cryptocurrency market There have been many ups and downs in the recent past, but now things are looking positive. This trend can be attributed to the improving global economy and low rates of inflation.
Bitcoin, one of the most well-known cryptocurrencies, has gained significant traction recently, surpassing the $29,000 mark for the first time since June 2021.
This year, the world’s largest cryptocurrency BTC has seen an increase of almost 70%.
Meanwhile, the world’s second-largest cryptocurrency, Ethereum, has hit a level of $1,858, its highest level since August 2022. Ethereum is up more than 9.8% this month and almost 50% this year.
Elon Musk’s Twitter Update Boosts Dogecoin
Dogecoin (DOGE) has once again experienced a surge in value, thanks to Update on Elon Musk’s Twitter Profile, The tech billionaire changed his profile picture to a Shiba Inu, the breed of dog that inspired the creation of the meme-based cryptocurrency.
As a result, the price of DOGE increased by 35%, causing a stir in the crypto community.
This is not the first time that Musk has influenced the price of DOGE through his social media activity, with his tweets and comments about the digital asset often causing significant price movements.
Bitcoin sees positive growth amid banking crisis and low interest rates
The cryptocurrency market has been performing well lately, and many people are bullish about it. Bitcoin, the most valuable cryptocurrency, has gained nearly 70% this year and is currently valued at over $28,000.
It saw an increase of nearly 20% in March, which is the biggest increase since January 2023. As of now, the global crypto market capitalization is $1.17 trillion, up 1.09% in the last 24 hours.
However, the current boom in the cryptocurrency market can be attributed to the ongoing banking crisis, which has caused the Federal Reserve to hold back on rate hikes.
When interest rates are high, investors tend to avoid riskier assets like cryptocurrencies. However, with falling interest rates, more people are considering investing in bitcoin.
In general, investors turn to alternatives such as cryptocurrencies during times of financial uncertainty or volatility in traditional banking to ensure their financial security and stability.
It provides an alternative to the traditional banking system for the people to maintain their financial independence.
Ethereum’s Shanghai Upgrade
Ethereum is switching to a new Proof of Stake mechanism, which will make the network more secure, faster and able to process more transactions. upgrade is called shanghai upgrade And it will change the way Ethereum users verify transactions, from using a lot of electricity to using Ethereum users’ hold.
Thus, it will be better for the environment and makes it easier for individuals to use Ethereum. Therefore, this should help ETH gain more traction.
Bitcoin Investors Cautious – Eyes on Economic Indicators and Macro Factors
This week, investors are paying close attention to US economic releases, with non-farm payrolls data the main focus. Traders are looking for any signs of labor-market weakness that could affect Federal Reserve policy.
These incoming data are prompting traders to avoid aggressive bids. Meanwhile, inflation, financial instability and regulatory changes can all have an impact on the bitcoin market and cause major price fluctuations.
bitcoin price
Bitcoin price is experiencing a downside correction from the $28,800 area. If there is a definite move below the $27,500 support, BTC could see an increase in bearish momentum. The cryptocurrency managed to climb above the $28,500 resistance but struggled to accelerate towards the $28,800 and $29,000 levels.
An immediate resistance is located near the $27,820 level and the 23.6% Fib retracement level of the downside move from the $28,595 swing high to $27,578 low. The next major resistance is near the $28,100 area and the trend line near the 50% Fib retracement level of the downside move from the $28,595 swing high to $27,578 low.
If bitcoin price cannot overcome the $28,100 resistance, it could start another decline. There is an immediate downside bias near the $27,600 area. The next major support is near the $27,500 area. If the price breaks below the $27,500 support, it could trigger a fresh decline. The next major support is near the $27,000, below which the price could test the $26,600 level.
ethereum price
Ethereum price remained strong above the $1,750 support area. ETH climbed up and tried to break the $1,840 resistance area, but unlike bitcoin, it failed to manage a clear move above $1,840.
The price reached as high as $1,828 before experiencing a downside correction. While there was a decline below the $1,800 level, the price remained above the $1,750 support area. A bottom was formed near $1,762, and the price is now correcting higher.
If Ethereum fails to overcome the $1,825 resistance, it could start a downside correction. On the downside, the first support is near the $1,785 level and the trend line.
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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