Bitcoin, Ethereum, Dogecoin On The Rise Sorry To Play Debbie Downer But Here’s Why These Analysts Refus – Benzinga

Major coins traded higher over 24 hours as the global cryptocurrency market cap rose 1.9% to $1.8 trillion.

Metaverse play Decentraland (MANA) was the top 24-hour gainer, according to CoinGecko data,up 14.3% to $2.79 in the period. For the week, it has shot up 33.5%.

Other coins that saw notable gains were Nexo (NEXO) and Terra (LUNA). NEXO and LUNA rose 14% and 12.4% respectively to $51.27 and $4.64 over a 24-hour time frame.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin managed to outdo the S&P 500 over the last week in terms of gains, according to GlobalBlock analyst Marcus Sotiriou. This is despite headwinds in the form of a hawkish Federal Reserve.

Even though the Federal Reserve Chairman, Jerome Powell, was hawkish at the FOMC meeting last Wednesday, $670 million of Bitcoin was removed from exchanges the next day, as whales continue to buy in this price range, said Sotiriou, in an emailed note.

Financial market data and content platform Santiment noted in a tweet Monday that 40,785 BTC, worth approx $1.56 billion, were moved from exchanges in the past week.

Mondays upwards movement by Bitcoin comes ahead of February, a traditionally favorable month for the apex coins price action.

The apex coin rose as the dollar took a fall with the dollar index, a measure of the greenback's strength against a basket of six currencies, declined 0.7% on Monday, according to a Reuters report.

Bitcoins newly-found momentum has enthused some analysts even though they remain cautious.

Pseudonymous analyst Kaleo pointed to BTC resistance at $39,000 levels and said if it broke through, it might might end up with a solid month or two of bullish price action across the market carrying us back into the low 50s.

Amsterdam-based cryptocurrency analyst Michal van de Poppe tweeted that Bitcoins reversal is not confirmed at all. He said it is still fighting resistance beneath previous support at $41,500.

Meanwhile, the adverse macroeconomic environment has not yet dissipated.

Powell made it clear that supply chain issues are indeed prominent, meaning that global markets may remain fearful going into the first rate hike planned for March 16th, said GlobalBlocks Sotiriou.

Read Next: Biden Moves To Regulate Bitcoin

Photo: Jose Rodrigo Safdiye/Benzinga

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Bitcoin, Ethereum, Dogecoin On The Rise Sorry To Play Debbie Downer But Here's Why These Analysts Refus - Benzinga