• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

    2023-03-30

    Binance’s CZ refutes report claiming company has been hiding China ties

    2023-03-30

    $852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

    2023-03-30

    Elizabeth Warren says she’s building an anti-crypto army in new campaign

    2023-03-30

    SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets

    2023-03-30
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Bitcoin»Top Reasons Why The Crypto Market Is Rising Today
Bitcoin

Top Reasons Why The Crypto Market Is Rising Today

2023-01-09No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The crypto market witnessed a significant upside momentum on Monday, starting the week on a positive note. The global crypto market cap increased by over 3%, supported by a 100% jump in the trading volume. Traders anticipated a rebound in the coming weeks, but Bitcoin and Ethereum finally jumped over $17,000 and $1,300. Here are the top reasons supporting the crypto market rebound.

Has the Crypto Market Actually Turned Bullish?

The major reason behind the crypto market rally is a slowdown in wage growth and a contraction in services sector activity in the U.S., indicating less aggressive rate hikes by the Federal Reserve.

Moreover, Bitcoin and Ethereum prices held strongly above the key support levels despite a crucial last week. Also, crypto prices saw an upside momentum after the release of FOMC Minutes.

Several macroeconomic factors hint at slowing inflation and recovery in the global economy. The reopening of international borders by China and efforts by other central banks to ease inflation have boosted investors’ sentiment. As a result, stock markets in Asia and Europe are opening in green today.

Furthermore, the U.S. dollar index (DXY) fell lower to 103.43 in the last 24 hours, causing the Bitcoin price to rally above $17,000. However, volatility can be expected this week due to a number of turnaround events.

Financial services giants BlackRock and Morgan Stanley are indirectly boosting Bitcoin prices by increasing holdings of GBTC and crypto companies’ shares in their funds.

Crypto Analysts’ Prediction on Bitcoin and Ethereum Prices

Bitcoin price is trading at $17,210, up nearly 2% in the last 24 hours. Meanwhile, Ethereum price has soared nearly 4% in the last 24 hours, with the current price trading at $1,308.

Crypto analysts such as Michael van de Poppe have earlier pointed out that Bitcoin and Ethereum prices can rally until the next FOMC rate hike decision on February 1. Altcoins are likely to follow the rebound in the dominant cryptocurrencies. However, a slide could be seen in the next month.

According to crypto analyst CredibleCrypto, the ETH price will fall below $1,080. While $1,170 is the best level to buy Ethereum for the long term, whales expect Ethereum accumulation below $1,100. However, he also said that the ETH price may not hold below $1,170 and will rebound soon.

Also Read: Cardano (ADA) and Solana (SOL) Lead Altcoin Rally

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Crypto market Reasons Rising Today Top
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Biden Administration’s Crypto Actions Will Have Election Consequences, According to ARK Invest’s Cathie Wood

2023-03-29

SEC’s Gary Gensler seeks for more staff, resources to regulate crypto

2023-03-29

SEC charges forces crypto exchange Beaxy to close operations

2023-03-29
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Post the Terra UST fiasco, here’s how Japan plans to protect crypto investors

2022-06-03

The Bullish Scenario That Puts Bitcoin At $165K Before $22K

2022-03-08

CFTC Chair Declares Ethereum (ETH) a Commodity, Regardless of Gary Gensler’s Bitcoin-Only Stance

2023-03-09

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,148.00-0.85%
  • ethereumEthereum(ETH)$1,796.29-0.47%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.33%
  • binancecoinBNB(BNB)$317.350.42%
  • usd-coinUSD Coin(USDC)$1.000.14%
  • rippleXRP(XRP)$0.54-1.76%
  • cardanoCardano(ADA)$0.378109-1.80%
  • Lido Staked EtherLido Staked Ether(STETH)$1,794.09-0.53%
  • dogecoinDogecoin(DOGE)$0.074986-1.24%