What to expect after almost 25% rise?
Bitcoin continues to rise for a long time the price reached $20,962 this morning, an increase of more than 10% in 24 hours. Meanwhile, Ethereum (ETH) is doing the same, sending A 10.5% jump to $1,560.
It was one this week a huge success for the cryptocurrency marketalmost all major tokens are seeing significant price increases, BTC and ETH are both up around 25%. Other cryptocurrencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are also on the rise.
However, behind the booming cryptocurrency market, low inflation and low interest rates may be behind Bitcoin price increases.
According to Consumer Price Index (CPI) data, inflation is easing and even turned negative month-on-month in December 2022.he market now thinks the Federal Reserve will hold off on raising interest rates. Moreover, as a result of this information, interest rates fell and stock prices rose.
Binance Pool invites bitcoin miners and digital infrastructure providers Join its Cloud Mining Partner Program. This was interpreted positively for the price of bitcoin. In addition, Next “Shanghai Hard Fork” for EthereumIt will unlock tokens that have been locked and unavailable for months, it was welcomed.
The cryptocurrency market is on the rise
The global cryptocurrency market has steadily grown and gained momentum over the last day, allowing for this exceeded 1 trillion dollars in market capitalizationfor the first time in weeks.
As a result, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many other coins gained in value.
In December 2022, Consumer Price Index (CPI) data showed monthly negative inflation.
The market now believes that the Federal Reserve will slow rate hikes over the next six months and may even have to cut rates to avoid a deflationary episode.
It has been another factor supporting the cryptocurrency market FTX’s liquidators claim to have recaptured $5 billion in assets, including cash and cryptocurrencies.
FTX Chief Financial Officer Mary Cilia previously predicted they would be able to recover customer funds by April, but the court ordered them to do so by March 15, 2023.
The recovery of FTX is going faster than many observers expected, which could benefit both FTX users and the cryptocurrency industry.
Binance Pool Launches Bitcoin Cloud Mining Partner Program
the Binance Pool’s Cloud Mining partnership program is open to Bitcoin miners and digital infrastructure providers. Binance announced the new program in a blog post on January 13.
Binance Pool promises to give its customers more product options and benefits, while also offering special incentives to miners and digital infrastructure providers. Both sides benefit from the decision.
US Dollar Weakness Boosts Cryptos
There was another factor driving up cryptocurrency prices Depreciation of the US dollar. The US dollar could not stop its decline and became cheaper the lowest level in more than seven months after statistics showed December inflation fell for the first time in two and a half years, fueling speculation that the Federal Reserve will cut interest rate hikes.
Ethereum: Shanghai Hard Fork scheduled for March
On the other hand, the next transaction for Ethereum called “Shanghai Hard Fork” will unlock coins that have been locked and inaccessible for months. Welcomed by ETHfollowing the success of last year’s operation The Merge.
All eyes now Ethereum’s major upgrade, known as the Shanghai Hard Fork, is expected to take place in March.
The decision to go ahead with Shanghai was made in December, but was clouded by negative market sentiment at the time as the cryptocurrency industry dealt with the fallout from the disastrous Sam Bankman-Fried debacle. The stakes will be high for Ethereum, its capabilities will increase tenfold and its value will definitely increase dramatically.
Bitcoin is currently trading $20,962, the 24-hour trading volume is $40 billion. Bitcoin has already crossed the $20,500 mark, which is currently acting as an immediate support.
More space has opened up for this level to move up An uptrend towards $21,000 or perhaps the next symbolic level, $23,000.
The immediate support levels for Bitcoin are $20,500 or $20,000. At the same time, the RSI and MACD indicators entered the overbought zone. As a result, we should pay attention to $21,500, as failure to break above this level could lead to a downward corrective movement in BTC.
The price of Ethereum
Current price of Ethereum 1560 dollars With a 24-hour trading volume of $14 billion. The ETH/USD pair broke through the key resistance level of $1,500 and is it is now on track to hit the $1,650 resistance level.
On the downside, ETH price may find support near $1,500 and a move below this level could lead to more selling that could take ETH to $1,400. Despite this, today’s uptrend is strongthen you will need to look for buying opportunities instead.
Get Ahead: New Cryptocurrencies With Huge Growth Potential Right Now
Given the bullish trend in the cryptocurrency market, several alternative currencies are emerging and these have great potential for early adopters.
Fight Out (FGHT)
It works in the same way as the Fight Out Platform (FGHT). personal sports trainer, except that the FGHT badge is an award for training periods. All activities are recorded and can be used to improve the stats of his metaverse avatar. opportunity Earn FGHT tokens It adds an extra incentive for people to stay healthy and exercise while taking advantage of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to the token sale that started last week, it already is It has collected more than 2.8 million dollars. Current sale price 60.06 FGHT for 1 dollar (FGHT can be purchased with ETH or USDT), but this will increase as the sale progresses.
C+Charge (CCHG) a Binance Chain-based peer-to-peer payment system for electric vehicle charging stations (VE). Due to launch in the second quarter of next year, it aims to increase access to carbon credits by rewarding consumers who charge their electric vehicles at their terminals.
According to forecasters, the project has the potential to benefit from the expected significant development of the carbon credit market. Coherent Market Insights believes so the market will exceed $2.4 trillion by 2027About $211.5 billion in 2019.
The ability to earn carbon credits for C+Charge is an additional incentive to accelerate the already rapid transition to electric vehicles. The voluntary credit market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a major role in that expansion. Till now, the presale has raised $273,000 so far.
Meta Masters Guild (MEMAG)
The presale for the Meta Masters Guild starts today, a mobile oriented gaming guild This will create a mix of Web3 games and win-win games. Its Ethereum-based games include playable NFTs and redeemable incentives MEMAG, the company’s native token, can then be staked and sold. He will be available in seven stepsthe first of which he now offers MEMAG for $0.007.
Even before MEMAG’s IPO, this price will gradually increase to $0.023, a 228.5% increase for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s first game (Meta Kart Racers) is released in the second quarter of this year.
Additionally, if the broader market and global economy improve, its local cryptocurrency could be a major beneficiary.