This week has been a landmark one for cryptocurrencies, with Bitcoin and Ethereum posting double-digit gains. The two largest digital assets by market capitalization are both up more than 20%, and the trend is likely to continue as they continue to consolidate before the next rally.
FTX, a major failed cryptocurrency exchange, managed to recover more than $5 billion in assets, according to a lawyer involved in the case. However, the amount of losses suffered by customers due to the bankruptcy of Sam Bankman-Fried’s business is not yet known.
Just a year ago, the company was estimated to be worth $32 billion, but it recently filed for bankruptcy protection in November. Prosecutors suspect Bankman-Fried of being behind an “epic” fraud that could have cost billions of dollars to investors, customers and creditors.
Bitcoin funding rates hit 14-month high: What does this mean?
Bitcoin funding rates have reached a 14-month high, indicating increased demand for the cryptocurrency. This increase in demand is likely due to increased interest from institutional investors as well as retail investors.
Recently, Maartun, a well-known analyst of cryptocurrency analytics platform Crypto Quant, reported that Bitcoin funding rates have reached a 14-month high. According to a Crypto Quant contributor, when funding rates are too high, Bitcoin tends to fall in price. This is a common pattern in the market.
Traders who take a long or short position may receive regular payments in the form of financing rates based on the difference between the standing contract market and spot prices.
This payment system is designed to keep the price of perpetual contracts close to the spot price of Bitcoin. In fact, it ensures that prices remain consistent for traders dealing with this type of contract.
Bitcoin Price
The price of Bitcoin remained relatively stable on Sunday, trading between $20,500 and $21,150. With the bullish streak intact, there is hope for prices to reach $21,000 or higher – with the potential to reach the $23,000 trade target.
On the daily time frame, Bitcoin has formed a bullish candle, indicating that the uptrend may continue. It is important to monitor whether Bitcoin can cross the $21,500 resistance level, as any failure could cause its value to drop. Its quick support remains at a minimum of $20,000.
Ethereum Price
The price of Ethereum has been steadily rising in recent months, with its key support level currently set at $1,500. If the value of the cryptocurrency were to close above this price point, investors can expect its value to rise further.
Ethereum recently breached key resistance at $1,500 with a 24-hour trading volume of $14 billion. This bullish trend indicates that the ETH/USD pair is on track to break the next barrier level at $1,650.
Ethereum’s key support level is currently set at $1,500. If it closes above this price, we can expect its value to increase. If it crosses $1,650, the ETH price may rise to a new resistance of $1,700.
Thus, investors should pay attention to the ETH price and be ready to take advantage of the potential opportunities that arise.
The $1,500 support level for Ethereum offers a good opportunity to invest. If this point is broken, the price may fall to $1400. But since the trend remains positive in the short term, now may be the best time to invest with ETH.
Could these altcoins be the next big thing?
The cryptocurrency market is experiencing tremendous growth and this is leading to increased interest in alternative currencies. Early adopters have a chance to benefit from the potential earnings these coins offer.
FightOut (FGHT)
Through the FightOut platform, you can get the same service as a personal trainer, but this time you pay with FGHT tokens. Prepaid training has never been easier!
The FGHT presale was successful, attracting approximately $2.94 million in investment. All activities associated with the metaverse avatar are recorded and can be used to improve its performance.
The current rate of 60.06 FGHT per USD 1 (purchased using ETH or USDT) is projected to increase in value once the sale occurs.
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C+Charge (CCHG)
C+Charge is developing a blockchain-based EV payment program that will give EV drivers carbon credits every time they charge for the first time. C+Charge sees this as a way to level the playing field in a carbon credit market that has historically been dominated by a few large corporations.
Earning carbon credits gives C+Charge an added incentive to accelerate the already rapid transition to EVs. Analysts predict that the voluntary credit market (VCM) will reach $100 billion by 2030, with companies like C+Charge playing an important role in this expansion. The pre-sale has raised $286,394 so far.
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Meta Masters Guild (MEMAG)
Meta Masters Guild,
Meta Masters Guild, a mobile-oriented gaming guild that will create a mix of Web3 and win-win games, has launched. Its Ethereum-based games include playable NFTs and incentives that can be exchanged for the company’s native token, MEMAG, which can then be staked and sold.
It will be released in seven phases, the first of which will offer one MEMAG for $0.007. Even before MEMAG goes public, that price will eventually rise to $0.023, giving early investors a 228.5% upside.
When the platform’s debut game (Meta Kart Racers) is released in the second quarter of this year, Meta Masters Guild is expected to grow rapidly. In addition, if the global economy and market improves, the local coin can gain significantly.
Everyone has only 4 days and 23 hours to invest before the price increases!
So far, only 218,976 USDT have been raised of the $490,000 goal – don’t miss this opportunity!
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