Bitcoin Price and Ethereum Prediction: BTC and ETH Experience Over 20% Surge in Seven Days: Can the Rally Continue?
When the entire market value of all cryptocurrencies surpassed $1.17 trillion, suggesting strong momentum in the cryptocurrency industry and boosting BTC gains, Bitcoin, the largest cryptocurrency in the world, continued its upward climb and drew fresh offers around the $28,000 mark.
This pattern correlates with difficulties faced by certain significant US banks, which has reignited debates over the value of digital currency.
Similar to Bitcoin, Ethereum has maintained its bullish trajectory and is currently trading well above $1,800. Significant gains have also been made by other cryptocurrencies like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL).
According to this, Bitcoin’s value will have increased by $194 billion, or 66%, by 2023.
But, growing concerns about a global financial crisis led investors to look for alternate forms of currency, like Bitcoin, to protect their holdings.
Cryptocurrency Market Reaches $1.17 Trillion Amid US Banking Crisis
The value of the global cryptocurrency market has risen steadily and now exceeds $1.17 trillion. One of the main drivers of the cryptocurrency’s increasing trend is thought to be the continuing crisis in the US banking industry, which emphasises the value of digital assets.
Those looking for new investing alternatives are drawn to the expanding global bitcoin market.
The recent banking crises have brought to light the value of digital assets, and since Bitcoin is setting the bar, it has become a cutting-edge and exciting investment opportunity that is projected to draw more investors.
US Banking Crisis May Send Bitcoin to $1M in 90 Days, Predicts Former Coinbase CTO
US banks have been experiencing difficulties, which has caused a drop in their value, as is well documented. Following the recent closure of Silvergate and the government’s seizure of Signature Bank and Silicon Valley Bank, this occurred. UBS Group purchased Credit Suisse for $2 billion in Europe to help Switzerland preserve its financial stability.
More people are attracted to cryptocurrencies as the financial crisis emphasises the significance of digital assets. The current financial crisis in the US is also considered to be a major factor in the increasing trend of the cryptocurrency, making it more desirable than other currencies.
In the event of a global banking crisis, according to former CTO of Coinbase Balaji Srinivasan, the price of Bitcoin could reach $1 million in less than ninety days. He predicts that a banking crisis in the US will lead to a hyperinflationary scenario, driving up the price of Bitcoin over the next few days.
On Monday, the BTC/USD pair pushed through the $27,750 resistance barrier to continue its ascent. It might perhaps rise as high as $30,700 if this bullish trend keeps up.
But if the $26,700 or $25,200 support levels don’t hold, Bitcoin’s next support level is $23,150. While bullish engulfing candles have formed, the overall trend is still strong despite probable falls.
Although the ETH/USD pair is showing a bullish bias on Monday, it is not as bullishly trending as Bitcoin. Currently, Ethereum is battling to surpass the $1,800 mark. If the ETH/USD pair succeeds in breaking through this barrier, it will probably encounter immediate resistance at the $1,900 level.
Our team of experienced analysts and traders has been keeping a close eye on the latest trends and developments in the market, particularly the movements of Bitcoin and Ethereum prices. With our comprehensive research and analysis, we have developed accurate predictions on where these popular cryptocurrencies are headed.
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