Bitcoin and Ethereum on the rise: What to watch after 20% rise this week.
Although the global cryptocurrency market capitalization has dipped slightly, Bitcoin (BTC) and Ethereum (ETH) are still hovering around $21,000 and $1,500 respectively. This allowed them to maintain their positive momentum.
Bitcoin appears to be establishing strong support near the $21,000 level and may soon break above its current resistance at $23,000. The crypto winter may finally be over as the market is increasingly showing signs of growth.
Over the past 24 hours, the cryptocurrency market has grown by 1% and is now worth $1.02 trillion. This is due to encouraging macroeconomic indicators, such as improving US inflation statistics and predictions that the global recession will end in 2022.
However, the upward trend in Bitcoin’s value can be attributed to numerous positive macroeconomic developments. These include the new monetary policy, whales buying BTC, the difficulty of Bitcoin mining and the 2024 halving.
Easing monetary policy affects cryptocurrency
The cryptocurrency market continues to offer strong signs of future growth. That comes as the consumer price index fell 0.1% in December from a month earlier, giving traders hope that the Federal Reserve may change or ease its rate hike plan.
There is a possibility that central banks will begin to slow the pace of rate hikes as soon as possible this year. This was considered one of the key factors behind digital assets.
Halving in 2024
Bitcoin’s “healing” is another factor that is likely to excite cryptocurrency traders. Some investors believe that a halving or reduction in Bitcoin miners’ rewards will increase the price of Bitcoin because it will limit supply.
However, the reduction is expected to halve between March and May 2024.
The US dollar fell to a seven-month low
The US dollar is broadly flashing red under pressure from rumors that the Federal Reserve may change or moderate its rate hike strategy.
The dollar index, which measures the value of the greenback against a basket of currencies, fell to a seven-month low of 101.77, continuing a selloff that began last week after data showed U.S. consumer prices fell in December for the first time in more than two half a year
Investors are growing more optimistic that the Fed is ending its rate-hiking cycle and that rates will not rise as high as originally thought, as inflation in the world’s largest economy shows signs of slowing in decades.
The weakening of the US dollar has been a major factor that has helped digital assets such as Bitcoin (BTC) and Ethereum (ETH) gain support.
Bitcoin price
The current price of Bitcoin is $21,102 and the 24-hour trading volume is $23 billion. Bitcoin is up 0.15% in the last 24 hours and over 20% in the last seven days.
January 17 bitcoin failed to exceed $21,400 and appears to have been rejected. As the daily candles closed below this level (especially the doji candle), this could be a sign of a bearish correction with the RSI and MACD being overbought.
On the daily chart, the double top resistance could potentially turn into a bearish trend or correction as prices approach $20,800 or $20,000. A break below this level could see further selling until we reach the $19,250 level.
On the other hand, increased demand for BTC could break the $21,400 level and reach $22,850.
Ethereum price
The second largest cryptocurrency in the last week Ethereum has grown significantly by 18% and is currently trading at $1,568.
Recently, the value of Ethereum has risen with a major support point at $1,500. If this level is successfully sustained, the price may rise to the next resistance point at $1,660.
Ethereum recently breached the key $1,500 resistance level after three white soldiers and a bullish candle highlighted higher buying interest from investors. This is an encouraging sign for Ethereum as its price may continue to rise in the near future.
The market has strong signs of an uptrend, making investing in shares above $1,525 an attractive option. The potential profit from this trade can be as high as $1,650.
Investing in Presale Altcoins: Finding the Biggest Profits
Investing in pre-sale altcoins is one of the most profitable opportunities for cryptocurrency investors. However, this opportunity comes with risk, so it’s important to do your research and make sure you understand the potential rewards and risks before investing in any pre-sale altcoin.
Fight Out (FGHT)
FightOut is an easy and inexpensive way to stay fit and healthy. Using FGHT tokens, you can get personal training for a fraction of the price! This is the perfect answer for those looking for a fun way to exercise without spending a lot of money.
The FGHT pre-sale was a big success, raising a whopping $2.97 million in investment. All actions related to the avatar have been documented and can be used to improve performance evaluation results.
C+Charge (CCHG)
C+Charge presents a revolutionary blockchain-based EV payment mechanism. This platform will reward electric car drivers with carbon credits in exchange for the first charge.
This could level the playing field in the carbon credit market, which has long been dominated by a few corporations. It has the ability to level the playing field and allow more businesses to enter the market.
The opportunity to receive carbon credits from C+Charge has been a significant motivator in their desire to increase the use of electric vehicles and move towards a more environmentally responsible future. This additional incentive encouraged them to increase their efforts.
Analysts expect the voluntary credit market (VCM) to reach $100 billion by 2030. C+Charge is already fueling this expansion by raising $300,390 in a pre-sale.
Meta Masters Guild (MEMAG)
Mobile gamers should take advantage of the presale Meta Masters Guild ; this is an opportunity not to be missed! This Ethereum-based gaming guild will offer a unique combination of Web3 and play-to-earn games with tokenized NFTs. MEMAG, their native coin, can be used as an incentive for bidding and selling.
MEMAG’s launch is split into seven phases, with an initial price of $0.007. It is expected to skyrocket to $0.023 per MEMAG when released, offering early adopters a whopping 228.5% ROI! The release of Meta Kart Racers in the second quarter of this year is expected to lead to rapid growth for the Meta Masters Guild.
If economic and market conditions improve, the native coin of the platform could increase significantly. With time running out, don’t miss out on this fantastic investment opportunity!
Don’t miss this opportunity; 3 days and 8 hours left until the price increase! So far, $368,874 of the $490,000 goal has been raised. Hurry up, time is running out!
