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Bitcoin Flirts with $49,000 Milestone Before Market Correction Hits Altcoins

WEEKLY WATCH - Bitcoin Approaches $49,000 Threshold Amid Asian Trading Surge, Altcoins Dip in Response

Feb 12, 2024
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Ethereum breaks resistance, while total market cap retraces $30 billion since morning highs.

In the early hours of the Asian trading session, Bitcoin's relentless climb nearly breached the $49,000 mark, marking its highest point since ETF approvals a month ago. However, the ascent was abruptly halted, triggering a red wave across most altcoins and prompting a $30 billion retracement in the total market cap from its peak earlier in the day.

Bitcoin (BTC) kicked off the week with a sluggish start, hovering around $43,000 for days on end. Yet, momentum shifted mid-week, with BTC surging past $48,000, only to falter just shy of the $49,000 milestone. Despite this setback, Bitcoin remains resilient, currently trading around $48,000, reflecting a volatile yet promising week marked by highs near $48,800 and lows around $42,385.

Meanwhile, Ethereum (ETH) showcased its own rally, climbing from $2,270 to $2,492 within the week, signaling potential for further growth after breaking through resistance levels. Despite a minor pullback, Ethereum's performance remains strong, with highs reaching $2,537 and lows at $2,495.

However, the broader altcoin market has taken a hit, with Binance Coin (BNB) declining by around 2%. Other major altcoins such as SOL, XRP, ADA, AVAX, DOGE, DOT, and MATIC experienced losses ranging from 3% to 5%. Despite this, outliers like DYM, BEAM, KAS, and IMX managed double-digit gains, with DYM soaring up to 72%.

The total crypto market cap saw a $30 billion dip from its morning peak, reflecting a fluctuating landscape amidst Bitcoin's flirtation with new highs. At the time of writing, Bitcoin's dominance stands at 52.48%, with its market cap hovering around $940 billion, highlighting the cryptocurrency's continued sway over the market.

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