienced a decline below the $96,000 level, while notable altcoins such as Ethereum, Solana, Ripple, and Litecoin also registered minor losses. The overall Market Fear & Greed Index indicated a value of 38, suggesting a fear-driven market landscape. However, the Sonic token emerged as the top gainer with an increase of nearly 5%, while Jupiter saw the most significant loss, down over 11%.

As of today, Bitcoin’s price is reported at $95,941.21, a 24-hour decrease of 1.61%. Indian exchanges currently quote Bitcoin at ₹83.51 lakh. Ethereum (ETH) is priced at $2,656.64, marking a 1.62% decline, with a valuation of ₹2.31 lakh in India. Dogecoin (DOGE) has decreased by 3.31%, currently priced at $0.2614. Litecoin (LTC) has fallen 7.52% to $125.74, while Ripple (XRP) is at $2.68, seeing a 3.68% loss. Solana (SOL) is priced at $182.04, reflecting a 6.41% decrease.

The top five gainers for February 17 include Sonic, demonstrating a 4.94% increase; PancakeSwap with a 3.54% rise; The Graph increasing by 3.32%; Cardano gaining 3.01%; and Ronin by 2.96%. Conversely, the top five losers are Jupiter, which declined by 11.53%; Raydium with an 8.19% drop; Litecoin down 8.14%; Onyxcoin with a 6.52% loss; and Virtuals Protocol slipping by 6.49%.

Experts have commented on the current market conditions. Alankar Saxena, co-founder and CTO of Mudrex, noted that Bitcoin remains steady around $96,500, awaiting a significant catalyst. He emphasized observing critical resistance at $98,000 and support near $95,000. CoinSwitch’s analysis indicated ongoing market decline, highlighting Bitcoin’s test of the $96,200 level and suggesting a possible relief rally.

Avinash Shekhar from Pi42 discussed Bitcoin’s support and resistance levels and the potential for bullish movements. Sathvik Vishwanath of Unocoin mentioned Bitcoin’s steadiness in a narrow range, maintaining that both short and long-term indicators show mixed signals. Lastly, Shivam Thakral of BuyUcoin highlighted the bullish sentiment for XRP due to recent developments regarding its potential ETF approval.

In summary, the cryptocurrency market on February 17 revealed a dip in major cryptocurrencies like Bitcoin and Ethereum, amidst overall market fear. The Sonic token emerged as the biggest gainer, while Jupiter faced significant losses. Expert opinions indicate a cautious approach as the market navigates resistance and support levels, particularly for Bitcoin and XRP. The landscape remains volatile, necessitating careful observation and strategy for potential investors.

Original Source: news.abplive.com