Crypto Market Update: BTC Hits 2-Year High, ETFs Report $432 Million Inflow
In tandem with increasing inflow in Spot Bitcoin ETFs, the underlying asset BTC is riding an aggressive bullish momentum in February. On Thursday, this leading digital asset hit a 2-year high of $25868 and recently reclaimed the $1 Trillion market cap.
On February 15th, the eight ETFs significantly expanded their Bitcoin holdings, with a total daily Net Inflow of $432 million. Notably, iShares (Blackrock) led the additions with $331 million, followed by Fidelity Investments, which increased its BTC holding worth of $97.4 million, marking a notable day of acquisitions and adjustments among prominent investment funds. In contrast, Grayscale saw the largest outflow of $175 million in the last 16 days.
Thus, the majority of major altcoins were quick to follow up, projecting a sustainable accumulation phase in the market. By the press time, the global crypto market cap was at $1.95 Trillion and had temporarily teased the $2 Trillion milestone on February 14th.
Bitcoin Price Gains Momentum Amid Whale Accumulation
The largest cryptocurrency by market cap Bitcoin entered the current recovery in late January when the price rebounded from $38640. Within a month, the BTC value soared 36% to currently trade at $52352. A look at the daily chart indicates the BTC price gave a massive breakout from the $49000 neckline resistance of the cup and handle pattern, ending a 2 years accumulation for a new rally.
Adding to the bullish note, the renowned @alicharts highlighted in a tweet, “Bitcoin whales have purchased over 100,000 $BTC in the last ten days, worth around $5 billion. The smart accumulation adds more conviction for the future growth potential of BTC.
The Bitcoin price experienced an intraday increase of 0.78%, successfully surpassing the $52,230 threshold. This move provides buyers with the next stepping stone(support) to prolong the recovery trend.
Under the influence of the cup and handle pattern, the ongoing rally is aimed at hitting the $82640 potential target.
Bull Flag Pattern in Cardano Price Signals End-of-Correction
ADA, ADA witnessed an aggressive upswing in recent weeks aligned with broader market recovery. From its last swing low support of $0.485, it surged over 30% to reach its current trading price of $0.6. Amid this rally, Cardano provided a bullish breakout from a traditional continuation pattern called Flag. If this pattern holds true, buyers are likely to drive this recovery to $0.675 and then an extended rally to $0.95.
Messari’s Q4 2023 report highlights significant growth in Cardano ecosystem spotlighting MinswapDEX and Indigo Protocol’s contributions. Key metrics reveal a 166% increase in Total Value Locked (TVL), a 37% rise in stablecoin value, and a 127% surge in ADA’s value underscoring Cardano’s expanding influence and robust investor confidence in its development and future potential.
Chainlink Price Escapes a 2-year Long Accumulation
In a significant development for blockchain and telecommunications multinational telecommunications giant Telefonica has partnered with Chainlink to leverage its Chainlink Functions on Polygon mainnet to prevent fraud and ensure user security.
This strategic move underscores blockchain technology’s potential in addressing real-world challenges and marks Telefonica’s significant step towards blockchain adoption. The 11th-ranked cryptocurrency Chainlink has showcased remarkable growth as its price jumped from $13.6 to $20 amid buyers’ decisive breakout from neckline resistance of Cup-and-handle pattern at $17.2.
This chart setup projects a major signal of trend reversal as buyers uplift price from long accumulation period. The Chainlink price is currently witnessing overhead supply at $20.8 may trigger minor pullback to validate sustainability for higher price before aiming for a potential target of $30.
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