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Crypto Price on February 16: Crypto market capitalization surpasses $2 trillion as Bitcoin soars past $52,000

Crypto Price on February 16: Crypto market capitalization surpasses $2 trillion as Bitcoin soars past $52,000

The world's two biggest cryptocurrency tokens, Ethereum and Bitcoin, increased by more than 6% on Friday, sparking a significant rise in the market. The value of the world's cryptocurrency market, however, increased by 5% in the previous day to approximately $2.04 trillion. Ethereum was up 6.6% at $2,796 while Bitcoin was up 6% at $52,318. Bitcoin's $1 trillion market capitalization was recovered. The largest token in the world based on market capitalization has increased almost 135% in the past year, and it hasn't been so high since December 2021. After 26 months, Bitcoin's market capitalization of $1 trillion was regained, indicating possibility for more growth. Due to U.S. inflation figures, Bitcoin experienced a temporary decline below $50,000 on Tuesday; however, it quickly recovered. Bullish sentiment is still present, with a target price of $75,000, driven by significant inflows into spot BTC ETFs listed in the United States, such as BlackRock's IBIT. Experts predict that Bitcoin will continue to rise, citing $46,000 as a crucial support level while warning against a possible stall in the market's momentum. With prices for Ethereum and Bitcoin reaching their highest points of the year, the cryptocurrency sector is still growing. Increased investments in Bitcoin spot ETFs and optimism around the impending halving event are the main drivers of this growth. According to analysts, the increase in the price of bitcoin has improved investor attitude toward other coins including Solana, BNB, XRP, Dogecoin, and Cardano. Shiba Inu and Polygon have also seen a decrease in inflows. 7.53% of the 24-hour volume of the cryptocurrency market is now represented by the $7.14 billion total volume in DeFi. According to data available on CoinMarketCap, the total amount of stablecoins is currently $86.34 billion, or 91.1% of the entire 24-hour volume of the cryptocurrency market. Currently, 52.58% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased by 28.4% to $43.5 billion in the last day. With its next resistance target at $55,000, Bitcoin, which is currently trading over $52,000, is still in a bullish position. But since the RSI for Bitcoin is in overbought zone, a slight decline is expected before the weekend in order to clear out long positions in the market.

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