Altcoins soar as Bitcoin’s bullish towards $50,000

Some altcoins continue to hit new yearly highs. Meanwhile, Bitcoin is bullish, which suggests that traders are preparing for a race to $50,000.

Growing institutional interest in Bitcoin helped lift the significant cryptocurrency to a new high on February 9. It led to a total market capitalization value over the market capitalization of the Russian ruble.

Bitcoin set a new all-time high of $48,220 in the early hours of Tuesday and has since fallen back to $47,092, marking a 9.24% increase in the last 24 hours.

According to filbfilb, founder of Decentrader, today’s market action showed intense activity by bulls who aggressively absorbed sellers’ positions. It resulted in the failed breakout of a head and shoulders pattern at the small time frame.

Filbfilb sees the current price action as a positive development for the future of BTC. The latter one appears to skyrocket before establishing a new consolidation zone.

Filbfilb stated that the target for consolidation is near $52,000. They expect a bit of a correction, but the overall measured move should take us towards $63,000.

Altcoins gain momentum as multiple tokens record new highs

Altcoins surged as the price of Bitcoin consolidated in preparation for what could be a move towards $50,000.

Following the CME Ether futures contracts’ launch, Ether’s price rose to a new high of $1,825. Data from CoinMetrics suggests that CME’s launch could lead to accelerated entries into Grayscale’s Ethereum Trust (ETHE).

Meanwhile, Litecoin futures have also seen an increase in activity with a record $584 million in open interest, indicating that the altcoin is catching institutional investors’ attention.

Elrond (EGLD) also set a new trade volume and price record as it increased 700% since the beginning of 2021. The rise was driven by the Maiar wallet launch and plans to integrate with decentralized finance protocols.

Interoperability between blockchains remains a prominent focus in the cryptocurrency sector. This pushed the price of Polkadot (DOT) to a new high of $24.04.

The DOT break to a new high followed the announcement that Curve Finance would be implemented on Equilibrium’s Polkadot parachain.

CRV also saw its price rise to a 2021 high at $3.56 on February 5. News of the upcoming cross-chain functionality brought a new wave of optimism to the project.

Binance Coin reached a new all-time high. Its growing DeFi infrastructure and expansion of token functionalities on the Binance Smart Chain further strengthen BNB’s fundamentals. BNB is up 44.09% and is trading at $106.66.

Other notable results in the last 24 hours include a 52.22% rally for Filecoin (FIL) and a 20.23% move for EOS.

The total cryptocurrency market capitalization is currently $1.4 trillion, and Bitcoin’s dominance rate is 62.9%.