On February 12, the Bitcoin (BTC) price reached a new record high of $ 48,985 before falling back to the $ 46,000 level.
A quick look at the 4-hour chart shows the top-ranked trading in cryptocurrencies in a short consolidation phase, but BTC still maintains its strong momentum through a pattern of higher and higher lows.
If BTC can maintain its current pace and structure, a move to the $ 50,000 level could possibly take place before the weekend ends.
A report released by Decentrader analysts shows that demand for the best cryptocurrency has increased as Bitcoin’s liquid supply has declined, as the number of BTCs that have not moved to the chain for a long time has also rise.
As can be seen in the chart above, BTC currently has a liquid offering of approximately four million coins and the figure has been declining gradually since June 2020 as whales and institutional investors increase their exposure to this emerging asset class.
Further evidence of the growth of players with big money can be found by looking at the boom in wallets with more than 1000 BTC.
As the number of large wallets grows, the number of smaller wallets has remained flat or declining, indicating that ‘larger players are picking up bitcoin from smaller players.’
PayPal delves deeper into cryptocurrency
Additional bullish news for the cryptocurrency sector came when PayPal announced it intends to expand its crypto services to UK residents.
This is the first time that users outside the US can purchase crypto via the platform that should be available on the PayPal and Venmo applications by the end of Q2 2021.
In an effort to keep up with PayPal and Cash App, Apple Pay has unveiled a new partnership with BitPay that allows Apple Wallet users to use their BitPay card to make purchases.
It also appeared that Grayscale Investments could soon bring a new level of exposure to decentralized financing, as a newly formed corporate registry in the state of Delaware shows that asset manager sees Yearn Finance as a potential future offering.
Sloppy trading sets the tone in traditional markets
Traditional markets came under pressure earlier on Friday after the February 11 announcement that federal regulators had launched probes in Robinhood and Reddit due to signs of market manipulation related to the recent wild moves seen in stocks such as GameStop and AMC.
After enduring the early slump, all three major indices managed to climb higher and end the day positively with the S&P 500 and NASDAQ closing the session at record levels, with 0.47% and 0, respectively. 50%. The Dow also managed to pull off a positive profit of 0.09%.
The broader cryptocurrency market continued its strong upswing as several projects achieved double-digit gains and new highs of all time.
Ether (ETH) ventured deeper into the uncharted territory on Friday by setting an all-time high of $ 1,863, while Polkadot (DOT) was the top-performing top 10 currency and saw a 21% increase overnight. a new high at 29.52.
Other notable artists include the pure proof-of-stake protocol Algorand (ALGO), which rose 38% for a peak in 2021 at $ 1.84, and Tezos (XTZ), which left its price up 23% rose to a new record high of $ 5.41.
The overall market capitalization for cryptocurrencies now stands at $ 1.48 trillion and Bitcoin’s dominance rate is 60.4%.