As mixed results were seen in major cryptocurrencies on Tuesday night,

Bitcoin ETFs achieved a peak in trading volume since their U.S. inception last month.

Cryptocurrency	Change +/-	Value (Captured at 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)	+0.82%	$52,088
Ethereum (CRYPTO: ETH)	+2.57%	$2,998
Dogecoin (CRYPTO: DOGE)	-3.92%	$0.085

Developments: On Tuesday, Bitcoin ETFs saw their trade volume soar to almost $2 billion, a record level not seen since the very first day of trading on January 11, according to analysis by Eric Balchunas, a senior ETF specialist at Bloomberg Intelligence.

The VanEck HODL ETF approached a trade volume of just under $400 million, while the WisdomTree Bitcoin Trust (BTCW) noted an impressive $221.9 million in trade volume. Additionally, BitWise’s fund took in $178.29 million in trade volume.

The Nine had their largest volume day since opening day with a combined turnover of about $2b, thanks to substantial contributions from
$HODL,
$BTCW and
$BITB, all setting new personal records. For context, $2b in trading would place them among the top 10 ETFs and the top 20 stocks—it’s substantial.
pic.twitter.com/547pIl5grI

— Eric Balchunas (@EricBalchunas)
February 20, 2024

Bitcoin saw an increase early on Tuesday, with prices climbing from $51,600 to nearly $53,000. However, it was met with strong selling pressure causing a price dip down to the $50,700 mark. Meanwhile, Ethereum, the runner-up in terms of market capitalization for cryptocurrencies, also experienced a decline, sinking to a low of $2,900 after briefly surpassing the $3,000 threshold for the first time since April 2022.

Leading 24-Hour Gainer

Cryptocurrency	Change +/-	Value (Caught at 9:30 p.m. EDT)
Siacoin (SC)	+17.49%	$0.015
Monero (XMR)	+8.35%	$125.18
Flare (FLR)	+6.08%	$0.035

The worldwide crypto market’s capitalization is recorded at $1.97 trillion, showcasing a minor 0.28% decline over the last 24 hours.

A sell-off in the stock market occurred on Tuesday, driven primarily by NVIDIA, which led a downturn midst the tech sector just before the chipmaker’s earnings announcement. 

The Dow Jones Industrial Average saw a drop of 64.19 points, a modest decrease of 0.17%, to close at 38,563.80. The S&P 500 fell by 0.60% to 4,975.51, and the Nasdaq Composite declined by 0.92%, ending the day at 15,630.78.

Explore More:

Top-Rated Cryptocurrency Scanners

Analyst Opinions: Celebrated cryptocurrency analyst Michael Van de Poppe predicts a quick downturn in the market, envisioning Bitcoin holding its ground above the $50K mark.

“Potential for a wider correction if that threshold is breached. If highs are taken, I foresee $54-58K as a temporary ceiling.”

Within Ali Martinez’s scrutiny of the 10-minute Bitcoin chart, the TD Sequential suggests a support trend line at $51,700, with resistance at $52,515. “A decisive break from this range will set the direction of $BTC’s upcoming movements.”

For those unfamiliar, a TD Sequential Chart is a sequence of numbers and countdowns that traders use to predict turning points in a current trend, based on the principles of Tom DeMark.

Analyst Dave the Wave sees BTC ascending beyond the top end of the Logarithmic Growth Curve, followed by a steep correction. This tool, known as LGC, is employed to chart the exponential progress of a cryptocurrency’s price, highlighting long-range trends and pinpointing likely zones for buying, selling, or market stabilization.

Using Fibonacci extensions, the analyst proposes a 2025 price milestone for BTC of $180,000, highlighting the use of these extensions in setting potential profit targets and pullback levels based on Fibonacci ratios.

“BTC Fib extension targets $180,000,” he remarked.

Captured by FellowNeko on Shutterstock

Coming Up Next:

Jim Cramer Recommends Binance Avoidance, Sparks Major Social Media Debate

---

S&P 500 Reaches Unprecedented Levels!

Join over 30,000 investors who depend on our unique crypto insights, fresh stock picks, and comprehensive reviews.

Obtain your report today!

---