Over the past few days, Bitcoin has surged to surpass the $53k level, recording its all-time high since November 2021, but the crypto king has faced resistance at $53k. What’s next? Meanwhile, Ethereum is being eyed by investors after recording its all-time high after 2 years of rallying to hit the $3,000 level amidst Ethereum ETF speculations this coming May.
On February 20th, the Bitcoin market experienced a surge in crypto to record a yearly high of $53,036 according to TradingView data; meanwhile, Bitcoin experienced a sudden shift after the coin lost its upward momentum and declined in price to $51,436. However, the support is currently seen at the $51,700 level, while the resistance is at $53,036; a break of either will determine the price movement.
According to Bitcoin analyst Ali on X, traders are willing to see Bitcoin holding above the $52,000 mark and should not close below the $51,700 support level. Traders are fighting to hold the support firmly.
However, despite the Bitcoin rejection at the $53k mark, Bitcoin Feature Open Interest (OI) has experienced a surge after the price reached $22 billion, which is the highest since November 2021. According to Coinglass, the $22.69 billion level was reached on February 20, slightly 300 million less than the highest peak of $23 billion recorded in November 2021.
At the time of writing, Bitcoin was trading at $51,848, with a price decline of 0.1% in the last 22 hours.
Ether Dominance in the Crypto Market
Over the past few weeks, Ethereum has dominated the cryptocurrency market, outpacing all other crypto after a 12% rise in price. Meanwhile, Ethereum’s price has surpassed its 2-year all-time high to record a new high after the price of the coin reached the $3,010 mark on February 20th. So what is the reason behind this? Speculations of exchange-traded fund (ETF) approval have led to the price trajectory in the crypto market.
According to CoinGecko, Ethereum has recently surged, recording an increase of 1.6% in the last 24 hours and 12% in the past week, surpassing the $3,000 level. This has raised investors’ eyes; according to analysts, ETF approval will lead to more investors in the market. This will lead to price appreciation and adaptation while integrating Ethereum 2.0 will lead to better security and scalability.
At the time of writing, Ethereum was trading at $3,004 with a 24-hour trading volume of $20.05 billion and an increase of 2.58% in the last 24 hours.