Bitcoin (BTC) and Ethereum (ETH), two of the most popular digital currencies in the world, maintained their long-term uptrend and surpassed highs of $21,000 and $1,500 respectively. The difficulty of mining on the Bitcoin network recently reached an all-time high, making it difficult for miners to make a profit.
This increase in complexity could affect the price of Bitcoin and Ethereum as it could affect the profitability of mining these digital coins.
For the first time after collapse of FTX in November 2020, the total market value of all cryptoassets rose to over $1 trillion over the weekend. This is an impressive milestone and a good indication of how far digital currencies have come.
The cryptocurrency market has had a great year so far, with the value of most major coins skyrocketing. Other digital currencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are performing well.
What supports Bitcoin and Ethereum?
While there have been reports of improving macroeconomic conditions, this may not be the only factor driving Bitcoin prices higher. However, the world’s two most famous digital currencies, Bitcoin (BTC) and Ethereum, have been supported by a rising stock market, lower inflation and low interest rates.
The Consumer Price Index (CPI) shows inflation is easing, so the market expects the Federal Reserve’s rate hike to slow.
The fact that US central banks have successfully reduced inflation, preventing the economy from entering a recession, is clear evidence that the bulls are back in the market. If macroeconomic conditions remain favorable, current market dynamics are expected to continue.
Shanghai hard fork
In addition, the upcoming “Shanghai hard fork” for Ethereum, which will provide access to tokens that have been locked and unavailable for months, was seen as good news. The Shanghai update for Ethereum (ETH) is scheduled for March.
The US dollar is falling and cryptocurrencies are rising
The U.S. dollar failed to halt its slide, falling to its lowest point in more than seven months the day after data showed December inflation fell for the first time in two-and-a-half years, raising hopes for an interest rate cut. raising the Federal Reserve.
The decline in the value of the US dollar has greatly increased the appeal of cryptocurrencies and other digital currencies. This has made them much more desirable for investors and people looking for alternative investment options.
Bitcoin price
On Monday, the price of Bitcoin rose to $21,150 . Its immediate resistance is $21,350 and a bullish breakout could push the price towards $22,850.
Additionally, Bitcoin may face additional resistance near the $24,500 level. The formation of “three white soldiers” signals the possibility of continuation of the upward trend. Bitcoin, on the other hand, may find immediate support around $21,000 or $20,500.
The RSI and MACD indicators also point to a bullish trend, so consider a buying opportunity when the double upper resistance level at $21,350 is broken today.
Ethereum price
Lately, the cost Ethereum is rising and its key support point is $1,500. A close of the daily candles above the $1,500 level opens its price to the next resistance area at $1,660.
Just like Bitcoin, Ethereum formed a “three white soldiers” and a bullish engulfing candle after breaking out of the symmetric upward triangle. All these technical indicators signal a strong bullish bias among investors.
So consider buying trades above $1,525 with a target of $1,650.
Could These Altcoins Be The Next Big Thing?
Cryptocurrencies are gaining mass acceptance due to the huge growth they are experiencing. This has led to increased interest in these alternative forms of currency, and early investors have the opportunity to reap great rewards from their investment.
Fight Out (FGHT)
WITH FightOut now you can enjoy the benefits of personal training without having to pay significant fees. Instead, you simply use FGHT tokens for prepaid exercises & workouts. Staying fit and healthy has never been easier!
The FGHT pre-sale was a wild success, raising an astonishing $2.95 million in investment. All actions associated with a metauniverse avatar are logged and can be used to improve performance evaluation results.
C+Charge (CCHG)
C+Charge is developing a blockchain-based EV payment platform that will provide carbon credits to EV drivers every time they charge up for the first time. This could potentially help level the playing field in the carbon credit market, which has long been dominated by a few large companies.
With the opportunity to earn carbon credits, C+Charge is more motivated than ever to push EVs even further and faster. This extra incentive helps them move towards a greener future.
Analysts predict that the voluntary credit market (VCM) will reach an incredible $100 billion by 2030. C+Charge is already playing a role in this expansion, having already raised $290,795 in a presale.
Meta Masters Guild (MEMAG)
If you’re a mobile gaming enthusiast, you don’t want to miss the presale for Meta Masters Guild . This gaming guild is based on Ethereum and will provide a unique combination of Web3 & play-to-earn gaming with tokenized NFTs. You can use MEMAG, their native token, as an incentive to bid and sell.
MEMAG will be rolled out in seven phases, with an initial phase price of $0.007 each. When it hits the market, that price is predicted to increase to $0.023 per MEMAG, rewarding early adopters with an impressive 228.5% return on their investment.
The launch of Meta Kart Racers in the second quarter of this year will likely see the Meta Masters Guild grow rapidly. If the economic & market conditions improve, the platform’s native coin could reap significant benefits.
You have a limited time to participate in this incredible investment.
There are 4 days and 8 hours left until the price increase; the current total of $267,484 has been raised against a goal of $490,000. Do not miss this unique chance – time is running out!
