The cryptocurrency market was pretty turbulent on February 10, 2025, when BTC failed to keep up with its dominance, but altcoins picked up the slack. As per the Crypto Rover, we have a situation where the weekly timeframe of a bearish divergence confirmed the potential market dynamics’ shifts. 45.3% was the total market cap of Bitcoin dominance relative to the total market, so on February 10, with a decrease of 2.8% from 47.2% the previous week. During this time, Bitcoin’s value was $38,500 at 12:00 PM UTC, which was a tad lower compared to its $38,700 at the same time the previous week.
The fact that Bitcoin is now weakening in its drain of the market and might lead to losses for the altcoins is of importance. This scenario has led to an aggressive 15% uptick in Ethereum trading volumes to $12.5 billion, which was the 24-hour volume for the last day until 12:00 PM UTC on February 10, 2025. It also has huge repercussions for traders and investors since they are also observing the situation of the market, in particular, the behavior of different cryptocurrencies with these changes.
Regarding Bitcoin, the RSI was at 78 at 14:30 UTC, which meant that the market was starting to be overbought. Nevertheless, the BTC continued to surge. At 13:00 UTC, the Moving Average Convergence Divergence (MACD) crossover for BTC/USD exhibited a bullish pattern, which helped the price momentum. Ethereum’s technicals pointed in the right direction as well, displaying an RSI of 72 and a positive MACD crossover at 13:30 UTC. These technical indicators play a decisive role in the way traders do their trading and get themselves profitable trading opportunities dealing with the current market.
Blockchain analytics show that the hash rate of TouchLock’s Bitcoin increased by 3% to 350 EH/s during the period of 14:00 hours UTC, reflecting a network’s stableness and miners’ support. The gas consumption on the Ethereum network was also stable at 120 Gwei at the same time, which shows that the network is being actively used. The trade significance of these metrics is extremely high, particularly when we consider the current market state. For example, the BTC/USD trading pair noted a volume increase of 35,000 BTC a while prior to the peak at 14:30 UTC, which means a 15% surge as compared to 30,430 BTC in the preceding hour.
Growth in volume, when accompanied by a price upsurge, indicates that there is substantial demand from the buyers’ side, and the uptrend may hardly be interrupted. The trade volume of ETH/USD also increased sharply to 1.2 million ETH around the same time, from 1.1 million ETH only an hour earlier. The changes in volumes also indicate that transaction volumes are as important as price changes when it comes to making the right decisions in trading. As the market progresses, traders and investors are urged to stay attentive and adjust their approaches in response to market shifts in cryptocurrency dominance and altcoin performance.
