the Bitcoin and theEthereumthe two most popular digital currencies in the world, maintain their extended uptrend and broke above the highs of $21,000 and $1,500, respectively. the Bitcoin shows $21,134 this morning with 1.9% upside and Ethereum is at $1,570, up 2.7% over 24 hours.
The bitcoin network mining difficulty recently hit an all-time high, making it harder 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 cryptocurrencies.
For the first time since the November 2020 FTX crash, the aggregate market value of all crypto assets soared to over $1 billion over the weekend. This is an essential step and a good indication of how far digital currencies have come in their recovery.
The cryptocurrency market is off to a great start to the year so far, with the value of most major currencies rising dramatically. Other digital currencies, such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), all perform well.
What is currently supporting Bitcoin and Ethereum?
Although there have been reports of improving macroeconomic conditions, these may not be the only factors contributing to Bitcoin price increases. However, the two most important digital currencies in the world, Bitcoin (BTC) and Ethereum, have been backed by rising stock market, falling inflation and low interest rates.
The consumer price index (CPI) shows that inflation is falling, so the market expects the pace of the Federal Reserve’s rate hike is slowing.
The fact that US central banks have managed to reduce inflation while preventing the economy from going into a pullback is clear evidence that bullish conditions are back in the market. If macroeconomic conditions remain favourable, the current market momentum should continue.
Shanghai Hard Fork Update for Ethereum
In addition, the upcoming “Shanghai Hard Fork” update for Ethereum, which will provide access to jets that have been locked and inaccessible for months, was welcomed as good news. The The so-called Shanghai update for Ethereum (ETH) is expected to go live in March.
The US dollar is falling and cryptocurrencies are on the rise
The U.S. dollar was unable to halt its decline and fell to its lowest point in more than seven months the day after statistics revealed December inflation fell for the first time in two and a half years, stoking hopes of lower interest rate hikes by the Federal Reserve.
The declining value of the US dollar has greatly increased the appeal of cryptocurrencies. This has made them much more attractive to investors and people looking for alternative investment options.
The price of bitcoin
This Monday, the price of Bitcoin reached the level of $21,130. Its immediate resistance is now at $21,350, and an upside breakout of it could push the price to the $22,850 level.
Moreover, Bitcoin may encounter further resistance near the $24,500 level. The graphic configuration of the signal the possibility of a continuation of the uptrend. On the downside, Bitcoin can get immediate support near $21,000 or $20,500.
The indicators also RSI and MACD emit a bullish trend, so consider looking for a buying opportunity when the $21,350 double top resistance level is breached today.
The price of Ethereum
The ethereum value has risen lately, with its tipping point at $1,500 in sight. The crossing above the $1,500 level Expose its price now towards the next resistance zone of $1,660.
Much like Bitcoin, Ethereum broke out of a symmetric upward triangle pattern, signaling a strong bullish bias among investors.
Therefore, consider buying with trades above $1,525 with a maximum target of $1,650.
Could these cryptocurrencies be the next big deal?
Cryptocurrencies have gained massive recognition due to the tremendous growth they have had. This has led to increased interest in these alternative forms of currency and generally, early investors in launching cryptos, have the opportunity to earn great profits from their investments. Let’s see these 3 new cryptos that will offer great opportunities.
The platform To fight (FGHT) works the same way as a athletic trainer staff, except that the FGHT token is the reward awarded for exercise periods. All activities are recorded and can be used to improve the statistics of his metaverse avatar. The possibility of earn FGHT tokens adds an extra incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out has been successful and successful with investors. Thanks to its token sale, which started last week, it has already been raised over $2.8 million. The current sale price is 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) but this will increase fur and as the sale progresses.
C+Load (CCHG) is a peer-to-peer payment system based on Binance Chain for electric vehicle charging stations (VE). Its aim, which should start in the second quarter of next year, is to increase access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.
According to forecasters, the project has potential as it will benefit from an expected significant development of the carbon credit market. Coherent Market Insights believes that the market will be worth over $2.4 trillion by 2027compared to approximately $211.5 billion in 2019.
For C+Charge, the possibility of earning carbon credits 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 big role in that expansion. So far, the presale so far raised $273,000.
Meta Masters Guild (MEMAG)
Today marks the start of presale for Guild of meta-mastersa mobile optimized gaming guild which creates a mixture of Web3 games and play-to-earn games. Its Ethereum-based games will include playable NFTs as well as redeemable incentives MEMAG, the native token of the company, which can then be staked and sold. He will be available in seven stepsthe first of which now offers a MEMAG for $0.007.
Even before MEMAG’s IPO, this price will gradually rise to $0.023, an increase of 228.5% 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.
Additionally, if the broader market and global economy improves, its native crypto could be a major beneficiary.