Bitcoin value is sideways, silver hits a 7-year excessive and XRP’s rally pops
Bitcoin (BTC) price spent the day trading in a narrow range between $ 32,000 and $ 34,000. At the time of writing, the digital asset is below the descending trend line resistance and any attempt to exceed it will be satisfied by selling.
Data from Cointelegraph Markets and TradingView show a 4.14% price increase for the top cryptocurrency, currently trading at $ 33,840.
Daily market performance in cryptocurrencies. Source: Coin360
Given the sideways price action, Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, discovered a potential bullish indicator that could point to a price breakout for Bitcoin in the near future.
More than 15,000 bitcoin were recently withdrawn from Coinbase Pro, according to Ju, with the outflows “going to custody wallets where only inbound transactions take place,” indicating that the purchases were likely “OTC deals from institutional investors.” . Rallies have followed similar outflows in the past, and Ju sees this as a sign that BTC “will protect $ 33,000 in the short term”.
The financial markets are still preoccupied with the antics of r / Wallstreetbets who expanded into the cryptocurrency sector via r / Satoshistreetbets and helped usher in the recent price increases for Dogecoin (DOGE) and now XRP.
After the XRP price rose 147% to trade at $ 0.76 overnight, it was corrected by 47% and currently the altcoin is trying to hit the $ 0.40 level again.
In other news, Kraken Cryptocurrency Exchange joined Grayscale Investments in opposing the proposed FinCEN self-hosted wallet rule and the US government’s STABLE Act.
The exchange pledged $ 100,000 to Coin Center, a Washington DC-based cryptocurrency advocacy group that focuses on educating regulators about digital assets while promoting the rights of crypto users.
Silver rises after r / Wallstreetbets targets short sellers
Traditional markets saw gains in most sectors, which helped offset some of the January 29 losses. The S&P 500, Dow and NASDAQ all benefited from the positive price move on February 1st, finishing the day up 1.61%, 0.76%. and 2.5%, respectively.
IShares Silver Trust monthly chart. Source: TradingView
As announced over the weekend, members of the r / Wallstreetbets investment group focused on the precious metals market, pushing silver futures above $ 30, the highest price since 2013.
The market has cooled slightly since then and SLV is currently trading at $ 29.07.
The decentralized exchange is the focus
DeFi-related tokens continue to perform well as the battle between Uniswap and Sushiswap intensifies and the top two DEXs see increased trading volume and a sharp appreciation in the price of their domestic tokens.
Both tokens hit new highs by 2021. UNI’s price is up 17% and is trading at $ 20.44, while SUSHI is up 28% and is trading at a price of $ 12.73
UNI price vs. SUSHI price. Source: TradingView
Binance Coin (BNB) was the top 10 performing best coin in the past 24 hours. It currently rose 12.91% and was trading at a price of $ 49.51. The NEO-based DeFi platform Flamingo (FLM) is up 38.19% and is trading at $ 0.305. This is promoted by an ongoing governance vote among the token holders.
The market cap for cryptocurrencies is currently around $ 1 trillion, and Bitcoin’s dominance rate is 62.5%.