Two of the world’s most popular digital currencies, Bitcoin (BTC) and Ethereum (ETH), have maintained a long-term uptrend and have crossed highs of $21,000 and $1,500, respectively. The mining difficulty of the Bitcoin network has recently reached an all-time high, making it difficult for miners to make a profit.
This increase in difficulty can affect the price of Bitcoin and Ethereum, as it can affect the profitability of mining these digital coins.
For the first time since the FTX crash in November 2020, the total market capitalization of all cryptocurrencies increased over $1 trillion over the weekend. This is an impressive milestone and a good indicator of how far digital currencies have come.
The cryptocurrency market has had a great year so far, with most major coins seeing dramatic increases in value. Other digital currencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are all doing well.
What Backs Bitcoin and Ethereum?
While there are reports of improving macroeconomic conditions, this may not be the only factor driving Bitcoin prices higher. However, two of the world’s most popular digital currencies, Bitcoin (BTC) and Ethereum, have been supported by a rising stock market, low inflation and low interest rates.
The Consumer Price Index (CPI) shows that inflation is slowing, so the market expects the Federal Reserve to slow the rate of interest rate hikes.
The fact that US central banks have successfully reduced inflation by preventing the economy from entering recession is clear evidence that the bulls are back in the market. Current market momentum is expected to continue if macroeconomic conditions remain favorable.
Shanghai hard hook
In addition, the upcoming “Shanghai Hard Fork” for Ethereum, which will provide access to tokens that have been locked and inaccessible for months, has been hailed as good news. The Shanghai update for Ethereum (ETH) is scheduled to go live in March.
US Dollar Falls, Cryptocurrencies Rise
The broad-based U.S. dollar failed to halt its slide, falling to a more than seven-month low a day after December inflation was revealed to have fallen for the first time in two-and-a-half years, bolstering hopes for smaller interest rates. Increases by the Federal Reserve.
The depreciation of the US dollar has significantly increased the attractiveness of cryptocurrencies and other digital currencies. This has made them more desirable for investors and people looking for alternative investment options.
The price of Bitcoin rose to $21,150 on Monday. Its immediate resistance is at $21,350, and a rise above it could take the price to $22,850.
Additionally, Bitcoin may face additional resistance near the $24,500 level. The formation of “Three White Soldiers” indicates the possibility of continuation of the upward trend. On the downside, Bitcoin may find immediate support near the $21,000 or $20,500 level.
The RSI and MACD indicators also suggest a bullish trend, so consider looking for a buying opportunity if the double top resistance level of $21,350 is breached today.
The value of Ethereum has been rising in recent times, and the main support point is marked at the level of $ 1500. A daily candle close above the $1,500 level points its price towards the next $1,660 resistance area.
Like Bitcoin, Ethereum formed a “three white soldiers” and a bullish candle after breaking upwards from a symmetrical triangle pattern. All these technical indicators indicate a strong bullish trend among investors.
Therefore, consider taking a trade above $1,525 with a target of $1,650.
Could these altcoins be the next big thing?
Cryptocurrencies are massively popular due to the huge growth they have experienced. This led to a surge in interest in these alternative forms of currency, and early investors had the opportunity to make huge returns on their investment.
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C+Charge is developing a blockchain-based EV payment platform that will give EV drivers carbon credits the first time they charge. This could help level the playing field in the carbon credit market, which has long been dominated by a few large companies.
With the ability to earn carbon credits, C+Charge is more motivated than ever to push electric vehicles further and faster. This added incentive helps them move towards a greener future.
Analysts predict that the voluntary credit market (VCM) will reach an incredible $100 billion by 2030. C+Charge is already participating in this expansion and has raised $290,795 in pre-sale.
Meta Masters Guild (MEMAG)
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