cryptocurrency Bitcoin market got off to a pretty good start this year, rising to $48,000 in January. Additionally, the SEC approved the BTC ETF, paving the way for crypto markets to attract new investments from financial institutions worth trillions of dollars. This increased hopes that the possibility of a rally in the market would increase.
Three Cryptocurrencies You Should Follow in February
Bitcoin
Bitcoin has fallen from $48,000 in early January to $42,000 but remains at a resistance level. BTC outperformed the charts when the US stock market was on a slippery slope due to the Red Sea crisis in mid-January. BTC has the potential for another rally as financial institutions take another entry position into the cryptocurrency. When the price climbs to the $45,000 level, it is often recommended to make a profit calculation.
Ethereum
Ethereum tends to move in tandem with Bitcoin and can provide returns on par with BTC. While historically, BTC and ETH have performed well in February, this trend is likely to repeat in 2024. The cryptocurrency market is firmly established, breaking new resistance levels every week. Therefore, the price of ETH may increase this month and it is advisable to initiate profit bookings when it climbs up on the charts.
Shiba Inu
Leading meme coin Shiba Inu is currently trading with five ‘zeroes’ and has a better chance of clearing a ‘zero’ this month. The Shibarium layer-2 network can burn a number of SHIB tokens, which could increase its price on indices. However, an upward trajectory may not last long as SHIB may head south after the burn. Once the token reaches four ‘zeroes’ it is recommended to sell and jump ship.