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Bitcoin's Battle with $52,000, Ethereum's Surge, and Alts' Varied Performance

WEEKLY WATCH - Bitcoin Struggles to Maintain Momentum as Crypto Market Sees Mixed Performances

Feb 26, 2024
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A week of fluctuating fortunes in the crypto market as Bitcoin grapples with resistance, Ethereum hits a two-year high, and altcoins display diverse movements.

In the past week, Bitcoin (BTC) made attempts to breach the crucial $52,000 mark but faced resistance, settling once again around $51,000. This period followed a dynamic ten days during which BTC surged by over $10,000, marking a significant milestone by surpassing $50,000 for the first time in over two years. However, the recent week brought a sense of stability to the market, with BTC trading within a range of $51,000 to $52,000. The most notable movement occurred mid-week when Bitcoin briefly reached $53,000, only to experience a rapid decline of over $2,000 within hours. Since then, BTC has struggled to regain its bullish momentum, repeatedly testing but failing to break above $52,000. Over the weekend, Bitcoin faced rejection once again, highlighting the ongoing challenge of sustaining levels above $51,000. Its market capitalization has receded to $1 trillion on CoinGecko, while its dominance over altcoins stands at 48.3%.

Ethereum (ETH) continued its impressive performance, briefly surpassing $3,100, its highest price level in nearly two years. However, ETH retraced slightly, currently hovering around $3,000.

Among the altcoins, BNB reached a local peak of $390, following a 2% increase, before retracing slightly. Meanwhile, other major altcoins such as SOL, XRP, ADA, AVAX, DOGE, DOT, and LINK experienced losses ranging from 1% to 3%. In contrast, Flare (FLR), Mantle (MNT), and GALA showcased significant price surges, with FLR rising by 19%, MNT by 14%, and GALA by 10% in the past 24 hours.

The total crypto market capitalization briefly touched $2.1 trillion on CoinGecko but has since declined by $20 billion. This divergence in performance underscores the complex and dynamic nature of the crypto market, with Bitcoin facing resistance, Ethereum exhibiting strength, and altcoins demonstrating varied movements. As investors navigate through these fluctuations, attention remains focused on key levels and emerging opportunities within the crypto landscape.

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