Bitcoin is not recovering

The price of this cryptocurrency, which at the beginning of 2023 instilled hope in the recovery and revival of the crypto market and raised bitcoin from 17,000 to today’s level, suddenly stopped and continued to hover around $24,500 on average, reports Capital.

Bitcoin is trading at around $24,182 today, and its February high was $24,786 on February 16.

According to foreign media, the move to the level above $25,000 depends on the performance of technology companies, which is expected 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 usually tracks the Nasdaq index, which is based on the performance of technology companies.

Other currencies

Also, data from the chart viewing platform TradingView shows that the dominance of the digital token Tether, i.e., the share of the stable cryptocurrency in the total market capitalization of cryptocurrencies, has remained stable at the level of 6.5 percent since the end of January, which is a sign that traders are opting for that stable currency.

Cryptocurrency Ethereum cost $1,650 today, and despite a drop of two percent, it still recorded an increase of over $300 in just one month.

However, in recent days a small number of cryptocurrencies are in the green, and most are experiencing a decline in value. Index Chain recorded the biggest losses by 12.6 percent, Fetć.ai by 12.5 percent, Injective Protocol by almost 12 percent, and SuperRare by 11.3 percent.

Ankr recorded the biggest growth at 51 percent, Stacks at 21.50 percent, Yearn Finance at 14.5 percent, and Ren at 12 percent.