Bitcoin, the world’s largest cryptocurrency, halved its downtrend and picked up momentum again on the day. Meanwhile, the second largest cryptocurrency, Ethereum, is outperforming BTC, with a gain of over 4%.
The upward rally in the cryptocurrency market in March has been driven by a variety of factors, including an increase in US consumer confidence, recent advances in the cryptocurrency industry, and bitcoin’s status as a safe-haven asset.
It is noteworthy that consumers are losing their trust in traditional banks as a result of the recent bank collapse, which was believed to be a key factor for bitcoin price growth.
The crypto market cap grew by 2.56 percent to $1.16 trillion, led by bitcoin and ETH. Notably, the CFTC has focused on Ethereum by specifically stating its support for ETH as a commodity, resulting in a rally of over 4% in recent hours.
The head of the US CFTC recently reiterated its stance that Ether is a commodity, not a security, which could lead to an increase in Ether’s value.
CFTC Declares Ethereum and Litecoin as Commodities Like Bitcoin
Commodity Futures Trading Commission (CFTC) Recently Ethereum (ETH) and Litecoin (LTC) have been recognized as commodities, just like bitcoin. This means that Ethereum (ETH) and Litecoin (LTC) are viewed as tradable assets similar to gold or oil. The CFTC issued this statement as part of an investigation binanceA well-known cryptocurrency exchange.
This news will have a positive impact on BTC and ETH prices as it confirms their commodity status, which could ultimately improve their legitimacy and adoption in traditional financial markets. This could also result in increased regulatory oversight and institutional investor approval.
Thus, it will be interesting to see how this news affects the cryptocurrency market and whether additional cryptocurrencies will eventually be classified as commodities or securities.
Strong Predictions on BTC Future Price
Another factor boosting BTC price is the recent strong predictions about the future of Bitcoin. It should be noted that Balaji Srinivasan, former CTO of Coinbase, recently bet $2 million that bitcoin would reach $1 million in value within 90 days. This suggests that the value of bitcoin will increase rapidly in the near future.
Meanwhile, Marshall Beard, chief strategy officer of GeminiA cryptocurrency exchange based in the US is more concerned and showing interest, predicting that bitcoin will reach $100,000 this year
These forecasts are being influenced by a number of factors. One of them is the adoption of the cryptocurrency by institutional investors, which could increase the demand for bitcoin and ultimately its price.
bitcoin price
the current bitcoin price is $27,550, and the 24-hour trading volume is $18 billion. Bitcoin has gained about 2.5% in the last 24 hours.
Bitcoin, the leading cryptocurrency, is trading with a strong bullish bias near the $27,500 level. On the two-hour time frame, bitcoin has formed a bullish engulfing candle, indicating that buyers are likely to dominate the market.
On the upside, bitcoin is likely to face immediate resistance at the $28,000 level, and an additional upside move from this particular level could potentially take bitcoin price towards the next resistance at $28,900.
Meanwhile, the descending trendline, which has already been violated, also supports the bullish potential of bitcoin. Moreover, the immediate support for bitcoin remains at $26,600, and a bearish break below this particular level could expose bitcoin price towards the $25,600 level.
Additional selling pressure below the $25,600 level could expose BTC price towards the $24,000 level
ethereum price
Meanwhile, the current price of Ethereum is $1,788.73 with a 24-hour trading volume of $8,762,886,075. Ethereum is up 4.13% in the last 24 hours.
ETH/USD is trading with a strong bullish bias near the $1,790 level. On the upside, Ethereum is likely to face immediate resistance at $1,850, and a bullish breakout of the $1,850 level could expose Ethereum price towards the next resistance near $1,960.
On the downside, Ethereum’s immediate support remains at the $1,700 level, and a bearish breakout of this particular level could potentially propel Ethereum price towards the next support at $1,720.
Major technical indicators such as RSI and MACD are in the buy zone; Therefore, the market will look for buying opportunities above the $1,760 support. Ethereum is likely to target $1,850 for now.
Top 15 Cryptocurrencies to Watch in 2023
Keep yourself informed about the latest ICO projects and altcoins by referring to our handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, suggested by experts from Industry Talk and Cryptonews.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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