Bitcoin approaches $50,000, Altcoins continue to rise

Bitcoin approaches $50,000, Altcoins continue to rise

Here’s an update on the price of cryptomoney on Tuesday, February 9, 2020.

Total Market Capitalization

Bitcoin Price

Bitcoin Price

After a clear break above USD 42,000, the price of Bitcoin rose by more than USD 5,000. BTC even broke through the USD 45,000 and USD 46,000 levels. It traded at around $47,500 before entering a consolidation phase. The price remains high and there seems to be a chance of another upward movement above $48,000. The next major resistance could be near $50,000.

Initial support for the decline is near the 46,200 USD level. The first major support is at $45,500, below which the price could begin a prolonged downward correction.

In addition, some analysts say that Tesla’s purchase of $1.5 billion worth of BTC could result in cryptomoney now finding its way into the treasuries of companies around the world.

« We see fundamental reasons for companies’ exposure to cryptography and we expect others to follow. We don’t think this will happen overnight, but we believe there is much more room for cryptography in corporate treasuries and we expect the trend to continue, » wrote Fundstrat Global Advisors strategists, as reported by Bloomberg.

Ethereum Award

Ethereum Award

The price of ether has also started a bullish momentum above the $1,700 level. The ETH surpassed USD 1,750 and traded at a new historical high close to USD 1,775. Nevertheless, it is struggling to break above USD 1,775. If it approaches USD 1,775, bulls could test USD 1,850 or even USD 1,900.

If it is corrected downwards, the USD 1 700 zone is a decent support. The next significant support is now close to the $1,650 level.

ADA, Litecoin (LTC) and XRP Awards

ADA, Litecoin (LTC) and XRP Awards

Cardano (ADA) remained stable above USD 0.650 and continued its strong rise above USD 0.700. ADA reached 0.725 USD and corrected its gains. A first support is close to the 0.672 USD level. The main support is now close to the 0.650 USD level, below which there is a risk of a larger drop. If this upward movement continues, the level of 0.725 USD constitutes short-term resistance.

Litecoin (LTC) gained more than 10% and broke through the resistance levels of USD 155 and USD 165. LTC is now trading above $170 and could continue to climb towards the $178 and $180 levels. In the event of a downward correction, bulls could remain active around $165.

The price of XRP is breaking through the 0.450 resistance. The price has even broken through the $0.465 level and could move closer to the $0.492 and $0.500 resistance levels. Any further gains could set the pace for a push towards the $0.550 level in the near term.

The market for other altcoins today

The market for other altcoins today

Many altcoins have recorded an increase in their prices of more than 20%, including BTT, LUNA, XVS, DGB, CAKE, MIOTA, EGLD, FIL, SOL, RUNE, BTCB, AVAX and TRX. Of these, BTT jumped more than 160% and LUNA surpassed the USD 5.00 resistance level.

Overall, the price of Bitcoin is gaining momentum and exceeds USD 46,000. Chances are that BTC will rise further towards the $48,500 and $50,000 levels in the short term.

To buy cryptomoney; SEPA Zone Europe and French citizens:

To buy cryptoskills in Canada:

To buy cryptos by credit card or debit card:

To open a Bitcoin savings plan, go to the regulated platform StackinSat.

To secure or store your cryptomoney:

To invest in mining or masternodes:

To trade your cryptos anonymously:

To earn interest on your Bitcoins:

To accumulate cryptos through gambling:

If you want to learn more about Bitcoin and investing in cryptos, here are two perfect books: « Understanding Bitcoin in 2 hours » and « Investing in Bitcoin ».

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Bitcoin approaches $50,000, Altcoins continue to rise
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