Bitcoin may correct to $47,000 — Ethereum leads the rising stocks | CoinDesk JAPAN

Bitcoin (BTC) price remained largely unchanged over the weekend in line with its low-volatility trend, instead gaining momentum on the back of the relatively new Ethereum (ETH) exchange-traded fund (ETF) story, with Ethereum and several eco System tokens led the rise.

Bitcoin was trading around $51,500 in Asian time on February 26, while Ethereum had recovered to the $3,100 level. XRP (XRP), Cardano (ADA), and Avalanche (AVAX) fell 1% in the past 24 hours, while Binance Coin (BNB) rose 1.2%.

Mantle (MNT), a token on Ethereum's Layer 2 platform, rose 30% to hit a new high of 93 cents.Although there was no direct trigger for the price increase, last week, the staked version of mantle Ethereum (mETH) had a TVL (asset under custody) of $1.5 billion (approximately 225 billion yen, converted at 1 dollar = 150 yen).exceeded the markThis seems to be the background.

Meanwhile, one trader said that Bitcoin could see a correction to $47,000 in the short term.

“Bitcoin price has fallen below $51,000, near the bottom of the last eight days,” Alex Kuptsikevich, market analyst at FxPro, said in an email to CoinDesk. “If there is no rebound from here, we could see a deeper correction begin and a drop to $49,000 to $47,000.

“Since the morning of February 23rd, crypto assets (virtual currencies) have been dominated by selling, even though many global stock indexes have reached new all-time highs. “Certain crypto markets may be signaling that investors have become a little more cautious,” Kapchikevich added.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Ether, Mantle Lead Crypto Majors as Bitcoin Traders See Prices Correcting to $48K