Cryptocurrency Market Analysis For February 19th: ETH, STX, WLD

19.02.2024

Cryptocurrency Price Analysis: Over the past few days, the cryptocurrency market has been volatile, indicating the prevailing bullish momentum is likely exhausted. The leading digital asset, bitcoin is struggling to surpass $52000, teasing a new fresh correction in the market.

Recent analytics from IntoTheBlock reveal a striking correlation between Bitcoin and traditional stock markets, with the connection reaching its peak in two months. This trend is interpreted as a signal that investors are betting on an imminent rate cut by the Federal Reserve, reflecting a bullish sentiment in the market.

The notable correlation coefficients—0.72 with the S&P 500 and 0.63 with the Nasdaq 100 as of mid-February—suggest Bitcoin is increasingly moving in lockstep with major stock indices, challenging its perceived role as a non-correlated asset and hedge against market volatility. As Bitcoin appears to mirror the traditional market’s movements, investors may consider reassessing their strategies in light of this new>

Bitcoin and stocks appear to be frontrunning the Fed’s rate-cut decision. With the highest correlation in two months, it’s clear investors are bullish on a rate cut happening sooner rather than later pic.twitter.com/2W9XvBWcfG

— IntoTheBlock (@intotheblock) February 18, 2024

Despite the market uncertainty, the Ethereum (ETH) coin sustains its recovery trend, while the Worldcoin (WLD) and Stacks (STX) emerged as some of the higher gainers among top coins.

High Momentum Rally Sets Ethereum Price to Surpass $3000

Ethereum Price| Tradingview

The second largest cryptocurrency Ethereum has shown strong resilience to the waning bullish momentum, as the ETH price continues to march north. Within a month, the coin price surged from $2171 to $2913, registering 34% growth.

According to on-chain data tracked by Lookonchain, a crypto whale has executed a significant transaction, withdrawing 11,587 Ethereum (ETH) from the exchange Binance, an amount valued at approximately $33.5 million.

The analysis further reveals that this is part of a larger pattern of accumulation by the whale, who has purchased a total of 64,346 ETH, worth an estimated $178.9 million, from both centralized and decentralized exchanges since February 8th.

The whale withdrew 11,587 $ETH($33.5M) from #Binance again just now.

And the whale has bought a total of 64,346 $ETH($178.9M) from CEX and DEX since Feb 8.https://t.co/YXTeXbkTnF pic.twitter.com/rma98RuO5d

— Lookonchain (@lookonchain) February 19, 2024

This aggressive accumulation by a single market participant has coincided with a noticeable uptick in the ETH price, suggesting the smart money belief for further growth potential.

A look at the daily time frame chart shows the Ethereum price rally is led by a rising channel pattern. If the pattern holds true, the coin price shows another 8.5% to hit the pattern’s overhead trendline at $3175.

Also Read: Crypto Hacker Transfers Stolen Ethereum After $26 Mln BTC & ETH Exploit

Will TVL Expansion Lead Stacks Price Rally to $3.2?

Stacks Price| Tradingview

The Stacks coin (STX) has experienced a significant bullish run in the past two weeks, soaring nearly 98% from a base of $1.448 to the current trading price of $2.85. This impressive surge is largely attributed to a substantial increase in the network’s Total Value Locked (TVL), which has seen a remarkable jump from $53.3 million to $124 million in the same period.

This represents a growth of approximately 132.64% in TVL, signaling a robust enhancement in the platform’s adoption and user trust.

Stacks-Total Value Locked| DefiLlama

From a technical standpoint, the daily chart analysis indicates that this rally is being propelled by a rounding bottom pattern, a bullish indicator that often precedes sustained upward movements.

Riding the momentum of this pattern, the Stacks price has climbed 14%, reaching the neckline resistance of $3.236, suggesting a potential for continued upward movement if the pattern holds true.

What’s Ahead for Worldcoin (WLD) Price 98% Surge in a Week?

Worldcoin (WLD) Price| Tradingview

WLD, the native cryptocurrency of the Worldcoin ecosystem has emerged as the highest weekly gainer among the top 100 cryptocurrencies by market cap. From last week’s low of $2.61, the asset surged 190% to hit $7.6

Dyeing the broader market, the WLD maintained a high momentum rally as the project’s dedicated wallet application, World App, surpassed the milestone of 1 million daily users this week. This significant achievement highlights the growing adoption and user engagement within the Worldcoin community.

World App, the first wallet built for the Worldcoin project, passed 1M daily users this week. This community is incredible 🫡 pic.twitter.com/Mf6Y51gscQ

— Worldcoin (@worldcoin) February 17, 2024

With an intraday gain of 305, the WLD price marked a new all-time high at $7.75. However, such aggressive rallies will likely persist unless the asset is fueled by some positive news. Thus, the newcomers may wait for a pullback opportunity at $6.