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24 Crypto Update, 18 Feb: Altcoins Drive Crypto Market Surge

Key Takeaways
  • Crypto markets await the Federal Reserve's January meeting minutes for US economic insights.
  • Bitcoin trades above $52,000, with Ethereum close to $2,900.
  • The broader cryptocurrency market saw a 2.20% rise, pushing the total market capitalization to $2.08 trillion.
19-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 18

Crypto market surged by 2.20%, total value at $2.08 trillion

  • AI tokens surge following the launch of OpenAI's new text-to-video AI model, Sora, by Sam Altman.

  • Bitcoin miners engage in significant selling as the cryptocurrency's price consolidates in anticipation of the upcoming halving.

Crypto Fear and Greed Index:

fear and greed index

Over the last day, the market has shown a strong positive trend, registering above 75 on the "Fear and Greed Index" and experiencing a significant 3-point increase. With the index currently at 75 on a scale of 0 to 100, prevailing sentiment in the market is notably optimistic.

Latest Market Update: 

  • #Bitcoin ($BTC) maintained a trading range between $52,500 and $51,000.

  • #Ethereum ($ETH), #Render ($RNDR), #Blur ($BLUR), #Polygon ($MATIC), and #Livepeer ($LPT) all witnessed gains in their trading values.

  • #WorlCoin ($WLD) stood out as the top performer, showing an impressive surge of over 18.07% within the last 24 hours.

  • #Siacoin ($SC), previously leading in gains, experienced the most significant loss, declining by over 5.40% in the past 24 hours.

  • Total crypto market volume in the last 24 hours: $65.75B, marking a 5.07% increase.

  • DeFi volume stands at $5.56B, accounting for 8.46% of the total crypto market's 24-hour volume.

  • Stablecoin volume totals $59.47B, constituting 90.45% of the total crypto market's 24-hour volume.

  • Bitcoin dominance currently sits at 51.83%, reflecting a decrease of 0.37% over the day.

Major Worldwide News Update:

  • Investors await Fed's January meeting minutes and officials' speeches, focusing on inflation commentary. Market expects a potential rate cut by July due to persistent inflation. FOMC projects a slowdown in 2024's economic growth. Uncertainty persists about crypto market mention in officials' speeches, which could influence investor sentiment.

  • Worldcoin (WLD), co-founded by OpenAI CEO Sam Altman, surged 140% last week with over 1 million daily users. Launched in July 2023, it offers a privacy-preserving digital identity verification system, aiming for Universal Basic Income. Despite privacy controversies and regulatory scrutiny, WLD gained 141%, bolstered by broader crypto market rally.

  • Coinbase Commerce plans to integrate Solana and Lightning Network, discontinuing Bitcoin support due to limitations in smart contract enablement and lack of native stablecoin. The move aims to enhance user experience and explore new payment rails. Coinbase's dominance extends to custody services, bolstering its influence in the US market.

  • A $26 million crypto scam hit FixFloat, a decentralized exchange and coin mixer, resulting in the loss of 409 Bitcoin ($21.17 million) and 1,728 Ethereum ($4.85 million). Initially dismissed as technical issues, it was later confirmed as a hack. Investigations are ongoing. Crypto scams remain a persistent challenge in the industry.

  • VanEck faces a $1.75 million SEC fine for not disclosing a social media influencer's role in its "BUZZ" ETF launch. Violating investment laws, VanEck agreed to a cease-and-desist order, a censure, and payment. Celebrities like Kim Kardashian have faced SEC scrutiny for promoting crypto projects. VanEck reduced its Bitcoin ETF fees to 0.20% amidst market competition.

  • Spot Bitcoin ETFs have gained attention and inflows since launch, but market expert Jim Bianco criticizes them as a "giant mistake," believing they undermine Bitcoin's decentralized nature. He opposes BTC ETFs, advocating for decentralized alternatives. Max Keiser disagrees, stating BTC's trajectory remains unaffected by ETFs, emphasizing Bitcoin's transformative power.

COIN GABBAR Views: Will the Bitcoin price rally falter? What are the obstacles to further gains? Are the recently approved Spot Bitcoin ETFs influencing BTC's price? What are the critical levels to watch, particularly the $48,000 danger zone? Is a reversal imminent? How will the market respond to the Fed's January meeting minutes and officials' speeches, particularly regarding inflation commentary? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Daily Roundup, 17 Feb: Battle of the Bulls and Bears

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