Ether at $1.8K, while Bitcoin Holds Near $48.6K

February 16, 2021

First ETF Backed by Bitcoin

The most seasoned form of cryptographic money, bitcoin is currently exchanging near $48,600, sliding down by less than 1% in the last 24hours as of 21:00 UTC. BTC’s 24-hour price range is $45,926-$49,333.


The second leading cryptographic money, Ethereum was up on Monday exchanging hands near $1,821, sliding up by less than 1% in the past 24hours as of 21:00 UTC.


Also, in a short market correction on Monday morning, as per Bybit, in the past 24 hours, almost $1.6B worth of cryptocurrency futures contracts were liquidated. The total market capitalization of the cryptocurrency hit $1.5 trillion for the first time on late Monday, as indicated by CoinGecko.


Bitcoin has completely pared losses from Sunday’s plunge as the main digital money tumbled from around $48,600 to underneath $46,000 on early Monday morning. However, the main digital money actually still can’t seem to exchange over the psychologically significant $50,000 mark. 


Funding rates for interminable bitcoin futures have consistently increased through February, as indicated by market information gathered by Skew, with some funding rates arriving at their most significant levels in the previous year. Bitcoin futures saw more than $520 million in liquidated contracts in the course of recent hours, as per information from Bybit. High positive financing rates signal an expansion in long positions, while negative rates show a more bearish opinion.


Despite the fact that a few traders might be disappointed by the uneven value activity, other market members are having a good time. Bitcoin miners, for instance, pulled in a record $354 million in income a week ago, surpassing the past record of $340 million set in mid-December 2017. 


Soon after setting new record highs above $1,850, ether likewise endured a sizable drop, falling practically 10% to generally $1,660 right off the bat on Monday. More than $313 million in ether futures were exchanged in the previous 24 hours, per Bybit.


Image Courtesy : Pixabay

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