The altcoin market experienced a surge in January following Donald Trump's return to the White House. Many cryptocurrencies reached all-time highs, only to lose some ground shortly after. However, there is potential for renewed growth in February.
February's Historical Trend
February is traditionally favorable for cryptocurrency prices. Historically, Bitcoin and Ethereum have seen price increases during this month. CoinGlass reports that Bitcoin's price has dropped in February only twice since 2013. Last year, it rose by 43.5%. Ethereum has also rarely seen a decline in February.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) is attempting to maintain a level above $680, but sellers are preventing significant rises. As of writing, BNB's price is $677, down 0.7% over the last 24 hours. The BNB/USDT pair aims to surpass the 23.6% Fibonacci level.
Analysis of Jito and Ondo Prices
Jito's price moved back above a key level but failed to sustain it. Currently, JTO is trading at $3.37, down 0.8% in the last 24 hours. Ondo managed to hold its price at the 20-day average level of $1.5, but buyers are finding it difficult to push higher. The current price of ONDO is $1.48, having declined 6.8% over the last 24 hours.
February could be a favorable month for cryptocurrencies, based on historical data. Some are already approaching critical price levels and may continue to rise.
