Bitcoin (BTC), the world’s largest cryptocurrency, is starting its week on a solid upward trajectory and remains steady near the $28,400 level. Likewise, Ethereum, the second-largest cryptocurrency, is gaining traction in popularity and slowly approaching the resistance level at $1,900 with the line of sight, the next update, called Shanghai, scheduled for April 12.
Thus, the total value of all cryptocurrencies on the market is, this morning, slightly greater than approximately $1.18 trillion and displays a overall increase of less than 0.5% over the last 24 hours. Total trading volume increased by nearly 11% to nearly $30 billion in trades in one day.
In addition, popular digital currencies such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL) and Litecoin (LTC) are also experiencing slight price increases.
The Curve DAO Token (CRV) course
Conversely, the Curve DAO Token (CRV) fell 2.50% in 24 hours, becoming one of the biggest losers in the market this morning. But, the Curve DAO Token (CRV) is losing ground while it increased by around 12.56% the previous week.
Curve DAO Token is now trading at $0.998456, with a 24-hour trading volume of $50.6 billion.
Ethereum Hits Record 97 Million Addresses With Upcoming Shanghai Update Boosting Network Development
There ethereum blockchain recently took a new step with a record 97 million non-zero addresses. This indicates a growing interest in cryptocurrency, and it is a very good news for the Ethereum ecosystemas it reflects the wider adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) built on top of the Ethereum network.
However, the next update from shanghaiwhich is scheduled to take place on April 12, will result in the release of around 18 million ETH staking for validators and other staking participants. This is going to allow them to collect their ETH and staking rewards, which is around 15% of the circulating supply of this crypto.
Nevertheless, withdrawal of ETH initially deposited by validators will be limited : it cannot be carried out in a massive and rapid way to protect the price of ETH from too sudden a drop. This withdrawal can only be done gradually. Another positive development in the Shanghai update is the inclusion of Ethereum improvement proposals to reduce costs for network developers.
So, the growing interest in ETH will inevitably lead to an increase in its value. Unlocking staked ETH could increase selling pressure, but this will likely be overshadowed by the positive sentiment surrounding the development of the ETH network.
Arkansas Passes Bill to Regulate Bitcoin Mining: A Positive Sign for Cryptocurrency
This is another positive factor that can support the cryptocurrency market: the recent approval of the Bill to Regulate Bitcoin Mining in Arkansas. This US state recently passed a bill to regulate Bitcoin mining activity, creating guidelines for miners and protecting them from discriminatory regulations and taxes.
This follows a similar move in Montana, as New York banned crypto mining activities for two years.
This news will certainly have a positive impact on BTC and ETH pricesas this is a good sign for the overall acceptance and regulation of the cryptocurrency industry in the United States, which could lead to increased investment in the long term.
Bitcoin Expected to Hit $130,000 by Year End Thanks to Elliott Wave Theory
According to a famous analyst who uses an approach to technical analysis called Elliott Wave Theory, Bitcoin (BTC) price will hit $130,000 by the end of 2023. However, the prediction of a massive rise in Bitcoin is likely to create interest and a rise in prices, even in the short term and even if the prediction turns out to be wrong.
However, generally positive sentiment for the cryptocurrency industry could potentially benefit all cryptocurrencies, including ETH.
The price of bitcoin
The current Bitcoin price is $28,350 and the 24-hour trading volume is $12 billion. Bitcoin has risen by 1.40% in the past 24 hours.
Technical analysis suggests that the BTC/USD pair may face resistance at the $28,500 level despite displaying a bearish bias.
If Bitcoin breaks above the $28,500 resistance level, its value can increase to $28,900 or even $29,250 quite quickly. However, if a downtrend emerges, there should be strong support at levels around $26,500 and $25,500.
The price of Ethereum
Ethereum is listed this morning at $1,860posting a 24-hour trading volume of $6.5 billion and an increase, over the same period, of 1.10%.
The ETH/USD pair found immediate support at the $1,850 level. If the candles close above this level, a fairly quick bullish bounce could push the price towards $1,920 or even $1,945.
On the other hand, a downward breach of the $1,850 level could cause the price of ETH to decline towards $1,800 or even towards the double-bottom support zone located at $1,770. However, overall, Ethereum outlook appears to be bullishas evidenced by the formation of a bullish channel over the 4-hour time frame.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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