The cryptocurrency market digest. Overview for 23.02.2022

The cryptocurrency market continues falling and the market sentiment is far from positive. First of all, it happens due to expectations of a future rate hike by the US Fed during its March meeting. Another reason is reactions to geopolitical escalations. It is now clearly seen that the crypto segment has become a “safe haven” for investors who prefer fiat assets – movements here are very similar to the ones in capital markets.

BTC: early signs of a bearish market

The flagship of the sector, the BTC, remains below $40,000 USD. BTC may also negatively respond to the early signs of a bearish market. For example, a co-founder of the Huobi exchange, Mr Du Jun, believes that Bitcoin will remain weak until at least the end of 2024 or even the beginning of 2025. A pressure factor according to Du Jun will be halving, that’s why the next massive ascending wave in the BTC may start only after another stage of it.

The daily chart of Bitcoin a descending wave towards 61.8% fibo at $28,200. And this wave may not be the last.

ETH: Buterin believes that a “crypto winter” is round the corner

An Ethereum co-founder Vitalik Buterin believes that the digital asset market is boosting the global downtrend – it’s a “crypto winter” everyone has been talking about recently. However, Buterin sees positive sides here, for example, the crypto market is getting rid of low-quality and questionable projects. Ethereum might reach the resistance at $2,900 and then start falling towards the psychologically-crucial support of $1,000. View Ethereum chart online ->

ALPINE: a 1,800% increase

A BMW Alpine token participating in Formula 1, after being listed on the Binance exchange leaped up 1,800%, to $19. A bit later, the price corrected downwards but the coin is clearly interesting for investors. Apart from the BMW Alpine token, the crypto market features coins of Aston Martin and Alfa Romeo teams.

BoleToken, Auric Network, and GranX Chain: a raid against the market

Not all cryptocurrencies are currently falling. There are at least 3 coins that are moving against the market and demonstrating good results.

For example, BoleToken, a token connected with an autonomous decentralised organization, added 247% over the week. Auric Network leaped up almost 400%; the coin is connected with the project that is developing a payment method based on the Gold price. GranX Chain increased by over 460% over the week; the project is developing solutions for users to help them create their own cryptocurrencies.