"Hello everyone, as of Sunday, February 2nd, the leading #cryptocurrency Bitcoin is still holding above $28,000. Investors are happy as those who took advantage of the November dip continue to see their profits increase. So what is the current state of the cryptocurrency markets? What are the latest developments of the day? Bitcoin ( #BTC )
At the time of writing, the price of Bitcoin (BTC) is at $28,445, and it closed the month at a good level. Looking at the monthly chart, we see that the hopes for the coming months are increasing. The fact that the Binance case hasn't deterred investors so far is a very positive development. March ended well, and April seems to be starting off well for Bitcoin as well. #crypto investors will hear some important developments about Genesis this month. If the former largest crypto lending provider can't continue its operations after reaching agreements with Gemini and others and paying off its debts, it will be the worst news of April.
On the other hand, the MTGOX Bitcoin refunds are expected to start this month. These two developments could potentially lower the price and make headlines. However, there is no Fed meeting this month, and there is a widespread belief that inflation will continue to decline. So the macro outlook for crypto could be relatively calm this month. Crypto Market Update
The cumulative value of cryptocurrencies is currently around $1.2 trillion. The largest altcoin, Ethereum ( #ETH ), is finding buyers at $1,815, despite the upcoming unlocking of millions of ETH. XRP coin was the star of the week and is trying to maintain its gains. The increasing belief that the Ripple case will be settled and the VGX Coin decision have given investors some confidence. However, the possibility of seeing $3 levels is low due to a significant increase in circulating supply.
This week, SXP, HBAR, and of course CFX saw the biggest gains among the top 100 #Cryptocurrencies . While SXP coin increased by 159%, the other two saw gains between 21% and 24%. Bitcoin's strong stance seems to be supporting entry into altcoins. In the next news, we will share this week's critical developments and look at short-term risks."
Nothing in this article is investment advice.
