Following a temporary setback, Bitcoin experienced a robust recovery, with its value approaching $52,000 again. This comeback also ignited a positive trend among other cryptocurrencies on February 18, as Ethereum regained its position above $2,800 and Solana climbed back to $110.
Bitcoin’s Recent Price Movement
Bitcoin ended the preceding week on a high note, netting a 13% increase. The momentum persisted into the new week, with Bitcoin hitting the $50,000 milestone on February 12, marking a significant achievement not seen in over two years. Though a slight downturn occurred following the US CPI data release on February 13, with Bitcoin slipping to $48,500, the descent was brief, and the cryptocurrency quickly resumed its climb.
The climb saw Bitcoin breach both the $51,000 and $52,000 thresholds on consecutive days. The ascent peaked on February 14, with Bitcoin reaching $52,900. However, after a dramatic though brief plunge on February 17, which triggered $100 million in liquidations, Bitcoin stabilized and is currently trading near the $52,000 mark with a market cap surpassing $1 trillion, continuing to command about half the altcoin market share.
Recovery and Gains Across the Altcoin Sector
The altcoin market, initially facing a downturn on February 17, has since erased its losses, with Ethereum notching a modest gain to surpass $2,800. Other major altcoins like BNB, XRP, TRX, AVAX, and MATIC have mirrored this positive movement with comparable gains. Solana’s value increased by more than 1%, reattaining the $110 level, and Cardano outshone its peers with a substantial surge of nearly 9%, pushing its value close to $0.65.
Notable performers in the altcoin space included FET, which soared by 20%, and other prominent climbers included GRT, RNDR, BTT, and INJ, each achieving double-digit percentage growth. The overall value of the crypto market rose by billions of dollars, hitting a collective worth of $2.05 trillion, as reported by CoinGecko.