Crypto Market Update: Bitcoin Breaks $50k Barrier, ETH Surges Above $2,650, BEAM, SUPER And WIF Lead In Altcoins
The crypto market rally has caught fire as Bitcoin surged above $50,000 for the first time since December 2021. Ethereum and altcoins are also rising as the crypto prices appear to be in a goldilocks aided by the macro bullish sentiment. As analysts predict astronomical price targets, digital assets like BEAM, SUPER, ORDI, and WIF are leading the pack of altcoins.
The Exchange ETF Conference kicked off in Miami on Monday. According to ETF expert and Bloomberg analyst Eric Balchunas, the recently launched Bitcoin spot ETFs have been the center of everyone’s attention at the major event.
After peaking at $49,000 in January as the ETFs went live, BTC price took a 22% nosedive but the bulls stepped in around the $38,500 level. Since then, the pioneering cryptocurrency has been experiencing a V-shaped recovery, finally breaking the $50,000 barrier on Monday.
On Tuesday, Ethereum (ETH) is trading at $2,650 after a brief correction from the daily high of $2,688. The uptrend in ETH can be attributed to the growing popularity of the ERC-404 tokens, which incorporate the features of both ERC-721 and ERC-20 tokens.
BEAM Surges To A New All-Time High (+13.70%)
With a 13.7% uptick in the last 24 hours, BEAM has emerged as one of the most prominent altcoin among the top 100 cryptocurrencies. On Tuesday, the BEAM price hit its highest level in history as it attempted to break the $0.03 resistance.
On a daily timeframe, this translated into a 5.41% surge fuelled by a breakout from the descending triangle pattern.
Ethereum Targets $3,000
The second biggest cryptocurrency by market capitalization, Ethereum, is also performing extremely well. The ETH/USD chart points toward a retest of the January highs of around $2,720 in the coming days. However, the price may continue to rise beyond this level toward the $3,000 level. A pullback below $2,600 could be a good buying opportunity.
Superverse (SUPER) Soars 87% In February
Among the top 200 altcoins by market cap, SUPER stands out with an 87% surge since the start of February 2024. This remarkable rally can be attributed to the recently announced partnerships with industry giants like Polygon, BEAM and Layer Zero as well as the anticipation of a major announcement later this week.
SUPER is the native asset of Superverse, which is a GameFi project with a focus on web3 gaming adoption. The project has a AAA game known as Impostors in closed beta, which is inspired by the popular mainstream game Among Us. SUPER/USD weekly chart shows a strong bull trend with a retest of $1.38 on the cards.
