Bitcoin And Ethereum The prices are increasing since last few months and even today. This has resulted in many investors wondering whether a 5% increase is possible for BTC and ETH today.
To answer this question, we need to look at the current market conditions and analyze whether there is enough momentum in the market to push Bitcoin and Ethereum prices higher.
Risk-On Crypto Mood: What You Need To Know About Current Market Opportunities
The cryptocurrency markets had a positive start on January 30, with the global crypto market capitalization increasing by 1.77% to $1.07 trillion in the past 24 hours. Total crypto trading volume also increased by 24.92%, reaching $49.61 billion during the same period.
Several aspects such as favorable market conditions, increased institutional buying and anticipation of wider usage contributed to the market success.
Conversely, if the US Federal Reserve decides to raise interest rates, there is reason to be concerned, as changing market perceptions about it could have a significant impact on the cryptocurrency market.
Specifically, if the interest rate hike is higher than what the market is expecting, the impact on the cryptocurrency market could be slightly negative.
Going forward, if the macroeconomic factors remain stable, the current momentum could be sustained in the coming weeks.
Understanding Bitcoin Premium in Nigeria: What You Need to Know
Nigeria’s central bank continues to push its citizens to use the digital currency, which has pushed the price of bitcoin well above market levels.
As of this writing, 1 BTC costs 17.8 million naira, or $38,792, on Nigerian cryptocurrency exchange NairaX. This represents a premium of more than 60% over the current market price of bitcoin, which is around $23,700 as of this writing.
To speed up the country’s transition to a cashless society, the Central Bank of Nigeria continues to impose restrictions on cash withdrawals from ATMs.
A decision taken in December led the central bank to freeze cash withdrawals earlier this month.
Institutional Investors Expect Bitcoin to Have a Strong Year
According to a recent survey, institutional investors are bullish on the long-term value of bitcoin and expect it to have a good year. It is worth noting that the results of the Nickel Digital Asset Management survey were released on Thursday on how high institutional investors expect the price of bitcoin to move.
PureProfile, a market research firm, conducted a survey this month with 200 institutional investors and money managers from the United States, the United Kingdom, Germany, Singapore, Switzerland, the United Arab Emirates and Brazil. However, the respondents managed a total of $2.85 trillion in assets.
It is also worth noting that the study found a high level of confidence in the long-term trend of the cryptocurrency. According to Asset Manager, 23% of respondents believe that the value of BTC will exceed $30,000 by the end of 2023.
Furthermore, 65% of institutional investors believe that bitcoin will eventually reach $100,000. Nearly a quarter believe it will take five years or more, while 58% believe it will take three to five years.
As a result, these positive predictions were seen as one of the major factors affecting BTC price and restoring investor confidence in Bitcoin.
bitcoin price
to date, current Bitcoin Price is around $$23,672; Its 24-hour trading volume is around $26 billion. According to Coinmarketcap, it has a market cap of $456 billion and ranks first.
BTC/USD price broke the triple top $23,400 level on the 4-hour time frame and it now has a potential to move higher towards $24,066. If the price breaks out of $24,066, it is likely to increase towards $25,150.
In bitcoin, the breakout of a symmetrical triangle pattern typically triggers an uptrend. As a result, we can expect the BTC price to continue to rise.
On the downside, an immediate support for bitcoin remains at $23,350, and a breakdown of this level could spark a selling trend towards $22.800 or $22,350.
ethereum price
This time, Ethereum It is trading at $1,629 with an increase of 2.25% in the last 24-hours and a trading volume of $8.1 billion. It is currently ranked second on Coinmarketcap with a market capitalization of $199 billion.
Since the breakout of a symmetrical triangle pattern, Ethereum is correcting higher and it now seems likely to find immediate support near the $1,620 level. On the downside, support exists at $1,560, and a break below this level could take ETH towards $1,500.
On the upside, an immediate resistance for Ethereum is near the $1,660 or $1,680 levels. A bullish break above the $1,680 level could send ETH towards the $1,745 mark.
bitcoin options
Cryptonews Industry Talk evaluates the top 15 cryptocurrencies for 2023. If you are looking for a more promising investment opportunity, there are other options to consider.
Every week, new altcoins and ICO projects are added to the list.
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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