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08.02.202214:11 Forex Analysis & Reviews: Bitcoin price continues its rally

According to the cryptocurrency exchange Binance, the value of the BTC surpassed the $45,400 mark on Tuesday. Today, the main digital coin is trading at $44,700, gaining more than 5% overnight and reaching its highest level since the beginning of January. The day before, it hit $43,000 for the first time since January 20.

Since its remarkable plunge below $33,000 on January 24, Bitcoin has risen 37% and continues its permanent recovery. According to statistics from CoinGecko, a popular online platform that captures the price of virtual assets, bitcoin capitalization has once again surpassed $850bn. Meanwhile, digital gold now accounts for around 40% of the total capitalization of the crypto market.

Leading altcoins have willingly adopted the drive to actively grow the major cryptocurrency. XRP jumped by 23% to $0.9 per coin, Cardano rose by 8% to $1.25, Avalanche gained 11% to $92, and Ethereum added 4% to $3,200.

Despite Bitcoin's strong growth over the past two weeks, investors in the virtual asset market are increasingly turning their attention to newer coins linked to digital platforms. Thus, amid the big news about the meta-universe, Axie and Mana altcoins, which are used in the Axie Infinity gaming platform and the Decentraland 3D virtual environment, demonstrated a spectacular rally. Since January 24, these tokens have reported gains of 35% and 57%, respectively. Gala tokens have seen an even more impressive result, soaring 125%. The total capitalisation of these three gaming tokens is now $12.7bn.

Analysts cite the desire to diversify their investment portfolios amid high correlation between bitcoin's value and traditional stock markets as the main reason for crypto market participants' interest in altcoins.

However, experts caution crypto-enthusiasts that Axie, Gala and Mana's recent lack of a long track record and their heavy reliance on the success of gaming platforms increases the risks for coin holders.

As for cryptoanalysts' predictions for the near-term future of virtual assets, most of them confidently declare the end of the crypto winter.

Recently, Bloomberg analyst Mike McGlone said that Bitcoin was forming a stable floor. Once that process is complete, McGlone said, the asset will move towards the $100,000 price ceiling.

Other experts cite more down-to-earth figures. For example, according to trader Justin Bennett, after Bitcoin reaches the $43,000 mark, its value will rise to $46,000, the nearest important resistance level. Then, the investor believes, the bitcoin price will soar to $50,000-$53,000.

Irina Maksimova,
Analytical expert of InstaSpot
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