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Major cryptocurrencies surged on Thursday evening, propelling the global cryptocurrency market capitalization closer to the $2 trillion mark.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +0.04%$51,368Ethereum ETH/USD +2.32%$2,986Dogecoin DOGE/USD +1.00%$0.084
What Happened: BTC recently achieved a $1 trillion market capitalization following the introduction of a spot ETF and growing optimism in the market. However, on Wednesday the price of BTC has shown less correlation with the inflow and outflow of spot ETFs compared to previous trends, as noted by JPMorgan.
In a note to the banks clients on Thursday morning, analyst Ken Worthington revealed that the correlation between the two asset classes dropped to 0.60 on Wednesday, down from 0.78 on Feb 7 and as high as 0.84 on Jan. 31.
Worthington noted that a correlation above 0.70 is considered highly correlated, while just below that would be moderately correlated.
Last week, inflows surged as investors poured a record $2.4 billion into the funds, marking the largest amount in their short history. Notably, the inflows continue to be dominated by BlackRock's IBIT IBIT and Fidelity's FBTC FBTC which have collectively amassed nearly $11 billion in assets under management (AUM).
Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Axelar AXL/USD +17.96%$1.49Woo WOO/USD +15.29%$0.48Worldcoin WLD/USD +14.41%$8.47
The global cryptocurrency market cap now stands at $1.98 trillion, showing a 1.01% increase in the past 24 hours.
The S&P 500 soared on Thursday following the robust quarterly performance by chip giant Nvidia, propelling the broader market and tech sector.
The S&P 500 surged by 2.11% to conclude at 5,087. Similarly, the Nasdaq Composite posted a substantial 2.96% gain, its strongest performance since February 2023, and closed at 16,041.62.
The Dow Jones Industrial Average also surged by 456.87 points or 1.18% to surpass the 39,000 mark for the first time ever and concluding at a new pinnacle of 39,069.11.
U.S. initial jobless claims fell by 12,000 to 201,000 in the week ending Feb. 17, compared to market estimates of 218,000.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe has expressed optimism about the altcoin market capitalization, indicating that there is ample momentum and opportunity on the horizon. He predicts a potential rally to the $800B-1T range.
He added, "My primary scenario on Bitcoin remains. Looking for a swift correction towards $48-49K and upwards from there towards $54-58K for a final push and broader correction after. This correction most likely rotates money from Bitcoin to altcoins too." Loading… Loading…
Cryptocurrency analyst and trader Kevin Svenson has issued a warning regarding Bitcoins potential for a significant correction following its recent price surge, last observed in November of 2021.
Svenson expressed his bullish stance on Bitcoin while also cautioning that the cryptocurrency could experience a decline of over 25% in the medium term, particularly after the anticipated halving in mid-April.
"I think we could see a big dip or a big correction would be after the halving running up towards our short-squeeze target of maybe $60,000, maybe a little bit of action above that and then a post-halving dip scenario back to $44,000 is a scenario that I am at least considering right now."
Pseudonymous cryptocurrency analyst Johnny predicts that the upcoming crypto cycle will surpass all previous ones. He believes that both institutional and retail investors worldwide will experience a fear of missing out (FOMO) at some juncture. "I think $300k $BTC is a possibility this cycle."
According to Ali Martinez, an on-chain analyst, the $51,500 support zone has become one of the most important levels for Bitcoin. Should BTC maintain its position above this level, there exists a promising potential for its ascent towards $57,000.
Photo by Igor Faun on Shutterstock
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