Crypto price analysis for February 5 – Bitcoin as well as the general crypto market begins the week with a price correction. However, investors are wondering which coin will rise this week.
Ethereum, the second-largest cryptocurrency by market cap is maintaining its price above the $2,300 mark. The value of XRP has grown by slightly 1% in the last 24 hours.
Amid the price drop among the top 1 cryptocurrencies, Chainlink (LINK) defies the odds by increasing by over 5% within the last day. On the list of top 10 trending cryptocurrencies in the market, SOHOTRN (SOHOT) is currently up by over 20.45%.
Data from CoinMarketCap show that the global crypto market cap is down by 0.50% as the crypto fear & greed index rests at 60, the same point as yesterday.
Advertisement
Source: Alternative
With the current state of the market, traders are observing to see if these coins can bounce back shortly.
Bitcoin (BTC) price analysis
Over the last 24 hours, the price of Bitcoin has dropped by 0.51%. On the daily chart, Bitcoin has reached the important level of $43,589. If a breakout occurs, the collected energy may be sufficient for a further upward rise to the $44,000–$44,500 region. A situation like this is still applicable at the end of the week.
Source: TradingView
According to Coinstats data, Bitcoin (BTC) is trading at $42,721 with a 24-hour trading volume of $27 billion and a live market cap of $838 billion.
Ethereum (ETH) price analysis
Ethereum has reduced by 0.19% in the last 24 hours. From a technical standpoint, Ethereum appears to be more bullish than bearish. Traders need to pay attention to the bar’s closure.
Source: TradingView
If the bar closes above $2,328, traders can expect a further uptick to the $2,400 level. At press time, Ethereum is trading at $2,301.
XRP analysis
Similarly, XRP has witnessed a fall of 0.51% since the last day. Looking at the daily chart, the price of XRP has bounced above the support level of $0.4959. If the bulls can maintain the price above the $0.50 mark, then it is possible to witness a further rise to the $0.52-$0.53 zone.
Source: TradingView
Coinstats data show that XRP is currently trading at $0.508 with a 24-hour trading volume of $557,269,591 ($557 million) and a live market cap of $27,692,155,536 ($27.6 billion).
>Free Tool: Use our simple crypto profit calculator to calculate your potential profits and returns on your cryptocurrency investments.<<<
Read more:
- Over 1.6 Trillion SHIB Moved To and From Various Wallets in the Last 24 Hours
- Interview: Expert Highlights Key Points for Web3 to Attain Success
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.