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Bitcoin (BTC), potentially the most popular cryptocurrency in the world, maintained its winning run and gained some significant traction toward the $28,500 mark. Meanwhile, Ethereum (ETH), the second largest cryptocurrency, extended its upward direction and reached an eight-month high of $1,900 mark.
However, the continuous bullish rally in the crypto market was mainly influenced by ongoing liquidity issues in the financial sector, which have the potential to impact both traditional and digital asset markets.
Investors will watch for any instability or volatility in this sector since it might impact the rest of the financial system.
On the other side, Ethereum’s upcoming Shanghai upgrade, scheduled for April 12, was seen as another key factor that led to a general rise in the crypto market.
Thereby, many investors are keenly analyzing Ethereum’s performance in the run-up to the upgrade, hoping that it will stimulate development in the entire crypto market.
Investors seem to be hopeful about the cryptocurrency market in April, as historical statistics show that the month has been fruitful for cryptocurrencies such as Bitcoin and Ethereum, with recent increases and rising popularity in the crypto industry.
It is worth recalling that Bitcoin has already gained 23% in March and is up 67% year to date. This is why, investors remain bullish on the prospect of fresh all-time highs in the coming weeks.
Bitcoin Drew Bids Despite Decline in US Job Vacancies
Bitcoin has been on the rise, experiencing a significant surge lately, even amid Tuesday’s larger-than-expected decline in US job vacancies. However, the recent decrease in US job openings may suggest an easing in labor market conditions, which could potentially limit gains in the Bitcoin price rally.
According to the monthly Job Openings and Labor Turnover Survey (JOLTS), US job openings fell by 632,000 to 9.9 million in February, reaching the lowest level since May 2021.
This decline in job openings follows a reduction of 1.3 million in the first two months of 2023. Economists had previously predicted 10.4 million job openings, signaling a larger-than-expected drop.
Consequently, these data figures suggest a tightening labor market, likely impacting the broader economic outlook and investor sentiment, particularly in cryptocurrency.
Crypto Market Rally Persists – Awaiting Nonfarm Payroll Data
The global cryptocurrency market has sustained its bullish rally, with a market cap of $1.20 trillion at the time of writing, reflecting a 1.09 percent increase over 24 hours. Consequently, Ethereum (ETH) surpassed the $1,900 mark, reaching an eight-month high early Wednesday.
Meanwhile, BTC has remained stable around the $28,000 level. In addition, several significant cryptocurrencies posted gains across the board, including Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL).
Since most cryptocurrencies performed well in March, investors are optimistic about the market in April, as historical data indicates that April has typically been a good month for Bitcoin (BTC) and Ethereum (ETH).
However, ongoing liquidity issues in the financial sector could impact digital asset markets, and investors will closely watch for instability or volatility. This could potentially have effects on the broader financial ecosystem.
Bitcoin Holdings by Digital Asset Managers Show Resilience Despite Bank Failures.
BTC holdings by digital asset managers, including trusts and exchange-traded products, initially fell in early March following the collapse of major banks. Afterward, these managers have added almost 4,000 BTC to their holdings, totaling over 692,000 BTC as of April 2.
Hence, this indicates that investor interest in Cryptocurrency has regained, since these managers are growing their holdings despite recent bank failures.
Thereby, the increased BTC holdings by digital asset managers may signal greater trust in the cryptocurrency and may influence broader market sentiment, ultimately contributing to positive price momentum for BTC.
Bitcoin Price
The current Bitcoin price is $28,500, with a 24-hour trading volume of $16.6 billion. Bitcoin has experienced a nearly 2.5% increase over the past 24 hours. According to technical analysis, the BTC/USD pair is presently bullish. However, it might face resistance when it approaches the $28,950 level.
If Bitcoin succeeds in breaking through the resistance level of $28,950, its value could potentially rise to $29,250 or even $30,500.
Conversely, should a bearish trend emerge, significant support is expected at the $26,500 and $25,500 levels.
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Ethereum Price
At the moment, the current price of Ethereum stands at $1,909.55, with a 24-hour trading volume of $11.6 billion. Ethereum has seen a nearly 6% increase over the past 24 hours.
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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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