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Price analysis 2/28: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

Published 02/28/2022, 01:30 PM
Updated 02/28/2022, 03:40 PM
© Reuters.

Bitcoin (BTC) soared above $40,000 on Feb. 28 even though the S&P 500 remained soft. This suggests that the correlation between Bitcoin and the U.S. equity markets may be showing the first signs of decoupling. If bulls sustain the price above $38,500 till the end of the day, Bitcoin would avoid four successive months of decline.

The volatility of the past few days does not seem to have shaken the resolve of the long-term investors planning to stick with their positions. Data from on-chain analytics firm Glassnode showed that the amount of Bitcoin supply that last moved between three to five years ago soared to more than 2.8 million Bitcoin, which is a four-year high.

Daily cryptocurrency market performance. Source: Coin360
BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
LUNA/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView

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