On January 9, the Bitcoin price prediction turned bullish, BTC rising nearly 1.70% to $17,245. Similarly, Ethereum, the second largest cryptocurrency, has climbed nearly 4% to $1,317 during the morning session on Monday.
Marathon Digital Holdings, one of the largest Bitcoin mining companies in North America, revealed that she was experimenting with overclocking to improve its strategic advantage in the BTC mining sector.
Overclocking is a technique for increasing the clock speed of a computer’s CPU or GPU beyond the manufacturer’s recommended maximum speed. This can lead to improved performance in some tasks.
Marathon claimed in a press release on January 5 to have produced 475 BTC in December 2022, bringing its total amount of bitcoin mined for fiscal year 2022 at 4,144 BTC. This represents a 30% increase compared to the 3,197 BTC produced in 2021.
.
According to its latest information, the company now has over 69,000 active miners capable of producing around 7 exahashes per second. Marathon Digital’s success in the Bitcoin market is largely due to its collaboration with Silvergate Bank, a provider of banking and liquidity solutions for the digital currency market. This is also good news for the price of BTC in the medium term and it may generate excitement among new traders and investors.
Weaker U.S. Wage Growth Triggers Bullish Moves
According to government data released Jan. 6, the economy added more jobs than experts predicted in December. Employee earnings, on the other hand, grew at a slower pace. The rate of wage growth slowed in December compared to the previous month, indicating that the Federal Reserve’s initiative to fight inflation by raising interest rates is cooling the economy.
According to the Labor Department, the country added 223,000 jobs in December, up from 256,000 the previous month. The unemployment rate fell from 3.6% to 3.5% following a downward revision. Wall Street analysts had predicted that the world’s largest economy would create 200,000 new jobs last month and the unemployment rate would remain at 3.7%.
Also, after adjusting for the time of year, employees’ average hourly earnings increased 4.6% year over year, compared to 4.8% the previous month. After having been boosted by encouraging employment statistics in the USA, the main cryptocurrency in the market is currently on the rise. Even though the BTC/USD pair is trading below its previous highs, the cryptocurrency has regained significant value.
Consumer price index soon to be released
The consumer price index (CPI) in the United Statesa key indicator of inflation, will be published on Thursday 12 January. Until 2022, the cryptocurrency market experienced a significant decline in value. The sector benefited from the Fed’s monetary tightening, which reversed two years of ultra-accommodative policies. If there are signs that price pressures are easing, the Fed may be more motivated to moderate its aggressive stance.
The market welcomes the prospect of a slower rise in interest rates. Given that the December CPI and inflation figures are about to be released, the price movement of BTC/USD is likely to be influenced by such macro news.
The price of bitcoin
Bitcoin is currently trading at $17,245, with a 24-hour trading volume of $14 billion. The close of a doji candle near $17,200 indicates that the sellers may step in to possibly cause a bearish correction. However, breaking through the support at £17,200 can pull BTC towards a level of $17,400.
Bitcoin formed a bullish engulfing candle on the 4-hour time frame, indicating that the market is trading with a strong uptrend. As a result, Bitcoin even has the potential to reach $17,750.
The $17,000 level is still likely to act as immediate support, and a break down of it may open a downtrend to the next support levels of $16,800 or $16,650.
The price of Ethereum
The current price of Ethereum is $1,317displaying a 4% increase over 24 hours and a transaction volume of $5.8 billion. On the 4-hour timeframe, the ETH/USD pair is facing strong resistance near the $1,320 level, which is stretched by a double-top setup.
A positive break above this $1,320 level may push ETH price towards the next resistance zone of $1,340 or even $1,370. The close of the bullish candles above the psychological trading level of $1,300 supports the chances of a strong uptrend that could continueas it will be seen as a sign of the crypto restarting.
On the downside, ETH price could find support near $1,275, and a break below this level could open the door for more selling at $1,260. However, the bullish bias remains dominant today, so consider looking for opportunities to buy ETH today.
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 $2.75 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.
Dash 2 Trade (D2T)
Dash 2 Trade, which will be launched in early 2023, will be a Ethereum-based platform that will provide real-time statistics and social trading data. Among the initial features will be trading signals, on-chain statistics, strategy-building tools, and news feeds, allowing both novice and expert traders to stay on top of the volatile bitcoin market.
D2T will also be available on Changelly Pro, LBANK and BitMart. Dash 2 Trade has now raised a remarkable $14.2 millionwith just four days and ten hours until the platform’s native D2T token is listed on Gate.io, the first in a series of planned centralized cryptocurrency exchange listings.
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.
The platform has already struck a deal with Perfect Solutions Turkey, which will add 20% of Turkey’s EV chargers to its network, indicating how quickly it could grow. 1 CCHG is currently sold at $0.013 and can be purchased with BNB or USDT. The presale has already raised over $99,000.
Find the best price to buy/sell cryptocurrency
