The global cryptocurrency market has managed to halt its previous losing streak and has gained some ground with bitcoin and Ethereum charge lead. BitcoinThe world’s oldest and most valuable crypto climbed above the $25,000 mark on Friday morning, while Ethereum bid above the roughly $1,700 level.
Other popular altcoins including Dogecoin, Ripple, Litecoin and Solana also landed in the green.
Bitcoin price is up more than 5% in the last 24-hours and is currently trading above $25,600. This surge along with other cryptocurrencies has pushed the total crypto market cap above the $1 trillion mark, making investors more confident.
Despite this, some analysts are skeptical and believe that this could be a bull trap driven by positive sentiment, especially as trading volumes remain low.
The recent collapse of SVB and Silvergate banks raised liquidity concerns in the market, prompting clients to turn their attention to digital assets. According to Apptopia, crypto app downloads have increased by 15% after major bank stocks fell.
Investors seeking to diversify their portfolios and reduce risks have taken note of the goal of introducing cryptocurrency to address the flaws of the old financial system.
With regard to Ethereum, which is currently the second largest cryptocurrency by market capitalization, there are expectations that it will reach an all-time high of $2,000. The current increase in ETH price is mainly driven by the use of Ethereum’s blockchain technology in decentralized finance (DeFi) and non-fungible tokens (NFTs).
Furthermore, the upcoming Ethereum Improvement Proposal (EIP) 1559 upgrade, scheduled for July 2021, is expected to limit the supply of Ethereum and could create a supply crunch, potentially driving its price even higher.
Swiss National Bank rescues Credit Suisse, but uncertainty remains
The Swiss National Bank made a $50 billion loan to bankrupt investment bank Credit Suisse. For the time being, it appeared that the measure had averted the horrors of the European banking crisis. Nevertheless, uncertainty remains as the COVID-19 pandemic and geopolitical tensions continue to impact the global economy.
Thus, this news of the Swiss National Bank’s $50 billion loan to Credit Suisse did not have a significant impact on Bitcoin (BTC) prices.
Crypto markets see bullish momentum as bitcoin continues to dominate
The cryptocurrency market is currently experiencing an increase in value with Bitcoin and Ethereum. Investors remain optimistic about the potential of cryptocurrencies to disrupt traditional banking institutions.
As the total market cap of cryptocurrencies has crossed the $1 trillion mark, it is clear that investor interest in cryptocurrencies and their potential is on the rise.
It will be interesting to see how the crypto market performs in the coming months, given the market’s concerns about liquidity and a possible interest rate cut.
It is important to note that the US may lower interest rates in the second half of the year to provide protection for the banks. This action could prompt investors to build new long positions and increase capital inflows into riskier assets.
Bearish US Dollar Underpins BTC
The recent decline in the US Dollar has had a significant impact on the price of Bitcoin (BTC) and Ethereum (ETH). The decline came as authorities and banks took steps to ease stress on the financial system following the collapse of two medium-sized banks.
As a result, most major currencies including BTC and ETH have recovered and are currently trading above the $25,000 and $1,700 levels, respectively. This bullish trend is expected to continue as investors look for alternative investments amid a weak dollar.
to come federal Reserve The monetary policy meeting is also expected to play an important role in the market movements. Some investors expect the Fed to take a more cautious stance with its rate hikes, which could ease stress on the financial sector and potentially spur more interest in cryptocurrencies.
Overall, the decline of U.S. Dollar This has been a significant factor in driving up the prices of BTC and ETH. Cryptocurrencies are becoming an increasingly popular choice as the world looks for new investment opportunities, and this trend is expected to continue as the financial system faces ongoing challenges.
bitcoin price
After a brief consolidation at $26,500, the price of Bitcoin After breaking below the $25,000 and $25,500 support levels, there was a sharp decline and a short term downside bias.
However, if the price can close above $25,200, it could trigger a fresh uptrend above $26,000 with an important resistance in the $26,000 area.
A break above the $26,000 level could pave the way for a potential climb towards $27,500.
If it fails to break the $25,200 resistance, bitcoin could experience another decline.
Currently, the $24,000 level is providing support in the near term, with the $23,500 area as an additional strong support and the 100 hourly simple moving average is not far behind.
However, if the price declines below $22,600, selling pressure is likely to increase, and if the losses continue, the price could decline below $22,000.
ethereum price
Once Ethereum Breaking the $1,600 resistance, the price started a significant increase. However, to reach a positive zone against bitcoin, ETH had to break through a crucial resistance area of $1,700.
Eventually, the price broke the $1,745 resistance and traded towards $1,800. The price traded near $1,784 before experiencing a downside retracement.
If Ethereum fails to break the $1,745 level, we could see another decline in its price. In the near term, the trend line and the $1,695 price point are likely to act as an initial support for the market.
Top 15 Cryptocurrencies to Watch in 2023
Take a look at Cryptonews’ Industry Talk team’s carefully curated list of the top 15 altcoins to keep an eye on in 2023. The list is regularly updated with new ICO projects and altcoins, so be sure to visit frequently for the latest updates.
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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