Bitcoin has it recently crossed the $23,000 mark for the first time in five months and shows a price of $23,100, up 1.6% from yesterday. Meanwhile, Ethereum, rating $1,637, up 0.2% in 24 hours.
The reason for this bullish trend, however, could be attributed to institutional investors, who are increasing their holdings in anticipation of the next long-lasting bull run.
It’s also worth noting that the percentage of Bitcoin holders now making short-term gains has risen to 97.5%, its highest level since last November. Long-term BTC holders, on the other hand, have benefited from the recent Bitcoin rally.
In addition to this, investors have ignored the numerous problems facing the cryptocurrency sector, such as the recent filing for Chapter 11 bankruptcy protection by Genesis Global Holdco LLC.
A positive trend pushing Bitcoin and Ethereum to new highs
the global cryptocurrency market it has maintained its uptrend and is currently flashing green close to $1.06 trillion. This comes after bitcoin, the world’s most valuable cryptocurrency, broke the $23,000 barrier for the first time in five months, indicating that the cryptocurrency market is entering a new era. .
However, institutional investors, who are increasing their holdings in anticipation of the next bull run, are the main drivers behind the growing demand for BTC.
Bitcoin, the world’s largest digital asset, offers an unusually bullish mood for its investors afterwards increased by more than 36% this month. But the next big turning point in the cryptocurrency market could come at the next Fed meeting next month.
How the bearish US dollar is supporting the rise of Bitcoin
The depreciation of the dollar The American is another factor that supports the price of the cryptocurrency. The US dollar remained on the defensive on Tuesday, hitting a nine-month low against the euro and bringing back recent gains against the yen as traders continued to assess the likelihood of a US recession and the direction of Federal policy Reserve.
The US dollar index, which compares the greenback against a basket of six rival currencies such as the euro and the yen, it fell 0.09% to 101.92, closing a 7.5-month low of 101.51 set on Wednesday.
It should be clear that when the dollar is less attractive, some investors turn away from it and put their money into other assets, such as cryptocurrencies, driving up their prices.
Short-term and long-term BTC holders win big
The price of bitcoin (BTC) has soared sharply in recent weeks, generating profits for both short-term and long-term investors, according to statistics.
At the time of writing this article, the percentage of bitcoin holders making short-term profits has risen to 97.5%the highest level since November.
Long-term bitcoin holders, according to Glassnode, have also benefited from bitcoin’s rapid progress.
Gemini is reducing its workforce to adjust to the new economic reality
A Gemini spokespersona cryptocurrency exchange, he told CNBC on Monday the company would lay off nearly 10% of its total workforce. In less than a year, Gemini has seen at least three rounds of layoffs.
According to data from PitchBook, Gemini had 1,000 employees in November 2022, meaning 100 people could lose their jobs.
According to TechCrunch, Gemini previously reduced its workforce by 7% in July 2022, after a 10% reduction the previous month.
While this could be considered negative news, it has not had any negative impact on the cryptocurrency market so far.
On the other hand, the rising number of COVID-19 cases in China will impact the cryptocurrency market and could limit future gains in the price of cryptocurrencies.
The price of bitcoin
Bitcoin is currently valued at $23,100 and has a 24-hour trading volume of $27 billion. Bitcoin has gained over 1.6% in the past 24 hours. With a live market valued at $435 billion, CoinMarketCap currently ranks it as the best cryptocurrency.
Bitcoin is currently facing heavy resistance around the $23,250 level with immediate support at $22,500. If the candles break down below the $22,500 level, a bearish correction will surely start and last until the $21,500 level is reached. If Bitcoin drops below $21,500, it could drop to $20,450.
The RSI and MACD indicators are in the overbought zone, but the recent bullish engulfing candle signals thePossibility of a continuation of the uptrend. On the upside, the immediate resistance level for Bitcoin is $23,250, and a break above that level it could expose BTC to quite high levels like $23,900 and $25,150.
The price of Ethereum
The price of Ethereum is currently $1,637, with a transaction volume of $8.3 billion and growing slightly in the 24-hour period (0.2%). The ETH/USD pair found a immediate support at $1,610, and candles that close above this level should trigger a rally in Ethereum.
On the upside, ETH will encounter immediate resistance at $1,675, and a break above this level could drags ETH towards a course of $1,750.
To the downside, a break below the $1,610 handle could open the space for further selling by exposing Ethereum to a probable $1,550 level.
3 cryptocurrencies to keep an eye on during their presale
Investing in cryptocurrencies can be rewarding for investors, who will be able to collect tokens before their official release. Here are some cryptocurrencies that are making headlines these days.
Fight (FGHT)
The Fight Out Platform (FGHT) works the same way as a sports personal trainer, except that the FGHT token is the reward given for exercise periods. All activity is logged and can be used to improve your metaverse avatar’s stats. The possibility of earn FGHT tokens adds yet another incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out has been successful and has attracted investors. Thanks to its token sale, which began last week, it already has raised over $3 million. The current sale price is 60.06 FGHT for $1 (FGHT can be bought with ETH or USDT) for another 5 days and 20 hours before increasing as the sale progresses.
C+Load (CCHG)
C+Load (CCHG) is a Binance Chain-based peer-to-peer payment system for electric vehicle charging stations (VE). Its goal, which is expected to kick off in the second quarter of next year, is to increase access to carbon credits by rewarding consumers for charging their electric vehicles at its terminals.
According to forecasters, the project has potential as it will benefit from the expected significant development of the carbon credit market. Coherent Market Insights believes it the market will be worth over $2.4 trillion by 2027compared to approximately $211.5 billion in 2019.
For C+Charge, the opportunity to earn carbon credits is an additional incentive to accelerate the already rapid switch to electric vehicles. The voluntary credit market (VCM) is projected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a major role in that expansion. Until now, the presale has raised $335,000 so far.
Guild of Metamasters (MEMAG)
Today marks the start of the presale for Meta Masters Guild, a mobile-focused gaming guild which will create a blend of Web3 games and money making games. Its Ethereum-based games will include playable NFTs and redeemable incentives MEMAG, the company’s native token, which can then be staked and sold. He will available in seven stagesthe first of which now offers a MEMAG for $0.007.
Even before the IPO of MEMAG, this price will gradually rise to $0.023, a 228.5% increase for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s initial game (Meta Kart Racers) releases in the second quarter of this year.
Don’t miss this opportunity: Phase 2 of the sale has begun and MEMAG has already raised $1,000,000 out of a total of $1,120,000.
Find the best price to buy/sell cryptocurrencies
