On February 12, the crypto market reached a new milestone for the first time in 6 months, exceeding the market value of $ 300 billion, with the increase in cryptocurrencies. This shows that interest in the sector continues to increase as a steady stream of funds enters the field. Since the beginning of 2020, the crypto market value has increased by 65.92 percent from $ 218.4 billion to $ 303.1 billion. However, the market value, which is currently experiencing a small decline, is $ 298 billion, according to CoinMarketCap data.
At the same time, Bitcoin (BTC) domination rate fell from 68 percent to 62 percent, which allowed altcoins to experience incredible three-digit rallies in the past 2 months. While bitcoin price struggles to overcome the $ 500 resistance, many altcoins continue to recover.
Let's take a look at some of the major cryptocurrencies of the day:
XRP
The XRP price has finally risen above the $ 0.30 and $ 0.31 resistance levels and has gained more than 14 percent since then. The strong upward move has been the most significant increase since the May 13, 2019, when the XRP price rose from $ 0.30 a day to $ 0.47 a day. XRP rose above the highest level after $ 0.3145 on November 6, after the price fell sharply to two-year low ($ 0.175). Analysts have now set their short-term goals at probably $ 0.38 and $ 0.41.
Tezos (XTZ) has risen to an all-time high of $ 3.61, with the rally that altcoin started in the range of $ 1.20- $ 1.30 since January 15. According to CoinMarketCap data, the currency is currently trading at $ 3.11.
It is worth mentioning the trend of parabolic movements to create strong support levels, as the price rises significantly every day. If traders take profit and shift their attention to other cryptos, or if Bitcoin is recovering sharply, XTZ can quickly reverse and the entire upward movement may disappear.
Cardano
Cardano (ADA), which decreased to 0.00000400 satoshi on January 14, performed perfectly. Altcoin rose 71 percent from 2019 and 2020 bottom levels, and altcoin has risen 37.09 percent since it rose above the 200-day moving average on January 12. Traders will notice limited pressure from sellers over 0.00000682 satoshi. This means that all it takes to increase the price is volume flow. There is a large gap in the volume profile visible range indicator (VPVR). If a high volume break occurs, the ADA price may recover between 53.47 percent and 0.000001041 satoshi.
Ether
Ether (ETH) continues to show that the price action is linked to Bitcoin. With the rise of Bitcoin, we all saw the rally in ETH. With the rise, the price easily reached the $ 240 and $ 260 profit regions. As Bitcoin traders try to push the digital asset to $ 10,000 and above, Ether price continues to rise and seems to reach $ 300 in the coming hours. Investors will record the VPVR gap between $ 270 and $ 300. If the bulls could raise the price above $ 276, ETH could reach $ 300.
NEO
After forming a bottom with $ 7.73 on December 18, 2019, NEO doubled its price to $ 15.85 in 2020. Since January 1, altcoin has gained 88.37 percent, and traders will now target $ 17.44 and $ 19.60. If NEO goes above $ 20, the next resistance zones will be $ 25 and $ 40.
In the case of a withdrawal, investors will expect a jump in the 21.6 percent Fibonacci retraction ($ 13.95) and below. Usually, the support levels for NEO are closely aligned with the Fibonacci retracement levels, so traders can follow the indicator if the altcoin price improves.
