Thursday, June 8, 2023
HomeEthereumTechnical analysis of Bitcoin and Ethereum

Technical analysis of Bitcoin and Ethereum

of cryptocurrency market The Fear&Greed Index hits 55 points and is experiencing a very positive moment, the first ‘greed’ signal since April 2022.

Less than a month after reaching $797 billion at the end of 2022, the cryptocurrency market capitalization has recovered by more than 30% to around $1.5 trillion today.

Most of the credit for this increase was Bitcoinsurpassed $23,000, recovering the August 2021 price and wiping out the decline caused by the FTX crisis.

ethereumMeanwhile, has returned to its early November 2022 high of $1,600, holding an 18% market share.

Altcoins have also performed well, with some of the major and most famous such as Solana (SOL) and Decentraland (MANA) each up more than 120% month-to-date. Over the past week, the top 50 cryptocurrencies by market capitalization have all closed profitably.

Notably, if Sunday night’s close confirms the current levels, it will be Bitcoin’s fourth consecutive weekly close, an event that hasn’t happened since August 2021.

Also worth noting is the rise of XRP, a cryptocurrency launched in 2012. XRP has recovered 20% since the beginning of the year and is now priced at over $0.40 per token, rising to 6th place overall in cryptocurrency rankings.

However, Ripple Labs, the company behind XRP, legal dispute A final ruling with the US SEC challenging the XRP token as a security is expected to be published in the coming weeks.

at the end, Aptos (APT) Token deserves a mention, which shows triple-digit gains week-to-week, up over 400% year-to-date, and holds the top spot among the best month-to-month gains. The Aptos blockchain was created in 2021 by a team of former developers from the Diem project (a payment system devised by Facebook in his 2019). The team decided to leverage their experience in building decentralized and easily scalable payment networks.

Last week, the APT price crossed $20 for the first time. His APT was priced at $3.4 per token at the start of January 1st.

Bitcoin (BTC)

Despite slowing growth, BTC price Well above $22,500. A signal of a possible consolidation that should find confirmation by early next week.

If confirmed, the current level will be the basis for valid support that will be stored for the next few weeks, waiting to see the historical resistance level of $25,500 again.

Otherwise, the drop should not fall below $20,500 to avoid spoiling a good start to the year.

Ethereum (ETH)

The Altcoin Queen has been unable to keep up with BTC and has stumbled below $1,600 in recent hours.

It is important that ETH survives the weekend unscathed above $1,500. Otherwise, the bullish technical structure that started in early January will deteriorate.

Holding above $1,500 this week could be the starting point for overcoming recent highs and the $1,680 resistance coinciding with early November.


- Advertisment -
Google search engine

Most Popular

Recent Comments