Crypto Technical Analysis | 19 February 2024

In the past week, the crypto market has become even more bullish with leading cryptocurrencies like Bitcoin, Ethereum, etc, have shown magnificent profits. 

The events of the previous week prompted bullish sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Technical Analysis.

According to CoinMarketCap, the current market cap is ₹163.72 Trillion on 19 February. In the past few months, even the top-performing coins were seen as moving bullish and were trying to continue their new market trend.

As of the past week, Bitcoin is priced at ₹4,325,421.43, reflecting a 0.96% surge within the last 24 hours and a tremendous 6.67% jump over 7 days. Talking about Ethereum, ETH is currently valued at ₹240,344.59, showing a 3.42% jump in the past 24 hours, with a ground-breaking jump of 14.14% over 7 days.

Crypto Technical Analysis: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Polygon (MATIC), Stacks (STX), and Hedera (HBAR). 

In the past week, the price of Polygon (MATIC) showed an 18.72% jump. In addition, the token experienced a rise of 6.41% in the past 24 hours. The token is currently trading at the price of ₹83.24.

Talking about Stacks (STX), the token illustrated a 39.19% spike as compared to other major cryptocurrencies. In addition, STX has shown a 6.35% jump in the past 24 hours, trading at a price range of ₹219.92.

In addition, the Hedera (HBAR) token jumped by 10.24% in the past 24 hours. Furthermore, in the past week, the token jumped by more than 20.63%. In addition, the price of the HBAR token is trading at ₹7.83. 

Top Crypto Gainers & Losers

The past week remains one of the most bullish weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Technical Analysis

How the Crypto Market Became Bullish?

In the past week, the cryptocurrency market has continued its bullish trend in anticipation of the imminent Bitcoin Halving Event and increased money inflows into Spot Bitcoin ETFs. Bitcoin will be halved by the end of April or in the first week of May, boosting bullish sentiments among individual and institutional investors.

Furthermore, the planned Dencun Upgrade in the Ethereum network is a critical update that will improve scalability and security issues on the Ethereum blockchain. This event is also responsible for the recent increase in Ethereum and Ethereum-affiliated coins. 

Crypto Technical Analysis: Trending News From the Last Week

▪️ On February 15, OpenAI announced Sora, an artificial intelligence (AI) model capable of creating realistic films from text instructions up to one minute long. This launch pushed the price of the WLD token to new highs. 

▪️ Bitcoin exchange-traded funds (ETFs) experienced another robust week, with net inflows exceeding $2.2 billion from February 12 to 16. According to Bloomberg analyst Eric Balchunas, the aggregate volume exceeded the inflows received by any other of the 3,400 ETFs accessible in the US. 

▪️ Filecoin has announced its integration with the Solana blockchain as part of a strategic attempt to improve data scalability and accessibility. By this integration, Solana will improve block history accessibility by leveraging Filecoin’s decentralized storage capabilities, which will help infrastructure providers, explorers, and indexers alike.

SunCrypto Views

The recent bullish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large gains and positive investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent bullish trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Crypto Technical Analysis, informational blogs, and crypto news, check out Suncrypto Academy.


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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