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Bitcoin, the world’s largest cryptocurrency, halved its downward trend and regained momentum on the day. Meanwhile, Ethereum, the second-largest cryptocurrency, outperformed BTC, increasing by more than 4%.
The upward rally in the cryptocurrency market has been spurred by a variety of factors, including an increase in US consumer confidence in March, recent advancements in the cryptocurrency industry, and Bitcoin’s status as a safe-haven asset.
It is worth mentioning that consumers are losing their trust in traditional banks as a result of recent bank collapses, which was regarded as a key factor for the Bitcoin price increase.
The crypto market cap has increased by 2.56 percent to $1.16 trillion, with Bitcoin and ETH leading the charge. Notably, the CFTC has specifically focused on Ethereum by stating its support for ETH as a commodity, resulting in an upward rally of more than 4% in the recent few hours.
The head of the US CFTC recently restated his stance that Ether is a commodity, not a security, which might lead to an increase in Ether’s value.
CFTC declares Ethereum and Litecoin as commodities, like Bitcoin
The Commodities Futures Trading Commission (CFTC) has recently recognized Ethereum (ETH) and Litecoin (LTC) as commodities, in the same way that Bitcoin is. This means that Ethereum (ETH) and Litecoin (LTC) are seen as trading assets, similar to gold or oil. The CFTC issued this statement as part of an investigation into Binance, a well-known cryptocurrency exchange.
This news will have a positive impact on the BTC and ETH prices as it verifies their commodity status, which might ultimately improve their legitimacy and adoption in traditional financial markets. It may also result in enhanced regulatory supervision and institutional investor approval.
Thus, it will be interesting to see how this news affects the cryptocurrency market and whether additional cryptocurrencies will eventually be categorized as commodities or securities.
Strong Predictions On BTC Future price
Another factor that has been boosting BTC prices is recent strong predictions regarding Bitcoin’s future. It should be noted that former Coinbase technical director Balaji Srinivasan has recently bet $2 million that bitcoin would reach $1 million in value within 90 days. This suggests that the value of Bitcoin will rise sharply in the near-term future.
Meanwhile, Marshall Beard, the Chief Strategy Officer of Gemini, a cryptocurrency exchange based in America, is more concerned and showing his interest, estimating that Bitcoin will hit $100,000 this year
These forecasts are being influenced by many factors. One of them is the growing adoption of cryptocurrencies by institutional investors, which may increase demand for Bitcoin and ultimately its price.
Bitcoin Price
The current Bitcoin price is $27,550, and the 24-hour trading volume is $18 billion. Bitcoin has increased by nearly 2.5% in the previous 24 hours.
Bitcoin, the leading cryptocurrency, is trading with a strong bullish bias near the $27,500 level. In the two-hourly time frame, Bitcoin has formed a bullish engulfing candle, suggesting that buyers may dominate the market.
On the upside, Bitcoin is likely to face immediate resistance at the $28,000 level, and an additional upward breakout of this particular level can potentially lead Bitcoin’s price toward the next resistance level of $28,900.
Meanwhile, the downward trendline, which has already been violated, also supports the bullish potential for Bitcoin. Furthermore, Bitcoin’s immediate support level prevails at $26,600, and a bearish break below this particular level will likely expose Bitcoin’s price toward the $25,600 level.
Additional selling pressure under the $25,600 level could expose BTC’s price toward the $24,000 level
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Ethereum Price
In the meantime, the current price of Ethereum is $1,788.73, with a 24-hour trading volume of $8,762,886,075. In the previous 24 hours, Ethereum has gained 4.13%.
ETH/USD is trading with a strong bullish bias at the $1,790 level. On the upside, Ethereum is likely to find immediate resistance at $1,850, and a bullish breakout of the $1,850 level can expose Ethereum’s price towards the next resistance level of $1,960.
On the lower side, Ethereum’s immediate support prevails at the $1,700 level, and a bearish breakout of this particular level can potentially lead Ethereum’s price toward the next support level of $1,720.
The leading technical indicators, such as RSI and MACD, are in the buying zone; therefore, the market will most likely look for buying opportunities above the $1,760 support level. Ethereum is likely to target $1,850 right now.
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Top 15 Cryptocurrencies to Watch in 2023
Keep yourself informed about the latest ICO projects and altcoins by frequently referring to the handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, which has been suggested by the specialists at Industry Talk and Cryptonews.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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