Cryptocurrency Price Update: Bitcoin’s strong recovery is lifting other cryptocurrencies too. Ethereum’s price is expected to rise by 7.45% next week.
A big Chainlink investor moved $83.6 million worth of LINK into 55 new wallets, showing confidence. BEAM’s price jumped from $0.0165 to $0.025 in two weeks, growing by 55%.
Cryptocurrency Market Update: Bullish Momentum Gains Steam
The cryptocurrency market saw a surge in bullish activity starting from the second week of February. Bitcoin, leading the pack at $47,876, and Ethereum at $2,519, recorded weekly growth rates of 13% and 11.5%, respectively.
As Bitcoin edges closer to the crucial $50,000 mark, excitement brews within the crypto community, especially with the Bitcoin halving event just 10 weeks away. Recent data from Santiment reveals that a remarkable 90.5% of all Bitcoin coins are currently profitable, surpassing other major cryptocurrencies like Ethereum (84.7%) and Ripple (79.9%).
🥳 #Bitcoin is making an end-of-week push toward $50K with just 10 weeks until the #halving. 90.5% of $BTC coins are now in profit compared to the time of their first existence. For comparison, 84.7% of $ETH coins and 79.9% of $XRP coins are in profit. https://t.co/9t046gP3z0 pic.twitter.com/PMZMALH646
— Santiment (@santimentfeed) February 9, 2024
With the majority of holders in profit, the market is less susceptible to panic selling and more inclined towards buying. Amidst this recovery trend, potential traders may consider new entry points in Ethereum (ETH), Chainlink (LINK), and BEAM.
Ethereum’s Surge and Market Dynamics
Ethereum (ETH) Price| Tradingview
During the recent cryptocurrency market surge, Ethereum, the second-largest cryptocurrency by market capitalization, experienced a notable increase. Its price rose from $2,270 to $2,525 within a week, marking an approximately 11% gain. This upward movement successfully broke through the neckline resistance of an ascending triangle pattern, recovering 50% of the losses from the previous correction phase.
With the current buying momentum, Ethereum’s price could potentially rise by an additional 7.4%, reaching the $2,700 resistance level.
This week also witnessed a significant shift in the Ethereum market dynamics, with over $1 billion worth of ETH moving out of centralized exchanges. A substantial portion of this capital flowed into EigenLayer, which recorded deposits totaling $3 billion after temporarily lifting its deposit caps.
Over $1B in $ETH left CEXs this week. Many of those funds ended up in EigenLayer, which recorded $3B in deposits this week as they removed their deposit caps temporarily pic.twitter.com/reVb0bRONQ
— IntoTheBlock (@intotheblock) February 9, 2024
This trend underscores the increasing preference for decentralized finance (DeFi) platforms and highlights EigenLayer’s rising significance within the crypto ecosystem. The movement reflects investors’ strategic shift towards platforms offering greater control and innovative investment opportunities.
Chainlink’s Impressive Performance in February 2024
In February 2024, Chainlink, ranked as the twelfth largest cryptocurrency by market capitalization, demonstrated remarkable performance, surging by 50.7% from $13.6 to a high of $20.5 in just three weeks. During this surge, LINK’s price formed a bullish pennant pattern, suggesting a brief pause in the upward momentum before potentially continuing its climb.
On February 10th, LINK broke out from the bullish pennant pattern, signaling a continuation of its bullish momentum with a 7.7% increase on that day alone, laying the groundwork for further gains.
Additionally, Intotheblock reported significant activity from Chainlink whales, highlighting that a specific whale transferred 4,556,684 LINK (valued at approximately $83.6 million) from Binance to 55 newly created wallets over the past five days. This accumulation indicates strong confidence among major investors.
This mysterious whale continues to accumulate $LINK!
And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT
— Lookonchain (@lookonchain) February 10, 2024
Given the breakout from the bullish pennant pattern and the whale accumulation, the Chainlink price may be targeting the immediate goal of $20.5, with potential further upside towards $23.
Beam Coin Price Recovery: A Promising Trend
BEAM Price| Tradingview
For nearly two months, the Beam coin price experienced a consistent downtrend, influenced by a flag pattern observed in the daily chart. This downward movement caused the coin price to plummet from $0.027 to a temporary low of $0.154, marking a significant 43% loss.
However, with the recent resurgence in the market, the BEAM price saw a notable influx of activity, breaking through the resistance trendline of the flag pattern on February 9th.
Following the breakout, prices surged by an impressive 23% within the last 48 hours. If the pattern remains consistent, the BEAM price is expected to aim for the potential target of $0.315.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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