Small Cap Index Lead Gains In February, But What Is Bitcoin Doing?
12 Février 2022 - 03:00AM
NEWSBTC
Altcoins have been bigger winners than bitcoin in the recent
recovery. Even though the latter led the recovery, the smaller cap
coins have been making all of the waves in the space, outperforming
other indexes and bitcoin included. All of this has pointed to an
altcoin season after a purported ‘crypto winter’ and the gains
recorded so far in February are additional proof of this. Small Cap
Index Takes The Lead The whole of the crypto market had suffered
from the downtrend that began in December. However, the second week
of February had come to some reprieve with double-digit gains
across bitcoin and all of the indexes. The small, mid, and large
cap indexes have all returned gains so far, but the small cap has
taken the leading, showing increased bullish momentum in the
smaller cap altcoins. Related Reading | Bitcoin Steadies Above
$45k, US Inflation Comes In At 7.5% Year Over Year Just two weeks
into February, the small cap index has seen gains as high as 19%.
This is a huge step-up for the index after it closed out January as
the worst-performing index, seeing accelerated losses compared to
its counterparts. The tables have now turned as the gains for the
small cap index have been 4% higher than all of the others. Small
cap index returns highest gains | Source: Arcane Research Bitcoin,
the mid cap, and the large cap index all returned doubled-digit
gains for January. Most of the gains recorded were from a single
week that saw prices surge across the crypto market. What About
Bitcoin? Bitcoin has no doubt also returned impressive gains for
its investors in the same time period. It may not be as high as the
small cap index but still remains one of the top gainers n the
space. It follows the move of the market sentiment from extreme
negativity back into the positive. Momentum picking up has also
helped in this case. Related Reading | JPMorgan Puts Bitcoin
At $150,000 In The Long-Term, But What About Its ‘Fair Value’? The
Digital asset is now trading above its 20-day moving average but
remains low on the 50-day average. At its current point, the next
resistance for the asset to break lies at $45,240. However, a break
above a second resistance point at $46,712 is what will really
solidify its entrance into another bear rally. Until then, it will
likely continue to hover between $43,000 and $44,000. BTC starts
another recovery trend | Source: BTCUSD on TradingView.com On the
support side, bitcoin’s break below $43,000 will see its next
support at $42,790. Not a far-off point, but if it does not hold
then another decline to $40,000 may be imminent. Nevertheless, the
digital asset has shown strong sell signals around the 50 and
100-day moving averages. Unless buyers make significant headway in
holding up the price of bitcoin, bears are more likely to take
over, pulling bitcoin into another stretched-out downtrend.
Featured image from Forbes, charts from Arcane Research and
TradingView.com
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