Bitcoin, Ethereum, Binance Coin, Polkadot, and Avalanche Daily Price Analyses – 5 February Morning Prediction
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TL;DR Breakdown
- The global crypto market continues the bullish run, total market cap reaches $1.89 Trillion.
- Bitcoin springs up and crosses the $40,000.
- Ethereum gained 6.21% in the last 24 hours to reach above the $3,000 mark.
- Binance Coin follows the bullish trend, adds more than 11% in the last 24 hours.
- Polkadot and Avalanche make headway, adding 11.49% and 9.82% respectively.
The start to the year 2022 had caused tension amongst the traders and investors within the crypto space as most of the top cryptocurrencies were suffering from losses. But the month of February continues to bring amazing surprises for the crypto market and good news for both the traders and investors alike.
In the last 24 hours, the global cryptocurrency market cap has jumped up to $1.89 trillion from $1.70 trillion. It is also worth noting that the trading volumes climbed above $95 billion on February 5.
Many traders and investors were curious and everyone was trying to figure out whether the top cryptocurrencies will recover in February. Crypto market continues to see green and many of the top cryptocurrencies have reported massive gains. Let us now look at some of the leading crypto tokens and how they have performed in the last 24 hours.
Bitcoin gained 9.25% in the last 24 hour to hit a two-week high.
Bitcoin (BTC), the world’s largest and the most popular cryptocurrency from day one, is back on track. The top cryptocurrency’s history as a store of value has been wild as it has gone through many ups and downs. While Bitcoin has reported massive gains to cross the $40,000 mark, the cryptocurrency is still far away from it’s all time high of over $68,000 in November 2021.
While investors and traders are keeping a close eye on the crypto market, Bitcoin is gaining momentum and bringing a new hope.
Source: CoinMarketCap
Bitcoin gained 9.25% in the last 24 hours, which also helped the token’s market dominance to increase slightly and reach marginally to 41.3 percent. At the time of writing, Bitcoin is trading at $41,420. Keeping in mind the year’s low for Bitcoin, $32,950 which came on 24 January 2022, it is safe to say that the flagbearer of the crypto market is on its way up.
Ethereum follows Bitcoin, crosses the $3k mark.
Ethereum (ETH), the second largest cryptocurrency after bitcoin, follows the bullish trend of the crypto market. The cryptocurrency gained 17.74% over the last 7 days, leaving investors with hope that the price value will increase further in the coming days. With a market dominance of 18.9%, ETH is the second largest cryptocurrency by market cap.
Source: CoinMarketCap
ETH gained 6.21% in the last 24 hours to trade at $3,010. The increase in the cryptocurrency’s price value helped its market cap to cross the $359 Billion mark. The 24 hour trading volume of ETH, the largest altcoin, is around $17.7 Billion.
Many investors see ETH as a better investment than BTC, especially in the long run. Ethereum is a general purpose blockchain, and ETH is the native token of the blockchain network. The network offers a number of different benefits, including faster transactions. However, no one expects ETH to take over as the market leader anytime soon.
Binance Coin takes a big step forward.
The current bullish run of the crypto market has helped most of the top cryptocurrencies, including Binance Coin (BNB), to get the push they needed. As the native token for an extremely popular exchange platform, Binance Coin has several uses cases.
Source: CoinMarketCap
Binance Coin gained 11.53% in the last 24 hours, which helped the price value of the cryptocurrency to reach as high as $421.96. The upward trend helped the market cap of BNB to reach above $69 Billion.
It is worth mentioning that BNB is closing the gap with its all time high of $690. Taking into account the recent market movements, it is likely that Binance Coin will continue on the upward trend in the coming week.
DOT and AVAX trade in green, reporting huge gains to make up for previous losses.
Polkadot (DOT) has also found its way with the bullish run of the crypto market. Many crypto enthusiasts believe that DOT, as the native currency of a new generation blockchain protocol known as Polkadot, is poised for further growth in the future.
DOT gained 11.49% in the last 24 hours to reach $21.63, while the cryptocurrency gained a total of 15.92% over the last 7 days. While Polkadot now stands at the number 10 spot, the cryptocurrency’s market cap increased with its price value to cross the $21 Billion mark.
Source: CoinMarketCapSimilarly, Avalanche (AVAX) also found its way back into the race. While currently standing at the number 12 spot, AVAX reported pretty impressive gains of 13.06% over the last 7 days. After an increase of 9.82% in the last 24 hours, the price value of one AVAX token now stands at $78.57 at the time of writing.
The addition of the last 24 hours into the previous gains helped AVAX’s market cap to reach $19,254,553,442 with 245,053,936 AVAX tokens in circulation.
Source: CoinMarketCap
Final Thoughts
These last 24 hours have brought us nothing but good news. Keeping in mind the volatile nature of the crypto market, it might not be such a bright idea to get too excited. While the investors and traders around the world hope that the crypto market will continue to flourish, no one can guarantee what will happen next.
Cryptocurrency
