Crypto Price on February 20: Bitcoin falls below $52,000; Internet Computer, Solana sheds up to 4%

Major crypto coins traded mixed on Tuesday, with a negative bias. Bitcoin, Solana, Avalanche, Chainlink, Polygon, and Internet Computer were down, while Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Polkadot, Toncoin, and Shiba Inu were up.

Bitcoin was down 0.9% at $51,926, while Ethereum up 0.34% to $2,931. Meanwhile, the global cryptocurrency market cap declined 0.1% to roughly $1.98 trillion over the last 24 hours.

Following a test of the $52,000 resistance, Bitcoin is now consolidating around $51,700 as market participants book profits. The immediate resistance level is $52,200, and failing to surpass it could result in support around $51,300.

Bitcoin is consolidating below $52,000, having encountered resistance at that level. A rapid rally to $53,000 is expected this week as market makers seek to invalidate large short positions. Wider stock market mood may have an impact on crypto this week, particularly NVIDIA’s highly anticipated quarterly report.

Solana, Avalanche, Internet Computer, and Chainlink were the worst-performing cryptocurrencies, losing 1-4% each.

DeFi currently has a total volume of $6.59 billion, accounting for 9.38% of the whole crypto market’s 24-hour volume. According to CoinMarketCap data, the total amount of stablecoins is now $62.94 billion, accounting for 89.63% of the whole crypto market’s 24-hour volume.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization rise to $1.02 trillion in the last 24 hours. According to CoinMarketCap, Bitcoin now has a dominance of 51.54%. In the last 24 hours, BTC volume increased by 13.7% to $21.7 billion.