Cryptocurrency Market Update: February 18 Analysis of Bitcoin and Altcoins

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Cryptocurrency Market Update: February 18 Analysis of Bitcoin and Altcoins

On February 18, Bitcoin remained below $96,000, contributing to a global cryptocurrency market cap of $3.14 trillion amidst widespread losses in altcoins. Sonic was the leading gainer with nearly 10 percent growth, while Jupiter suffered the biggest loss of over 13 percent. Experts discussed market volatility and potential price movements following current trends.

On February 18, 2023, the cryptocurrency market experienced a downturn, with its total market capitalization falling to $3.14 trillion. Bitcoin (BTC) continued to trade below the $96,000 threshold, while prominent altcoins such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also witnessed losses. The Market Fear & Greed Index indicated a sentiment of fear at 38 out of 100. Notably, the Sonic (S) token emerged as the top gainer, appreciating nearly 10 percent over the last 24 hours, while Jupiter (JUP) recorded the largest loss, plummeting over 13 percent.

Bitcoin was priced at $95,440.69, reflecting a 0.99 percent decline within the past 24 hours. In India, the price of Bitcoin reached approximately Rs 83.51 lakh. Additionally, Ethereum’s price was noted at $2,661.28, down 0.70 percent, which equated to roughly Rs 2.31 lakh in India. Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL) also suffered significant losses, ranging from 4.74 percent to 9.34 percent over the same duration.

The top five cryptocurrency gainers included Sonic (S) with a price of $0.5977, marking a 9.48 percent increase, and Maker (MKR) at $1,078.49, up by 7.06 percent. Other gainers included Hyperliquid (HYPE), Berachain (BERA), and Mantle (MNT). Conversely, the top losers, led by Jupiter (JUP) at $0.7268 with a 13.69 percent loss, also included Jito (JITO), Bonk (BONK), Raydium (RAY), and OFFICIAL TRUMP (TRUMP), all experiencing notable declines.

Experts expressed various viewpoints on the current market conditions. Edul Patel, CEO of Mudrex, remarked that Bitcoin is struggling to stabilize around $96,200, but expects a relief rally for altcoins. CoinSwitch Markets Desk highlighted Bitcoin’s resistance levels, suggesting strong market dynamics. Avinash Shekhar, CEO of Pi42, noted Bitcoin’s prolonged consolidation and the impact of trading volumes on price movement, while Sathvik Vishwanath from Unocoin pointed out institutional demand fluctuations and potential targets for Bitcoin in the near future.

The CoinDCX Research Team noted a lack of momentum, stating that current market conditions reflect a tight range for Bitcoin, and emphasized crucial support levels for Ethereum and Solana. The cryptocurrency market continues to face apprehensions and volatility, with fluctuations likely influenced by external economic factors and institutional interest.

In summary, the cryptocurrency market on February 18 displayed a significant downturn, with Bitcoin remaining below the $96,000 mark and many altcoins suffering losses. The rise of some altcoins like Sonic was overshadowed by the overall market decline. Expert opinions varied, regarding potential stabilization and future price targets, highlighting the market’s uncertainty and the influence of wider economic conditions on cryptocurrency values.

Original Source: news.abplive.com