24 Hrs Crypto Update, Feb 6: Bitcoin Dominance Falls

Crypto Market Remains Bearish.

The Crypto market is Bearish as Bitcoin breaks its support. Today, Bitcoin reversed from $23,158 which is a major resistance zone for the last few days. Bitcoin is trading at $23,015, taken support of MA21 and RSI remains negative at 63.38. The global crypto market cap remained above the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) –Bearish.

This week, BTC crossed $24,000 for the first time in five months, which was excellent for the cryptocurrency sector. Institutional investors, who are boosting their holdings in preparation of the next bull run, are the main drivers of the demand for BTC. The recent recovery of the cryptocurrency market, which has seen the total market value of the sector return to $1 trillion, has been mostly driven by retail investors.

The global cryptocurrency market cap fall by 0.05% to $1.11 trillion in the last 24 hours, according to CoinGabbar data at the time of writing. The total crypto market volume over the last 24 hours was $66.31 billion.

Cryptoquants Derivates shows positive funding rates which means crypto will remains green in the coming hours.

BTC price has rise by 0.39% in the last 24 hours. At the time, BTC was trading at $23,015, and lost the support from MA9 to MA21, which indicates a bearish move. In the last 7 days, BTC price has fall by 2.96%. Bitcoin (BTC) dominance rise from 40.16% to 39.96% while ETH dominated 20.3% of the total crypto markets.

Top Crypto Prices

Ethereum (ETH): Ethereum price rise by around 1.28% to $1,646 in the last 24 hours. In the last 7 days, ETH price has rise by over 0.08%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.

Solana (SOL): Solana price fall 0.62% to $23.34 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 11.09%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.

Dogecoin’s (DOGE) price rise by 0.12% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.09213.

Polygon (MATIC) price fall by around 2.96% to $1.2345 in the last 24 hours. In the last 7 days, matic price has rise by around 4.93%. It is currently ranked 10th on CoinGabbar.

Shiba Inu (SHIB) rise by 3.06% in the last 24 hours to $0.00001413. It is currently ranked 13th on CoinGabbar.

Major Events

On Monday, XRP dipped after reaching $0.41 over the weekend. The spike of Whale activity into the token this year may be one cause. Whale Alert reported numerous addresses moving 508,500,000 XRP tokens worth over $200 million.

After Visa revealed that it has been testing accepting large value settlement payments in USDC on the Ethereum blockchain, the price of ETH increased.

Coinbase announced the listing of a new token on their cryptocurrency market. Coinbase's main goal is to connect Web3 users, which explains this news. The listing date has not been announced, although it is expected to be within a few weeks.