Bitcoin (BTC) and Ethereum (ETH), the world’s two most popular digital currencies, maintained their lengthy upward trend and surpassed highs of $21,000 and $1,500, respectively. The mining difficulty of the Bitcoin network has recently reached an all-time high, making it more difficult for miners to make a profit.
This increase in difficulty could have an effect on the price of Bitcoin and Ethereum, as it could affect the profitability of mining these digital coins.
For the first time since the FTX crash of November 2020, the overall market value of all crypto assets has climbed to more than $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 an excellent year so far, with the value of most major coins increasing dramatically. Other digital currencies, such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), are all performing well.
Although there have been reports of improving macroeconomic conditions, this might not be the only factor contributing to the increase in Bitcoin prices. However, the world’s two most prominent digital currencies, Bitcoin (BTC) and Ethereum, were supported by the stock market’s rise, lower inflation, and low-interest rates.
The Consumer Price Index (CPI) shows that inflation is declining, so the market expects the Federal Reserve’s rate rise pace to slow down.
The fact that the US central banks have successfully reduced inflation while preventing the economy from entering a recession is clear evidence that bulls are back in the market. If macroeconomic conditions remain favorable, the current market momentum is expected to persist.
Additionally, the upcoming “Shanghai Hard Fork” for Ethereum, which will provide access to tokens that have been locked and inaccessible for months, has been welcomed as good news. The Shanghai upgrade for Ethereum (ETH) is scheduled to go live in March.
The broad-based US dollar was unable to halt its decline and dropped to its lowest point in more than seven months the day after data revealed that December inflation had decreased for the first time in two and a half years, stoking hopes of smaller interest rate hikes by the Federal Reserve.
The decreasing value of the US dollar has significantly added to the appeal of cryptocurrencies and other digital currencies. This has made them much more desirable to investors and people looking for alternate investment options.
On Monday, Bitcoin‘s price rose to the $21,150 level. Its immediate resistance is at $21,350, and a bullish breakout of this could push the price to the $22,850 level.
Furthermore, Bitcoin may encounter additional resistance near the $24,500 level. The formation of “three white soldiers” is signaling the possibility of an uptrend continuation. On the downside, Bitcoin may gain immediate support near $21,000 or $20,500 levels.
The RSI and MACD indicators are also suggesting a bullish trend, so consider looking for a buying opportunity when the double top resistance level of $21,350 is broken today.
Ethereum ‘s value has been on the rise in recent times, with its key support point marked at $1,500. Closing daily candles above the $1,500 level is exposing its price toward the next resistance area of $1,660.
Just like Bitcoin, Ethereum has formed a “three white soldiers” and a bullish engulfing candle after breaking out of the symmetrical triangle pattern to the upside. All of these technical indicators are signaling a strong bullish bias among investors.
Therefore, consider buying trades above $1,525 with a target of $1,650.
Cryptocurrencies have been gaining massive recognition due to the tremendous growth they have been experiencing. This has led to a heightened interest in these alternative forms of currency and early investors have the opportunity to reap great rewards from their investments.
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C+Charge is developing a blockchain-based EV payment platform that will grant carbon credits to EV drivers whenever they charge up for the first time. This could potentially help even out the competitive atmosphere in the carbon credit market that has long been dominated by a handful of major companies.
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A quick 3min read about today's crypto news!
