Altcoins tantalize with ‘historic breakout’ as Bitcoin price approaches $45.5K

Bitcoin (BTC) approached $45,500 after the opening of Wall Street on February 8 as a bullish trend brought the highest BTC price levels in a month. Despite concerns about leveraged traders, the market showed a strong desire to recover lost ground from its descent from two-year highs of $49,000 on January 11. Traders expressed optimism about further price increases, with one stating that closing the day above $45,000 would lead to even higher prices. Short sellers were having little impact on the market, and those who sold BTC at the launch of US spot Bitcoin exchange-traded funds (ETFs) were now seeking reentry. The altcoin market also saw significant price action, with Binance’s BNB and Cardano (ADA) up around 8.5% and 10.5% respectively. Ether (ETH), the largest altcoin, traded near $2,450, gaining nearly 7% in the past week. Analysts suggested that altcoins could be on the verge of a historic breakout, fueled by ETH’s recent breakout. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.