Bitcoin other Ethereum are continuing their long-term growth, extending beyond $21,500 and $1,500, respectively. As a result of their success, the total market value of cryptocurrencies has now surpassed the incredible milestone of $1 trillion.
Since the start of the year, there has been an immense surge in the crypto markets—especially Bitcoin, which has seen its value soar by over 30% over the past few days.
Total Crypto MarketCap valid breakout of the descending triangle pattern on the daily timeframe, this indicates that Bitcoin and the majority of Alt coins could continue their rise further to 1,324T#Bitcoin #BTC #crypto #Binance #Ethereum #ETH #XRP #ETC # Airdrop #Sol pic.twitter.com/eGyXxDmeYS
— Crypto.Id (@Cryptoiku) January 16, 2023
Meanwhile, the second-largest cryptocurrency, Ethereum (ETH), has also been on the rise and is gaining significant traction. The upcoming “Shanghai Hard Fork” for Ethereum, which will open up access to tokens that have been locked and impassable for months, was seen as one of the key factors that have been supporting the Ethereum (ETH) price rally.
All eyes are on @Ethereum’s next major upgrade which is expected to take place in March.
Crypto analysts are sharpening their pencils to figure out how $ETH might trade through the “Shanghai hard fork.” https://t.co/iorsxWhMJM
— CoinDesk (@CoinDesk) January 16, 2023
It is also worth noting that the ETH stake reached a significant milestone before the Shanghai upgrade. Ethereum had 500,000 validators, and the total amount of ETH staked had reached 16 million.
#Ethereum just hit 500k validators & 16,000,000 $ETH staked!!! pic.twitter.com/IyBnPsAtzz
— Altcoin Daily (@AltcoinDailyio) January 16, 2023
Although there is currently a modest downward trend in the price, it is expected to recover shortly. The price of bitcoin has continued to rise as the Fed’s interest rate discussions are anticipated to set the stage for Bitcoin to continue increasing and outperforming other asset classes.
Experts predict Bitcoin will outperform all other assets in the second half of 2023.
The Fed has won its war against inflation and needs to end its interest rate increases, says JPMorgan Asset Management’s investment chief.
— Ajay Bagga (@Ajay_Bagga) January 15, 2023
On the negative side, the price rally in Bitcoin (BTC) could be short-lived if miners sell off their large holdings on the market. It is worth noting that the market is currently facing some selling pressure due to the difficulty of bitcoin mining.
This was witnessed after the indicator “Miners’ Position Index,” which measures the difference between miner outflows and the 365-day moving average of the same, rose sharply. This might put tremendous selling pressure on the market.
BREAKING: #Bitcoin miners return from winter storms. #Bitcoin mining difficulty rose to all time high. pic.twitter.com/Y0FnvGH03F
— Carl ₿ MENGER ⚡️ (@CarlBMenger) January 16, 2023
Bitcoin’s current price is $20,871 and its 24-hour trading volume stands at $23 billion with an increase of nearly 1% in the same period. Likewise, Ethereum’s price is currently at $1,541 and its 24-hour trading volume is at $7 billion with a slight gain of 0.05%.
Latest Increase in Bitcoin Mining Difficulty
The recent bullish rally in Bitcoin prices appears to be fading as the mining difficulty on the Bitcoin network reaches an all-time high. Bitcoin’s mining difficulty increased by 10% to 37.73 trillion at block height 772,128. The network is now experiencing the highest level of difficulties.
This means that on average, it takes 37.73 trillion hashes, or tries to find a valid bitcoin block reward and add it to the blockchain.
Bitcoin mining difficulty increases by 10% up to a new ATH as miners return #ETH #BTC pic.twitter.com/fookbOwcNM
— MetaCVX (@MetaversoXRP) January 16, 2023
Finding a BTC block is extremely challenging because the difficulty was about 34.09 trillion last week and reached an all-time high (ATH) of 37.73 trillion this weekend. Bitcoin’s price has increased roughly 30% in the last few days, which is great news for miners.
However, the more than 10% rise in difficulty in Bitcoin mining was viewed as one of the primary factors that kept any further gains in Bitcoin prices in check.
On the other side, the miners are liquidating their large market holdings, which might stop the uptrend in the price of Bitcoin (BTC). It is worth noting that the primary indicator relevant to this situation is the “Miners’ Position Index” (MPI), which measures the difference between miner outflows and the 365-day moving average of the same.
⛏️#Miners may be putting selling pressure on the market currently.#Bitcoin #MPI recently hit a value of 4, the highest since April of last year, suggesting miners are taking out more coins than usual, potentially putting selling pressure on the market. pic.twitter.com/00l1o5csEe
— Satoshi Club (@esatoshiclub) January 16, 2023
However, the Market Price Index (MPI) for Bitcoin has just increased dramatically. It just surpassed a value of around 4, which is the highest level the indicator has experienced since April 2022. It indicates that miners are extracting far more coins than usual, which may be exerting selling pressure on the market.
Ethereum Shanghai upgrade
The ETH staked passed a significant barrier before the Shanghai upgrade. Ethereum had 500,000 validators, while the total amount of ETH staked had reached 16 million. Although the recent rebound in cryptocurrencies led to an increase in the price of ETH,
The price of Ethereum (ETH) has been moving upward rapidly, and the Ethereum community is anticipating the Shanghai upgrade, which will likely have a further positive impact on the price of Ethereum (ETH). Ethereum that has been staked will be available for withdrawals as a result of the update.
The amount of ETH staked and the quantity of active Ethereum validators both reached significant milestones on Monday.
Could These Alternative Cryptocurrencies Be The Next Big Thing?
Cryptocurrencies have been drawing a lot of attention in recent times due to their dramatic hikes. This has led to higher interest in these alternate forms of money and given investors greater chances to make higher returns.
Meta Masters Guild (MEMAG)
If you’re a fan of playing games on your phone, you won’t want to miss the Meta Masters Guild Presale. This Ethereum-based gaming guild offers a unique mix of Web3 and play-to-earn games, using tokenized NFTs. You may use MEMAG, their native cryptocurrency, as compensation for staking and selling.
The token’s remarkable success was shown when more than $50,000 was raised in the first 24 hours of the presale, showing that many people have acknowledged its potential. This indicates that this coin offers promising results. Their MEMAG coin presale has seen great success, with over $300,000 already raised.
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Fight Out (FGHT)
Fight Out is a move-to-earn crypto project that provides customers with a wide range of workouts and fitness challenges, such as boxing, weightlifting, and yoga. Furthermore, the project rewards users for their efforts.
Users of Fight Out can choose their favorite training method and receive video lessons with exercises that they can practice whenever and wherever they choose. Therefore, Fight Out rewards and encourages you to take steps forward in your physical activity. Despite having started its token presale only a month ago, the FGHT token has already achieved tremendous success.
Currently, one FGHT token is selling for $0.0166, resulting in nearly $2.9 million generated since December.
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C+Charge (CCHG) is an ESG-focused peer-to-peer payment network for electric vehicle (EV) charging stations. It runs on BNB Chain, which promises to democratize access to carbon credits using blockchain technology and cryptocurrency. EV owners will pay to charge their vehicles using CCHG within its network.
C+Charge also wants to give consumers NFT-based carbon credits for charging their EVs at its stations. It is also worth noting that the network has already established partnerships with Flowcarbon and Perfect Solutions Turkey, expanding its network to include 20% of Turkey’s EV chargers.
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Calvaria is an innovative P2E battle card game with exciting features, which makes it one of the greatest cryptocurrencies for novice investors. In addition to the paid platform, they have made a primary one that is free to use for learning, training, and improving skills.
Calvaria is currently in the final and fifth round of its token sale, with a total of $2.7 million raised thus far. Approximately 11% of the RIA coins are available, with the remainder sold. The token is scheduled to debut on platforms, including LBANK Exchange and BKEX Global, in the next few weeks.
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Meta Masters Guild – Next Big Crypto Game
- Backed by Leading Game Studios
- Early Round Presale Live Now
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- Playable NFTs, rewards, staking
- Solid Proof & CoinSniper Audited
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Author: Arslan Butt
Arslan is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. Arslan holds an MBA in Finance, and an MPhil in Behavioral Finance.
Arslan brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and …
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