Cryptocurrency Price Today: Bitcoin Achieves 26-Month High Due To BTC ETF Inflows
Cryptocurrency price on February 12 quick take: The global market cap jumped to $1.80 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to rise above the $48,000 mark over the weekend, achieving a 26-month high. This was caused due to a boost in inflows into spot BTC exchange-traded funds (ETFs). Other top coins, including the likes of — Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw minor dips across the board. The Flare (FLR) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 10 percent. Memecoin BONK, on the other hand, became the biggest loser, with a 24-hour dip of over 10 percent.
The global crypto market cap stood at $1.80 trillion at the time of writing, registering a 24-hour dip of 0.83 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $48,103.93, registering a 24-hour dip of 0.66 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 19.90 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,499.91, marking a 24-hour dip of 1.10 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.16 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 1.91 percent, as per CoinMarketCap data, currently priced at $0.08046. As per WazirX, Dogecoin price in India stood at Rs 7.01.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 2.18 percent. At the time of writing, it was trading at $71.21. LTC price in India stood at Rs 6,221.37.
Ripple (XRP) Price Today
XRP price stood at $0.5231, seeing a 24-hour loss of 0.77 percent. As per WazirX, Ripple price stood at Rs 45.37.
Solana (SOL) Price Today
Solana price stood at $105.84, marking a 24-hour dip of 3.50 percent. As per WazirX, SOL price in India stood at Rs 9,150.02.
Top Crypto Gainers Today (February 12)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Flare (FLR)
Price: $0.03331
24-hour gain: 10.17 percent
Immutable (IMX)
Price: $2.96
24-hour gain: 7.60 percent
Pyth Network (PYTH)
Price: $0.5568
24-hour gain: 3.49 percent
Gnosis (GNO)
Price: $254.70
24-hour gain: 3 percent
KuCoin Token (KCS)
Price: $10.48
24-hour gain: 2.94 percent
Top Crypto Losers Today (February 12)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Bonk (BONK)
Price: $0.00001232
24-hour loss: 10.80 percent
Dymension (DYM)
Price: $7.03
24-hour loss: 8.01 percent
BitTorrent (New) (BTT)
Price: $0.0000009748
24-hour loss: 6.10 percent
Manta Network (MANTA)
Price: $2.72
24-hour loss: 5.75 percent
Comos (ATOM)
Price: $9.72
24-hour loss: 4.79 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin hovered above the $48,000 threshold, reaching its highest level in 26 months over the weekend, driven by substantial net inflows into spot Bitcoin ETFs last week. A successful surge beyond $48,970 could propel the price to the $50,000 level, not witnessed since December 2021. Meanwhile, Ethereum reached $2,540, marking its highest point since January 19, and is presently consolidating around the $2,500 level, with resistance at $2,620 and support at $2,440.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “BTC has been registering an upward price action since last week, given the spot ETF momentum. The largest crypto by M.Cap is currently trading above $48k, as opposed to $42k on last Monday; a gain of over 13%. Unless this momentum continues to drive the price above $48.8k, we may see a downward correction. A recent post by Glassnode highlighted that on-chain indicators assessing BTC’s value show that we may have entered the initial stages of a bull market.”
Rajagopal Menon, Vice President, WazirX, noted, “The cryptocurrency market saw significant short liquidations, wiping out around $87 million in bearish bets, setting the stage for a potential longer-term rally. Rapid price movements, notably in BTC, ETH, and Dogecoin, triggered these liquidations. Bitcoin (BTC) gained 1.05% on Sunday, closing at $48,165, marking the seventh consecutive session of gains. With BTC inching closer to the $50,000 milestone, investor optimism remains high. BTC is currently overbought, with the 14-Daily RSI at 73.67. A breakout above $48,178 could push BTC toward $50,500, while a drop below $47,500 may signal bearish pressure toward $46,020.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin's bullish trend continues as ETFs accumulate $10 billion in assets in just 20 sessions, led by BlackRock's IBIT with $4 billion and Fidelity's FBTC with more than $3.4 billion. However, Grayscale's GBTC faced $6.3 billion in outflows last month. It begs the question: could Bitcoin hit $100,000 in the next two months with this ETF momentum? Bitcoin price is hovering around $42,585, most likely to break above $49,000, with key support at $47,680. Technical indicators favour a bullish outlook with an RSI around 77. Meanwhile, Bitcoin Minetrix lures investors with its stake-to-mine platform and raises over $10 million. Priced at $0.0134, BTCMTX tokens offer Bitcoin mining credits. Investors are rushing ahead of the price hike, targeting a target value of $11,556,753.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto market continues the upward trend driven by increasing interest and adoption of Bitcoin Spot ETFs. Over the weekend, Bitcoin rose more than 6% in a day, marking resistance around $49,000 and closed above $48,000 today. Any breakout above $49,000 could push the price towards $50,000 and potentially towards the all-time high region above $60,000. Once Bitcoin dominance cools down, Ethereum and altcoins can also see a potential rapid jump in their market capitalisation.”
CoinDCX Research Team told ABP Live, “Over the weekend, the crypto market remained fairly steady, with BTC holding strong above $48,000 and ETH staying above $2,500. BTC continued its upward momentum, gaining over 3% during the weekend. Key resistance levels for BTC are seen at $48,900 and $51,900, while support remains at $44,300. ETH closely mirrored BTC's performance, with its resistance levels at $2,700 and $2,900, and support at $2,390.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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