the the cryptocurrency market has increased by 4% in the last 24 hours, Prices moved higher in response to the release of positive US inflation data today. At $920 billion, the total market cap is up 7.5% in the past week and 3.8% in the past 30 days, buoyed by the arrival of stronger and more positive sentiment about the direction of the US economy (and global).
US CPI data for December shows a further drop in inflation (from 7.1% in November to 6.5%), then there is a growing expectation that the worst macroeconomic recession of 2022 has passed. And since interest rates are likely to follow inflation, 2023 could see even bigger rallies than today, especially for the cryptocurrencies listed below.
BTC (BTC)
the BTC is currently up over 4% in the past 24 hours, after hovering around the $18,000 level overnight. At $18,105, it’s also up 7.6% in a week, 10% in two weeks and 5% in a month, though it remains 73% below its all-time high of $69,044 set in November 2021.
The BTC chart reveals a sharp increase in momentum as indicated his relative strength index (purple), which has been above 70 for about a day. This signals substantial buying pressure, and while some might argue that a score above 70 means BTC is now overbought compared to recent moves, the fact that its 30-day average (red) is lower than its 200-day average days (blue) suggests otherwise.
More fundamentally, If there is one cryptocurrency that will benefit from improving macro conditions and a rebound to the upside, it’s bitcoin. As the largest cryptocurrency by market capitalization, it is likely to attract the most outside investment, especially from institutions.
Indeed, even with the bear market of 2022, banks and other financial institutions set the stage for another bull market (with around three-quarters of institutions planning to invest in cryptocurrencies in the future). BNY Mellon and N26 have launched cryptocurrency-related services in recent months, joining the growing ranks of banks with some form of presence in the digital assets space.
This will make cryptocurrency investments more accessible to traditional investors, and institutions in general still prefer bitcoin over anything else. And for this bitcoin is poised to go higher if conditions continue to improve.
Ethereum (ETH)
ETH is up 4.5% today, with its current price of $1,387 marking a 10% jump in the last week and an 8.5% increase in one month. Of course, just like BTC, ETH is also down 72% from its ATH of $4,878, reached in November 2021.
ETH appears to be on course for a breakout rally given the combination of a rising RSI and a 30-day average that it needs to regain ground in its 200-day run.
Indeed, many analysts have been predicting a major ETH rally for months, and for some, ETH is expected to rise more aggressively than BTC this year. That’s the view of Bloomberg’s Mike McGlone, who recently tweeted that the ETH to BTC price ratio has more or less increased since the start of 2021, during the last bull market.
McGlone expects this trend to continue as the cryptocurrency market (and the global economy) turns more bullish again, which already appears to be the case. And while his point of view may be controversial for some, ETH definitely has the foundation for big rallies this year.
First of all, the September merger put Ethereum on the path to greater scalability and efficiency, while its move to proof of interest (along with other updates) now means it is very close to going deflationary. As the tweet below from Velvet Capital points out, periods of increased network activity will cause deflation, which will drive up its price.
Furthermore, Ethereum is already the largest tier 1 blockchain by total value locked, accounting for around 60% of the entire DeFi industry. And with new updates on the horizon, this can only increase in the future.
Avalanche (AVAX)
AVAX is now one of the 100 best performing cryptocurrencies, with a 20% jump in 24 hours. At $14.97, it also rose 24% in a week and 15% in a month.
The RSI of AVAX is showing a sudden increase in buying pressure, and there is a simple reason for this: Avalanche has announced a partnership with Amazon Web Services. This means that AWS will use the Avalanche protocol to develop enterprise blockchain solutions for businesses and governments.
This could lead to mass adoption and use of Avalanche, as well as AVAX. When you combine this with the fact that AVAX has been oversold and undervalued for so long, the altcoin could see a dramatic rally this year.
In fact, Avalanche remains the fourth largest tier 1 blockchain network by total value blocked, and is also younger than the previous three platforms (Ethereum, BNB Chain, and Tron). It was put into service at the end of 2020 and has therefore not yet had the opportunity to develop.
Lido DAO (LDO)
At $1.91, LDO was up 7% over the past 24 hours and 39% over the past week. Surprisingly, it’s also up 100% in two weeks and 80% in the past 30 days, while up 340% since hitting an all-time low of $0.406150 in June 2022.
LDO has been doing well since it emerged Lido DAO Was the Largest Dapp in the Cryptocurrency Ecosystem, Surpassing MakerDAO in Total Value Locked. The two apps have traded places since then, but Lido’s finishing at the top underscores the importance it will have now that Ethereum has moved to a proof-of-stake consensus mechanism.
As the largest staking service for Ethereum, Lido has seen increasing usage since September, with its governance token LDO benefitting.
At the same time, Ethereum developers have confirmed that stakers will be able to withdraw their staked ETH from March. This situation has also helped to increase interest in Lido DAO and LDO in recent weeks, and it is expected to continue throughout 2023.
Guild of Metamasters (MEMAG)
While it only opened its presale yesterday, Meta Masters Guild has relaunched over $70,000 in the first 24 hours. This is an impressive achievement for the new cryptocurrency gaming platform, which will be used to develop a growing range of Web3 games and winnable games when it launches its first game (Meta Kart Racers) in the third quarter of the year.
The MEMAG token sale will take place in seven phases, with the first – and current – offering 1 MEMAG for $0.007. This price will increase by 42% next week and gradually climb to $0.023 in the seventh stage, meaning that early investors will benefit from a 228.5% upside before the coin even goes public.
Investors can participate in the sale by visiting the official Meta Masters Guild website and linking their Wallet Connect or MetaMask wallets. And how the platform already has more than 22,000 Twitter followersit is likely that many more will join her.
Fight (FGHT)
Based on the Ethereum blockchain, Fight Out (FGHT) is a platform that aims to advance the movement industry for money by mixing real-life workouts with Web3 and the metaverse. It will track and reward a much wider range of activities than previous M2E platforms, offering boxing, weightlifting and yoga workouts. The project offers a variety of in-app and IRL classes in their own branded gyms.
Its token sale started in December and has already been raised more than $2.8 million. One FGHT token is currently on sale for $0.0166. The sale is expected to close in Q2 2023, when the app is expected to launch.
C+Load (CCHG)
Leveraging the growing environmental awareness of the cryptocurrency industry, C+Load (CCHG) is a peer-to-peer payment network for electric vehicle (EV) charging stations.. Running on the BNB chain, its main focus is on using blockchain and cryptocurrencies to expand access to carbon credits, with its native CCHG intended for use within its network by EV owners to pay for charging of their vehicles.
C+Charge will also reward users with NFT-based carbon credits to recharge their electric vehicles at its stations, encouraging people to go green. The company has also already signed partnerships with Flow Carbon and with Perfect Solutions Turkey, adding 20% of EV chargers in Turkey to its network.
Its token sale began in December, with 1 CCHG available for $0.013. This price is expected to increase soon, so interested parties are advised to act quickly.