Altcoins Move Higher as Bitcoin Bull Flag Points toward $50,000

Photo: Coin Telegraph

(Coin Telegraph) - Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb 9 and led to a total market cap value higher than the market cap of the Russian ruble.

Data from Coin Telegraph Markets and Trading View shows Bitcoin established a new all-time high of $48,220 in the early hours on Tuesday and has since pulled back to $47,092, marking a 9.24% increase over the past 24-hours.

Altcoins gather momentum as multiple tokens see new highs

Altcoins pushed higher as Bitcoin price consolidated in preparation for what could be a move toward $50,000.

Following the launch of Chicago Mercantile Exchange (CME) Ethereum future contracts, Ethereum's price surged to a new high at $1,825.

Meanwhile, Litecoin futures have also seen a surge in activity with a record $584 million in open interest, indicating that the altcoin is attracting the attention of institutional investors.

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