Crypto Price Analysis 2-7: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, JUPITER: JUP, STACKS: STX
The post Crypto Price Analysis 2-7: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, JUPITER: JUP, STACKS: STX appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) dived back into the red as momentum stalled around the $99,000 price level and fell to a low of $95,891 before recovering and moving to its current level. The flagship cryptocurrency is down almost 1% as it oscillates between $95,000 and $99,000, nearly 11% below its all-time high as it struggles to reclaim $100,000. Markets remained red for a second day as major altcoins registered considerable declines. Ethereum (ETH) is down over 4% and is trading just above the $2,700 mark. Ripple (XRP) slipped below $2.50 and is trading at $2.30, while Solana (SOL) is down nearly 5% and trading at $192, having fallen below $200. Dogecoin (DOGE) is down 4.67%, while Cardano (ADA) is down over 5%. Chainlink (LINK), Tron (TRX), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered substantial declines. The crypto market cap is down 1.50% and currently sits at $3.17 trillion. Bitcoin (BTC) and Ethereum (ETH) Reserves Drop Bitcoin (BTC) and Ethereum (ETH) reserves have dropped drastically, as traders turn to self-custody of assets. An analysis by CryptoQuant shows a considerable withdrawal of BTC and ETH from centralized trading platforms starting on January 31 and accelerating through the week. The withdrawal has left exchanges with the smallest reserves of BTC and ETH since 2018, suggesting a strong pivot towards self-custody and institutional accumulation. Centralized exchanges currently hold 2.4 million BTC. ETH has also registered a similar pattern. At the beginning of February, centralized exchanges held 19.70 million ETH. This number has dropped to 19.10 million ETH, with CryptoQuant data showing the withdrawal of 600,000 ETH from these trading platforms. Data from Santiment and Glassnode has shown similar levels of withdrawal. These withdrawal patterns could suggest a shift in market sentiment and a pivot towards self-custody and alternative investment strategies.…
Filed under: News - @ February 9, 2025 4:16 am