Bitcoin (BTC) maintains its progress on this January 13 in the morning and increased by 3.8% in the last 24 hours now posting a price of $18,842 which allows it to surge more than 12% in the last seven days.
BTC hit a two-month high, and the continued growth of the crypto market received a significant boost after data from the US Consumer Price Index (CPI) showed signs of lower l ‘inflation.
As a result, Ethereum, reached $1,408 today and other cryptos such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are also showing signs of strength.
The negative effects of the FTX crash and its aftermath on Bitcoin and other digital currencies, on the other hand, seem to be fading.
Indeed, the value of Bitcoin has increased by 10% in the last two weeks. According to experts, this is Bitcoin’s longest winning streak. Moreover, if macroeconomic conditions remain favourable, prices should continue to rise in the coming weeks.
In addition, another positive aspect of the Bitcoin (BTC) network has been demonstrated by a report: the ecological advantage. This implies that the environmental benefits of BTC outnumber its negatives by 31 times, which may also explain the overall upward trend of BTC.
In the meantime, Samsung Asset Management has revealed plans to launch a Bitcoin futures ETF on the Hong Kong exchange.
Given that the Hong Kong Stock Exchange is the only licensed exchange in Asia offering Bitcoin futures ETFs, some believe that spot crypto ETF products will soon be allowed. But, so far, this news has had little impact on Bitcoin prices.
Consumer sentiment in the US is improving
The preliminary index of consumer confidence for the United States was raised to 59.7 in December 2022, from 59.1 by UoM. The expectations sub-index was raised to 59.9 from 58.4, while the existing conditions sub-index was reduced to 59.4 from 60.2.
Meanwhile, the year-end inflation forecast has been cut to 4.4% from 4.6% in the preliminary estimate, and the 5-year forecast has been cut to 2.9% from 3% .
This numbers show rather a confidence in the future which is gradually being restored.
The cryptocurrency market is optimistic.
For the first time in weeks, the global cryptocurrency market continued to rise and gain momentum throughout the day, allowing it to exceed the 900 billion dollar mark in market capitalization. As a result, the value of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many other cryptos has increased.
However, Bitcoin’s price increases came after US Consumer Price Index (CPI) data showed signs of slowing inflation.
Bitcoin’s environmental positives outnumber its negatives by 31 times
Another aspect of the Bitcoin (BTC) network has been highlighted by a climate tech investor, who claims that the environmental advantages of the network are 31 times greater than its disadvantages.
Daniel Batten, a self-proclaimed philanthropist and environmentalist, claimed that “Bitcoin is probably the most important environmental technology of our time” during a Twitter discussion on January 12.
According to Batten, the 31-to-1 positive impact-to-cost ratio was determined through research and interviews with grid engineers, climatologists, BTC mining engineers, methane reduction specialists, and solar energy installers. and wind turbine.
According to the study, Bitcoin has 21 potential environmental benefits and only 5 potential environmental drawbacks.
US dollar dips lower
The depreciation of the US dollar was another factor that helped digital currencies. While falling US inflation fueled optimism that the Federal Reserve could slow the pace of interest rate hikes, the broader US dollar failed to sustain its modest rebound. , falling to a low point for seven months.
Fed officials were relieved to see consumer prices fall in Decembermarking the first time in over two and a half years that they could slow the pace of monetary tightening.
The price of bitcoin
Bitcoin is currently trading at $18,842, with a 24-hour trading volume of $36 billion. Bitcoin has already crossed $18,500, before falling back just below.
An upside breakout of this level would quickly create more room for buy up to $19,850 or more, down to the psychological trading level of $20,000. Bitcoin’s next support level stands at $18,400 or $17,300 and may present BTC’s pullback levels in the event of a bearish correction.
At the same timethe RSI and MACD indicators reached overbought levels. As a result, we need to watch $19,000 as failure to break above this level may result in bearish action on BTC.
The price of Ethereum
The current price of Ethereum is $1,408, with a 24-hour trading volume of $9.5 billion. The ETH/USD ad pairbroke through the key resistance level of $1,350 et is now on the good way to reach the $1,500 level.
On the downside, the immediate support level for Ethereum is $1,350, and candles closing above this level should cause a real rally higher for many investors. If the $1,430 level is breached, ETH price may hit the $1,500 resistance level next.
On the downside, ETH price could find support near $1,375, and a break below this level could lead to further selling at $1,330. However, Today’s uptrend is strong, so look for buying opportunities.
Other high-profit cryptos
The global cryptocurrency market is uncertain, but a few new cryptos are making headlines. Let’s explore the possibility of taking advantage of it!
Fight Out (FGHT)
The Fight Out Platform (FGHT) works the same way as a personal sports trainer, except that the FGHT token is the reward given 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 was successful and attracted 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 as the selloff progresses.
C+Load (CCHG)
C+Charge (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 the expected significant development of the carbon credit market. Coherent Market Insights believes that the market will be worth over $2.4 trillion by 2027up from around $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 has so far raised $264,700.
Meta Masters Guild (MEMAG)
Today marks the start of the presale for Meta Masters Guild, a mobile-focused gaming guild which will create 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) releases in the second quarter of this year.
Additionally, if the broader market and global economy improves, its native crypto could be a major beneficiary.
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