Bitcoin’s price is back on the ascendency in February after a bad start to 2022
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After the worst start to a year since the so-called Crypto Winter of 2018, bitcoin has begun to show some signs of recovery.
Its price rebounded from $33,000 at the end of January to above $37,000 at the start of February, with some analysts claiming that certain market trends hint at a return above $40,000. One such indicator suggests that bitcoin is currently oversold.
The 30 per cent price drop last month was reflected across the broader crypto market, which has lost close to $1.3 trillion from its overall market cap since peaking at an all-time high of close to $3 trillion in November.
Leading cryptocurrencies, including Ethereum (ETH), BNB and Cardano (ADA), have benefitted from the uptrend in recent days, though the momentum of the recovery appears to have stalled on Thursday.
You can follow all the latest cryptocurrency news, analysis and expert price predictions right here.
Bitcoin is ‘currently the 4th most oversold in its history’
Will Clemente, lead insights analyst at the mining firm Blockware Solutions, has noted that one metric suggests bitcoin is “currently the fourth most oversold in its history”, hinting at a strong buy signal for investors.
His analysis is based on dormancy flow, which refers to the average number of days each coin transacted remained dormant or unmoved – a gauge of spending patterns.
Commenting on the market trend, pseudonymous Dutch analyst PlanB described it as “exciting times ahead”.
Anthony Cuthbertson3 February 2022 10:41
Bitcoin, ethereum, dogecoin prices drop
Bitcoin’s value which was over $38,500 early Wednesday has dropped below $37,000 and is down by more than 4 per cent in the last 24 hours.
Ether and dogecoin have also dropped in value by more than 3 per cent in the last 24 hours.
Cardano has slipped by over 6 per cent, while solana is down by more than 9 per cent in the last day.
The overall crypto market is down by over 4 per cent in the last 24 hours, and is currently valued at $1.70 trillion.
The chart looks mostly red with no signs of recovery yet.
Prices of cryptocurrencies over last day
(Coin Market Cap)
Vishwam Sankaran3 February 2022 02:51
Bitcoin, ethereum prices rise
The prices of leading cryptocurrencies including bitcoin, ethereum, cardano, and solana have surged in the last 24 hours with the overall crypto market growing by about 1.5 per cent in the last day.
Bitcoin is currently priced at over $38,600 and has grown by about a per cent in the last day. The leading cryptocurrency has surged by about 5 per cent compared to its value a week earlier.
Ethereum has grown by about 3 per cent in the last 24 hours and is up by over 13 per cent in the last week.
Cardano and solana have surged by over 5 per cent in the last day, with the latter growing by over 17 per cent in the last 7 days.
Meanwhile, meme coins dogecoin and its spinoff shiba inu have grown by about 1 per cent in the last 24 hours.
The chart looks mostly green with signs of recovery of the crypto market.
Prices of cryptocurrencies over last 24 hours
(Coin Market Cap)
Vishwam Sankaran2 February 2022 02:54
Crypto market up $250bn as El Salvador dismisses IMF concerns
The overall value of the crypto market has now risen by nearly a quarter of a trillion dollars since bottoming out towards the end of January. Bitcoin alone is up around 15 per cent, boosted in part by El Salvador’s staunch resilience to pressure from the IMF to ditch the cryptocurrency as a legal form of tender in the country.
You can read the full story here.
Anthony Cuthbertson1 February 2022 14:13
Bitcoin price surges as India awaits crypto update
The price of bitcoin is up nearly 4 per cent on Tuesday morning, climbing above $38,500 for the first time in more than a week.
The price jump has been matched by BNB and XRP, while Ethereum (ETH) and Solana (SOL) have both seen significant surges of 9 per cent and 18 per cent respectively over the last 24 hours.
The market rally comes as investors in India await clarity on the cryptocurrency bill, which Parliament has been reviewing during its winter session. A new poll from Deloitte and the Times of India found that regardless of whether regulation is introduced, more than half of respondents would still invest in crypto regardless.
We’ll be keeping a close watch on this story as it develops.
Anthony Cuthbertson1 February 2022 08:42
Bitcoin, ethereum prices surge
The price of Bitcoin rose above $38,000 on Monday, increasing by 4 per cent in the last 24 hours while ethereum grew by over 7 per cent during the period.
Solana and polkadot surged by over 10 per cent in the last day, while cardano experienced a modest rise of about 2 per cent.
The overall crypto market has grown by over 4 per cent in the last 24 hours and is currently valued at $1.75 trillion.
Meme coin dogecoin has surged by about 4 per cent in the last day, while its spinoff shiba inu has grown by nearly 5 per cent.
The chart looks green with overall signs of recovery of the crypto market.
Vishwam Sankaran1 February 2022 02:44
Bitcoin expert offers ‘bullish round up’
As a miserable month comes to an end for bitcoin, one industry insider has offered his thoughts on why it was actually a good month for the cryptocurrency despite the heavy losses.
In a Twitter thread titled ‘Jan 2022 Bullish Round Up’, CoinCorner CEO Danny Scott listed all the reasons why developments in the space could push the price higher over the long term.
The bitcoin exchange boss cited mining shifting towards renewable energy sources, professional athletes and politicians taking their paychecks in crypto, and the first ever bitcoin-backed mortgage becoming available.
Anthony Cuthbertson31 January 2022 20:32
Bitcoin price ‘likely to retest $40,000′
As bitcoin continues to consolidate the modest price gains it’s made in recent days, we’ve heard from Alexander Mamasidikov, co-founder of mobile digital bank MinePlex, on what might come next for the cryptocurrency.
In retrospect, investors will want to cash out from every price growth, thus leading to a new correction. This erratic growth is perhaps what is engulfing the BTC and ETH, thereby making their prices generally unstable as they look to recover from last week’s massive slump.
While no new specific fundamentals backing the proposed price resurgence for both digital assets, the decision by the US Federal Open Market Committee (FOMC) to keep rates as it is is arguably a great boon for investors to keep investing in risky assets with the aim of carting a reasonable profit over time. With rates still kept at zero, Bitcoin and Ethereum remain a better asset than traditional investment assets. With this boost, intense accumulation is expected in the near future, with BTC and ETH prices likely to retest $40,000, and $2,800 respectively in the next few weeks
Alexander Mamasidikov, MinePlex
Anthony Cuthbertson31 January 2022 13:03
Belgian MP to receive salary in bitcoin
Chrisophe De Beukelaer, a member of parliament for the Brussels-Capital Region, has become the latest politician to receive their salary in bitcoin.
De Beukelaer follows New York City mayor Eric Adams, who received his first paycheck in cryptocurrency earlier this month.
“Thanks to @NYCMayor for the inspiration,” he tweeted. “Just as you do for New York in the US, I want Brussels to become the leading city in Europe for blockchain, crypto and Web 3. In 2022, I will be working on this. Full tilt.”
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Anthony Cuthbertson31 January 2022 12:07
Bitcoin price to see ‘gigantic’ increase, El Salvador president predicts
Bitcoin’s plummeting price in January means El Salvador’s BTC reserves are now worth considerably less in US dollar terms than they were when they bought them.
Despite this, El Salvador President Nayib Bukele is confident that the latest mini price recovery is just the start of something significant for the cryptocurrency.
He cites the inbuilt scarcity of bitcoin, which means only 21 million BTC will ever exist. It means there is not enough bitcoin for even half the world’s millionaires to own a whole coin.
Anthony Cuthbertson31 January 2022 11:48
