Crypto Weekly Technical Analysis| 12 February

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

The events of the previous week prompted positive 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 Weekly Technical Analysis.

According to CoinMarketCap, the current market cap is  ₹145.20 Trillion on 12 February. In the past few months, even the top-performing coins were seen as bullish and were continuing their upward market trend.

As of the past week, Bitcoin is priced at ₹3,996,420.74, reflecting a 0.53% fall within the last 24 hours and an outstanding 11.29% surge over 7 days. Talking about Ethereum, ETH is currently valued at ₹207,542.74, showing a 1.20% fall in the past 24 hours, with a significant jump of 7.53% over 7 days.

Crypto Weekly 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: Bitcoin Cash (BCH), Immutable (IMX), and Stacks (STX). 

In the past week, the price of Bitcoin Cash (BCH) showed a 13.87% jump. In addition, the token experienced a rise of 1.29% in the past 24 hours. The token is currently trading at the price of ₹22,559.90.

Talking about Immutable (IMX), the token illustrated a 36.87% spike as compared to other major cryptocurrencies. In addition, IMX has shown a 7.64% jump in the past 24 hours, trading at a price range of ₹245.67.

In addition, the Stacks (STX) token jumped by 1.40% in the past 24 hours. Furthermore, in the past week, the token jumped by more than 26.52 In addition, the price of the STX token is trading at ₹157.12. 

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 Weekly Technical Analysis

How the Crypto Market Became Bullish?

In the last week, the cryptocurrency market has become bullish in anticipation of the upcoming Bitcoin Halving Event. The Bitcoin Halving going to occur at the end of April or in the first week of May, boosting the sentiments of both retail and institutional investors.

Furthermore, the upcoming Dencun Upgrade in the Ethereum blockchain is one of the crucial updates that will enhance the scalability and security issues in the Ethereum blockchain. This event is also the reason behind the surge of Ethereum and Ethereum-affiliated coins. 

Crypto Weekly Technical Analysis: Trending News From the Last Week

▪️ The Dencun update is now scheduled to run on the Ethereum mainnet on March 13. It will introduce proto-danksharding and blobs to reduce transaction costs on Ethereum layer 2s.

▪️ On Feb 08, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), stated that the central bank will look into offline ways to increase acceptance of its central bank digital currency (CBDC), the digital rupee, in remote areas of the country with limited internet connectivity.

▪️ MicroStrategy, a leading business analytics and software company, has reaffirmed its commitment to Bitcoin by purchasing an additional 850 BTC for a total of $37.2 million over the previous month.

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 perplexing 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 upward 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 Weekly 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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