The cryptocurrency market displayed a mix of movements on February 21, with Bitcoin (BTC) making headlines by surpassing the $98,000 threshold. Meanwhile, Ethereum (ETH) and Solana (SOL) recorded modest gains, contributing to a slight uptick in the overall market.
The global crypto market capitalization reached $3.23 trillion, reflecting a nearly 1% increase from the previous day. In parallel, total market trading volume saw an 8% rise to $90.13 billion, signaling heightened investor activity.
Bitcoin maintained its upward trajectory, registering a gain of over 1% in the last 24 hours to trade at $98,388.
The leading cryptocurrency fluctuated between an intraday low of $96,805.78 and a high of $98,767.19. This steady momentum continues to fuel speculation regarding BTC’s potential to breach the psychologically significant $100,000 mark.
Furthermore, Bitcoin’s market dominance increased by 0.23% to 60.31%, underscoring a shift in investor preference towards the flagship cryptocurrency amid ongoing market volatility.
Ethereum saw a slight price uptick of 0.2%, settling at $2,748. The asset traded within a 24-hour range of $2,708.22 to $2,770.03. However, Ethereum’s dominance slipped to 10.25%, indicating relatively weaker investor enthusiasm compared to Bitcoin.
Analysts note that a key resistance level remains at $2,800; a successful breakout above this point could potentially drive further bullish momentum.
Solana (SOL) experienced a 0.5% increase, trading at $174.55. The asset recorded an intraday low of $170.99 and a high of $176.59. Broader market sentiment continues to play a crucial role in influencing Solana’s price action, with traders closely monitoring for signs of a breakout or consolidation in the coming days.
While Bitcoin and select altcoins showed resilience, XRP struggled, posting a nearly 2% loss over the past 24 hours. This decline highlights the increased volatility among altcoins, as Bitcoin’s rising dominance suggests that investors are gravitating towards the leading cryptocurrency as a safer bet amid market fluctuations.
With Bitcoin inching closer to the $100,000 milestone, the broader crypto market remains in a state of heightened anticipation. Institutional interest in BTC continues to grow, and if its current momentum persists, new record highs may soon be on the horizon.
Meanwhile, Ethereum and Solana will need stronger bullish catalysts to sustain further upward movement. As traders navigate this dynamic market landscape, all eyes remain on Bitcoin’s next big move.