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Bitcoin struggles to hold the $50,000 level, while positive announcements help several altcoins break out to new all-time highs.
The cryptocurrency market recovered some of the losses from the past couple of days on Feb. 25 as Bitcoin (BTC) briefly pushed back above the $50,000 level and multiple altcoins have seen double-digit price gains.Â
Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $45,200 late on Feb. 24 before rallying 15% to $52,000 in the morning trading session.
BTC/USDT 4-hour chart. Source: TradingView
While the rebound in the cryptocurrency market is a welcome sight for bullish investors, Bitcoin price is still finding resistance above $50,000, and this level has yet to be confirmed as support.
Economists have also begun to worry about the rising Treasury yields, which are usually a signal of weakness for the economy and can have a large impact across many markets.
Catalysts for a $100,000 Bitcoin
Now that Bitcoin has entered a slight corrective phase, analysts are debating whether or not the digital asset will be able to surpass $100,000 by the end of 2021.
According to Giles Coghlan, chief currency analyst at HYCM, the answer to that question âdepends on who you ask,â with crypto advocates feeling âvery bullishâ that 2021 âwill be the year Bitcoin steps into the limelight,â while traditionalists remain skeptical about the ârisky, unpredictable market.â
Coghlan sees the momentum behind the recent gains being driven by âthe general public hypeâ following pro-crypto tweets from Elon Musk and Mark Cuban, but now the enthusiasm âseems to be waningâ as Bitcoin struggles to hold $50,000.
Due to the volatile nature of BTC, itâs âtoo early to tell if this will be the new baseline support level.â
Coghlan said:
âI wouldnât be surprised if the price slowly drops back to $40,000 USD in the coming weeks, which seems to be a more realistic level of support. A drop below this is also plausible based on how Bitcoin performed over the course of 2020.â
The analyst sees the acceptance and endorsement of Bitcoin by âlarge institutional funds and regulatory bodiesâ as the next big driver of new price highs, which would also end the domination of the crypto market by retail traders and could lead to a âless volatileâ market as a result.
Announcements and protocol upgrades boost altcoin prices
Several large- and mid-cap altcoins saw their prices breakout on Thursday as recent announcements and new integrations pushed trading volumes higher.
Daily cryptocurrency market performance. Source: Coin360
Cardano's ADAÂ is the best performing coin in the top 10, currently up 10.4% and trading at $1.15, while Fantom (FTM) continues to benefit from its recent cross-chain integration with Ethereum and is up 31.79% to a price of $0.7755.Â
Other notable performers include Enjin Coin (ENJ), which is currently up 34% and trading at $0.6221. Polygon's MATIC has also increased by 27.74% and trades at $0.2023.
BTC/USD daily chart. Source: Coin360
The overall cryptocurrency market capitalization now stands at $1.533 trillion, and Bitcoinâs dominance rate is 61.3%.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.