The price of Bitcoin, which instilled hope in the recovery and revival of the crypto market at the beginning of 2023, has experienced a period of stability. After raising from $17,000 to its current level, it has been hovering around an average of $24,500, as reported by Capital.
As of today, Bitcoin is trading at around $24,182, with its February high reaching $24,786 on February 16.
According to foreign media, Bitcoin’s move to the level above $25,000 is contingent on the performance of technology companies, with expectations set after the first quarter.
“Technology firms performed poorly last year, and everything depends on how they recover in the first quarter. That’s why Bitcoin is not moving forward, and the quarterly results will be known in early April,” writes CoinDesk.
Bitcoin typically mirrors the Nasdaq index, which is based on the performance of technology companies.
Additionally, data from the chart viewing platform TradingView indicates that the dominance of the digital token Tether, i.e., the share of this stable cryptocurrency in the total market capitalization of cryptocurrencies, has remained stable at the level of 6.5 percent since the end of January. This stability suggests that traders are opting for this stable currency.
Ethereum is currently trading at $1,650 today. Despite a drop of two percent, it still recorded an increase of over $300 in just one month.
However, in recent days, only a small number of cryptocurrencies are in the green, with most experiencing a decline in value. Index Chain recorded the biggest losses at 12.6 per cent, Fetch.ai at 12.5 per cent, Injective Protocol at almost 12 percent, and SuperRare at 11.3 per cent.
Conversely, Ankr recorded the most significant growth at 51 per cent, followed by Stacks at 21.50 per cent, Yearn Finance at 14.5 per cent, and Ren at 12 per cent.
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