Bitcoin continues its long ascent with a price that reached $20,962 this morning, an increase of more than 10% in 24 hours. Meanwhile, Ethereum (ETH), does the same, posting a jump of 10.5% for a price at $1,560.
This week has been a huge success for the cryptocurrency marketwith almost all major tokens seeing significant price increases, BTC and ETH both skyrocketed nearly 25%. The prices of other cryptocurrencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are all on the rise as well.
However, behind the thriving cryptocurrency market, falling inflation and low interest rates may be behind the Bitcoin price increases.
According to Consumer Price Index (CPI) data, inflation is declining and was even negative month-over-month in December 2022. As a result, thehe market currently thinks the Federal Reserve will stop raising interest rates. Moreover, as a result of this information, interest rates fell and stock prices rose.
Binance Pool invites bitcoin miners and digital infrastructure providers to join its Cloud Mining Partner Program. This was interpreted positively for the price of bitcoin. Moreover, the next “Shanghai Hard Fork” for Ethereumwhich will unlock tokens that have been locked and inaccessible for months, was viewed positively.
Cryptocurrency market on the rise
The global cryptocurrency market has steadily grown and gained momentum throughout the past day, allowing it to cross the $1 trillion mark in market capitalizationfor the first time in weeks.
As a result, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many other coins have risen in value.
In December 2022, Consumer Price Index (CPI) data showed inflation to be negative month-on-month.
The market now believes that the Federal Reserve will slow its rate hikes over the next six months and may even have to cut rates to avoid an episode of deflation.
Another factor supporting the cryptocurrency market has been the claim of FTX’s liquidators to have recovered $5 billion in assets, including cash and cryptocurrencies.
FTX Chief Financial Officer Mary Cilia previously predicted they would be able to recover client funds by April, but the court ordered that they do so by March 15, 2023.
FTX’s recovery appears to be moving faster than many observers expected, which could benefit both FTX users and the cryptocurrency industry.
Binance Pool Launches Bitcoin Cloud Mining Partner Program
the Binance Pool’s Cloud Mining partnership program is open to Bitcoin miners and digital infrastructure providers. Binance announced the new program in a blog post on January 13.
It promises to give Binance Pool customers more product options and benefits while providing miners and digital infrastructure providers with special incentives. Both parties seem to benefit from the decision.
US Dollar Weakness Boosts Cryptos
Another factor that drove cryptocurrency prices higher was the decline in the value of the US dollar. The US dollar failed to arrest its decline and fell to its lowest level in more than seven months after statistics showed December inflation fell for the first time in two-and-a-half years, fueling speculation that the Federal Reserve would scale back interest rate hikes.
Ethereum: the Shanghai Hard Fork scheduled for March
On the other hand, the next operation called “Shanghai Hard Fork” for Ethereum, which would unlock coins that have been locked and inaccessible for months, has been welcomed by ETHafter the success of last year’s operation The Merge.
All eyes are now on Ethereum’s big update, known as the Shanghai Hard Fork, which is expected to take place in March.
The decision to proceed with Shanghai was made in December, but was clouded at the time by negative market sentiment as the cryptocurrency industry dealt with the fallout from the catastrophic failure of Sam Bankman- Fried. The stakes will be high for Ethereum, which will see its possibilities increase tenfold and its value will certainly increase sharply.
The price of bitcoin
Bitcoin is currently trading at $20,962, with a 24-hour trading volume of $40 billion. Bitcoin has already crossed the $20,500 threshold, which is currently acting as immediate support.
An upward crossing of this level opened up more space for the bullish trend going towards $21,000 or maybe higher until the next symbolic level of $23,000.
The immediate support levels for Bitcoin are $20,500 or $20,000. Simultaneously, the RSI and MACD indicators entered the overbought zone. As a result, we need to keep an eye on $21,500, as failure to break through this level may lead to a bearish corrective move in BTC.
The price of Ethereum
The current price of Ethereum is $1,560 with a 24-hour trading volume of $14 billion. The ETH/USD pair broke above the key resistance level of $1500 and is now on track to hit the $1,650 resistance level.
On the downside, the price of ETH could find support near $1,500, and a move below this level could lead to further selling which could pull ETH towards $1,400. Nevertheless, today’s uptrend is strongthen it will be necessary to look for buying opportunities instead.
Get Ahead: New Cryptos With Major Growth Potential Right Now
Given the bullish trend in the cryptocurrency market, a few alternative currencies are emerging, and these have huge upside potential for early buyers.
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 $273,000.
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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