Bitcoin (BTC), the largest and most popular digital cryptocurrency in the world, has continued its growth and is up 4% in the last 24 hours and more than 12% in the last seven days.
BTC hit a two-month high of over $18,200 as the cryptocurrency’s ongoing rally received a major boost after US Consumer Price Index (CPI) data showed signs of easing inflation.
In result Ethereum the second-largest cryptocurrency, rose to $1,413, while other coins such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are also showing signs of life.
On the other hand, the negative effects of the FTX crash and its effects on Bitcoin and other digital currencies seem to be fading. This came after the price of Bitcoin hit a two-month high of around $18,200.
Surprisingly, the value of Bitcoin has increased by 10% in the last two weeks. According to experts, this is Bitcoin’s longest winning streak. Moving forward, if macroeconomic conditions remain favorable, price gains are likely to continue in the coming weeks.
In addition, the climate technology investor showed another positive aspect of the Bitcoin (BTC) network, implying that the positive impact of BTC on the environment outweighs the negative by a ratio of 31:1, which may also explain the overall upward trend of BTC.
Meanwhile, Samsung Asset Management has announced plans to launch a spot bitcoin ETF on the city’s exchange.
Given that the Hong Kong Stock Exchange is the only licensed exchange in Asia to offer Bitcoin futures ETFs, some believe that spot crypto ETFs will soon be allowed. As a result, the news has had little impact on Bitcoin prices so far.
UoM consumer sentiment is listed
In December 2022, the preliminary US consumer confidence index rose from 59.1 to 59.7. The expectations sub-index increased to 59.9 from 58.4, and the existing conditions sub-index decreased to 59.4 from 60.2.
At the same time, the inflation forecast for the end of the year was lowered to 4.4% from 4.6% according to the previous estimate, and the 5-year forecast – to 2.9% from 3%.
The cryptocurrency market is optimistic
For the first time in weeks, the global cryptocurrency market saw steady growth and momentum throughout the day, pushing it past the $900 billion mark. As a result, the value of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many other coins has increased.
However, the rise in Bitcoin prices came after US Consumer Price Index (CPI) data showed signs of slowing inflation.
Bitcoin’s ESG positives outweigh its negatives by a 31:1 ratio
Another aspect of the Bitcoin (BTC) network has been highlighted by a climate technology investor who claims that the network’s environmental benefits outweigh its disadvantages by a factor of 31.
Daniel Batten, a self-described philanthropist and environmentalist, stated that “Bitcoin is probably the most important ESG technology of our time” during a Twitter debate on January 12.
According to Batten, the positive impact-to-cost ratio of 31:1 was determined through research and interviews with power grid engineers, climate scientists, BTC mining engineers, methane mitigation specialists, and solar and wind installers.
According to the study, Bitcoin has 21 potential environmental advantages and only 5 potential environmental disadvantages.
The US dollar is falling
Another factor that helped digital currencies was the depreciation of the US dollar. While falling U.S. inflation fueled optimism that the Federal Reserve may slow the pace of interest rate hikes, the broader U.S. dollar failed to sustain its modest recovery, falling to a seven-month low.
Fed officials were relieved to see consumer prices fall in December, the first time in two and a half years that they were able to slow the pace of monetary tightening.
Bitcoin price
Bitcoin now is trading at $18,800 with a 24-hour trading volume of $36 billion. Bitcoin is on a breakout and has already crossed $18,500, which is currently acting as immediate support.
A bullish breakout of this level created more buying opportunities to $19,850 or even higher to the psychological trading level of $20,000. On the downside, Bitcoin’s next support level is $18,400 or $17,300.
At the same time, RSI and MACD indicators reached overbought levels. As a result, we should keep an eye on $19,000 as failure to break this level could lead to a bearish decline in the BTC market.
Ethereum price
Current price Ethereum is $1,408, and the 24-hour trading volume is $9.5 billion. The ETH/USD pair broke through the key resistance level of $1350 and is now moving towards the barrier level of $1500.
On the other hand, the immediate support level for Ethereum is $1,350, and candles closing above this level are expected to support the rally. If the $1430 level is broken, the ETH price may rise to the $1500 resistance level.
On the other hand, the price of ETH may find support around $1375 and a break below this level could lead to additional selling towards $1330. Today’s bullish trend is strong, so look for buying opportunities.
Alternative coins with huge growth prospects
In light of the recent downturn in the cryptocurrency market, several altcoins are making headlines.
Fight Out (FGHT)
Platform FightOut (FGHT) works in the same way as a personal trainer, except that the training time is pre-paid with FGHT token. All actions are tracked and can be used to improve your avatar’s performance in the meta universe. The FGHT presale is going well, with approximately $2.88 million raised so far.
C+Charge (CCHG)
C+Charge is building blockchain-based EV payment software that will give EV drivers carbon credits every time they charge up for the first time. C+Charge sees this as a means of leveling the playing field in a carbon credit market that has previously been dominated by a few large companies.
Forecasters believe that the project is promising, as it will bring profit from the expected significant growth of the carbon credit market. Coherent Market Insights predicts that the market will be valued at over $2.4 trillion by 2027, up from approximately $211.5 billion in 2019.
The receipt of carbon credits is an additional incentive for C+Charge to accelerate the already rapid transition to electric vehicles. Analysts predict that the voluntary credit market (VCM) will reach $100 billion by 2030, and businesses like C+Charge will play a big role in that growth. So far, the presale has raised $264,517.
Meta Masters Guild (MEMAG)
Pre-sale starts today for Meta Masters Guild , a mobile-focused gaming guild that will create a mix of Web3 and play-to-earn games. Its Ethereum-based games will include playable NFTs as well as incentives that can be traded on MEMAG, the company’s native token, which can then be bet and sold. It will be available in seven stages, the first of which currently offers one MEMAG for $0.007.
Even before MEMAG goes public, this price will gradually increase to $0.023, a 228.5% gain for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s initial game (Meta Kart Racers) is released in the second quarter of this year.
Also, if the broader market and global economy improve, its native coin could be a major beneficiary.
