Crypto Market Cap Drops Slightly Despite Bitcoin and Ethereum Prices Reaching 8-Month Highs

Bitcoin (BTC) recently reached an 8-month high on February 16th, with a market capitalization of roughly $518,558,039,871 and a trading volume in the last 24 hours of $36,512,792,911.[0] Ethereum (ETH) is currently trading around the $1,660 mark, up by 7 percent in the past week.[1] The second largest crypto, Ethereum price falls by 0.95% in the last 24 hours and its market cap is approximately 206.43 billion USD. While Bitcoin’s market dominance is 42.71%, an increase of 0.88% over the day, Ethereum’s market dominance is 18.5%.[2]

The crypto market cap stands at 1.12 trillion USD, a slight decrease of 0.23% over the past day.[3] However, the total crypto market volume in the last 24 hours increased by 51.96% and is currently at 63.07 billion USD.[4] The ever-popular Crypto Fear & Greed Index meanwhile shows “greed” as the overriding sentiment flavor across crypto this week, with a reading of 62/100, which is currently the highest since November 2021.[5]

As of now, the price of Bitcoin is $24,478, but it has not be able to surpass the $25,000 mark yet.[6] Analysts are speculating that due to the intense resistance at $25k, Bitcoin may experience a period of stabilization before attempting another advance.[7] CoinMarketCap data shows that Bitcoin is currently trading at $24,473.30, with a slight decrease of 0.50% over the past 24 hours but a 12.49% increase over the past seven days.[6] What’s more, both major coins have seen a 50% increase in their 24-hour trading volume.[6]

This week will bring major macroeconomic data for the Bitcoin and crypto markets, which investors should pay attention to.[8] Despite Bitcoin’s recent success in breaking away from its correlation to the S&P 500 and Dollar Index (DXY), the Federal Reserve’s monetary policy is expected to still have a significant influence on cryptocurrency.[8] This week, the Federal Open Market Committee (FOMC) meeting at the Fed in February could potentially have an impact on the Bitcoin price.[5]

Ethereum, the second largest cryptocurrency by market capitalization, has seen a 7.50% increase over the last 24 hours, with its current price at $1,702.

0. “Price analysis 2/20: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL” Cointelegraph, 20 Feb. 2023,

1. “Crypto Price Today: Bitcoin below $24,000; Shiba Inu, Avalanche, Solana drop 5% each” msnNOW, 17 Feb. 2023,

2. “Crypto Market Soared: A Smiley Day For Bitcoin Traders” The Coin Republic, 16 Feb. 2023,

3. “Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL)” CoinGape, 20 Feb. 2023,

4. “Markets: Bitcoin rallies over 11% as top 10 cryptos gain, memecoin Floki surges 82%” Yahoo! Voices, 16 Feb. 2023,

5. “5 most important Bitcoin events and metrics to watch this week” Crypto News Flash, 20 Feb. 2023,

6. “Weekly Market Watch: Bitcoin & Ethereum’s Bulls Gain Momentum, Low Cap Tokens Experience Growth” TronWeekly, 20 Feb. 2023,

7. “Bitcoin Price Consolidates After Failing To Break Through Key Resistance Level |” Bitcoinist, 18 Feb. 2023,

8. “Bitcoin And Crypto Face These Key Dates In The Week Ahead” Bitcoinist, 20 Feb. 2023,