The crypto market cap remained at $1.65 trillion.
Ethereum was a major growth driver, gaining 1.6% on the day to $2,350 and reversing to the downside as it approached $2,400. This is the same place where we saw a reversal at the end of January and for a month since the beginning of December. In December, the coin managed to hold above this reversal level for almost a fortnight, but with the current lull in the markets, a temporary pullback to the lower end of the range towards $2,200 looks more likely.
With a loss of 6% over the last seven days, Solana has moved slightly below its 50-day moving average, raising the question of the sustainability of the recent rally. However, the fall to $85 will be within the correction pattern after the September-December rally.
The Solana blockchain suffered a glitch on the 6th of February when the network stopped processing blocks. Laine, the developer of the Solana blockchain software and validator, clarified that the outage was due to a ‘performance degradation’ of the underlying network.
Anonymous cryptocurrency Monero (XMR) plunged 15% after reports of its delisting on Binance. Monero’s developers said they would never compromise privacy and advised people to trade XMR on other platforms.
According to CoinGecko, Europe and Canada account for nearly 98% of the $5.7 billion Ethereum ETF market. This could change dramatically with the emergence of spot ETH funds in the US.
