Cryptocurrency Market Sees Bullish Momentum
The cryptocurrency market has experienced a strong surge in bullish momentum since the second week of February. Bitcoin and Ethereum, the leading digital assets, have seen significant growth of 13% and 11.5% respectively.
Majority of Crypto Holders Are in Profit
According to crypto analytics firm Santiment, a high percentage of Bitcoin, Ethereum, and Ripple holders are currently in profit. 90.5% of Bitcoin coins are profitable, compared to 84.7% for Ethereum and 79.9% for Ripple. This indicates that panic selling is less likely to occur as most holders are in a profitable position.
Ethereum Price Could Reach $2700
Ethereum has experienced a significant increase in price, rising from $2270 to $2525 over a week. This upward movement has broken the resistance level of an ascending triangle pattern and recovered 50% of previous losses. If buying momentum continues, Ethereum could potentially reach $2700.
Growing Preference for DeFi Platforms
Over $1 billion worth of ETH has moved out of centralized exchanges and into decentralized finance (DeFi) platforms like EigenLayer. This shift highlights investors’ preference for platforms that offer greater control and innovative investment opportunities.
Chainlink Price Expected to Rally Higher
Chainlink has shown impressive performance, surging by 50.7% in just three weeks. The price formed a bullish pennant pattern and broke out from it on February 10th, indicating a continuation of the upward trend. Whale accumulation also suggests strong confidence among major investors.
BEAM Price Breaks Out of Correction Phase
BEAM coin price experienced a steady correction under a flag pattern, but has recently broken out and witnessed a significant rally. The price has surged by 23% within the last 48 hours, and if the pattern holds true, it could reach a target of $0.315.
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