The cryptocurrency market faced intense fluctuations on February 24, 2025, leading to notable shifts across various major assets. Over the past 24 hours, the market capitalization dropped significantly, losing $40 billion as investors responded to growing selling pressure. Amid this turmoil, certain altcoins attracted investor attention as potential opportunities for gains.
Bitcoin (BTC), which holds the title for the largest cryptocurrency by market cap, struggled to maintain its value, remaining stable at approximately $96,291, which marked a 0.29% decline within the same timeframe. The fighting spirit of Bitcoin to break past the substantial resistance level around $97,000, coinciding with the 50-day Exponential Moving Average (EMA), has sparked intrigue among cryptocurrency analysts. A breakout past this barrier could lead to substantial bullish momentum, yet failure to surpass it might result in more downward corrections.
Despite Bitcoin's troubles, other cryptocurrencies were also impacted. Binance Coin (BNB) mirrored Bitcoin's decline, decreasing by 1.58% to $657 per token. Conversely, Ethereum (ETH) distinguished itself by trading 2.3% higher at $2,827, showing some resilience amid the broader sell-off.
Adding to the excitement, Pi Network (PI) made headlines with its remarkable surge of 31.62%, climbing to $1.61 per token during the same period. Reasons for this rally were multifaceted. Following earlier substantial declines prompted by significant sell-offs from early miners, many trod cautiously as pressures eased. On February 22, the Pi Network team provided clarifications against accusations from Bybit’s CEO, restoring investor confidence and allowing for the resurgence of interest and speculation about potential listings on prominent exchanges like Binance, where 85% of participants favor Pi's listing.
On the other hand, Solana (SOL) faces challenges, with market analysts reporting a notable drop below the ascending channel established since June 2023. It slid to $158.88, representing a 10% decline overnight. This continued bearish trend may lead to additional declines, potentially aiming for support levels around $136.62. Over the preceding week, Solana recorded substantial liquidations exceeding $26 million, indicating rising fears among investors.
Meanwhile, several memecoins remained relevant within the shifting market scenario, even as fluctuations transpired. Dogecoin (DOGE) traded at $0.2299, down approximately 6.39%. Despite this, it maintained its status as the most significant memecoin with a market capitalization of $34.07 billion and impressive trading volumes. Shiba Inu (SHIB) also displayed strong market activity, with significant trading close to $183.36 million, though it faced downward pressure, pricing at approximately $0.000001474, down 5.55%.
SHADOW, another altcoin, bucked the overall market trend, surging by 34% to $160.27. Analysts point to increasing interest as evidenced by higher on-balance volume, indicating strong bullish sentiment. If momentum continues, it could breach resistances to reach new heights around $210.55.
The broader market’s decline did not deter predictions of recovery for some assets. Analysts noted the unusually high trading volumes and active participation from “whales” as signs of potential bullish trends. For example, significant whale activity was observed with Bitcoin, where transactions spiked from 100.77 BTC to around 7,460 BTC by February 20th. This accumulation suggests growing confidence and might once again stimulate upward movement for Bitcoin.
Elsewhere, Manta Network (MANTA), the modular blockchain focusing on zero-knowledge applications, faced slight adversity, reflecting broader market trends with its price dropping by 6.70% to the level of Rp 6,122. Nevertheless, traders remain alert to the potential higher ups and downs, as evidenced by the intense fluctuations for other digital currencies.
Finally, investors continue to weigh the potential of meme and lesser-known cryptocurrencies as the market evolves. While caution prevails and sell-offs dominate some headlines, price patterns indicate signs of resilience, potentially leading to intriguing reversals or continuations of existing trends.
Determining the precise direction of the cryptocurrency market is complex, as factors like investor sentiment, regulatory news, and broader economic signals loom large. Regardless, the vibrant activity on February 24 demonstrates the ever-shifting dynamics of the cryptocurrency universe.