Bitcoin and Ethereum Prices Jump 8%: How Far Can The Rally Go This Weekend?

Bitcoin and Ethereum Prices Jump 8%: How Far Can The Rally Go This Weekend?

Bitcoin (BTC), the world’s largest and most popular cryptocurrency, has prolonged its strong winning streak and reached its highest level since mid-September, about 22,687. Meanwhile, the second largest cryptocurrency Ethereum (ETH), is also experiencing a significant rise as It has increased by roughly 7% to $1,656, reaching a four-month high.

The rally for ETH could be attributed to the risk-on sentiment in the cryptocurrency market, which has supported all digital coins, including BTC and ETH.

Despite news that Genesis Global Holdco LLC, the company that owns cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy, the cryptocurrency market has continued to rise. This might be because investors had already priced in the company’s impending issues.

It’s worth recalling that the Genesis company was affected by the aftermath of the failures of the crypto exchange FTX and, more recently, the crypto hedge fund Three Arrows Capital, which both occurred in late June.

Global Crypto Market Mood

The global cryptocurrency market extended its upward trend and broke beyond the $1 trillion barrier once again. However, the recent uptick might be linked to institutional investors who have been long-term holders of the largest digital asset. 

This increased demand for Bitcoin has driven up the price of the coin.

Another factor supporting the cryptocurrency market is the increased likelihood that the Federal Open Market Committee (FOMC) will only raise rates by 25 basis points (0.25 percentage points) at its upcoming meeting in February, easing from the 50 basis point increases seen in December. 

According to the CME FedWatch tool, the Federal Open Market Committee (FOMC) is now forecast to raise rates by only 25 basis points (0.25 percentage points) at its next meeting in February. This was regarded as a significant factor in boosting crypto market sentiment and contributing to the surge in Bitcoin prices.

Genesis Declares Bankruptcy

Genesis’ lending unit filed for Chapter 11 bankruptcy protection in the United States on Thursday, owing creditors at least $3.4 billion after being sunk by a market collapse with exchange FTX and lender BlockFi.  

Genesis Global Capital, one of the top crypto lenders, suspended client redemptions on November 16th, right after the failure of regulated exchange FTX, which sent negative vibes through the crypto asset market, fueling fears that more firms might follow suit.

This news has had little influence on the crypto market thus far.

COVID-19 In China

The rising number of COVID-19 cases in China, which has raised questions about its near-term economic prospects, was also seen as an affecting factor for the bitcoin market. Thus, this was regarded as a crucial element that prevented further price increases for bitcoin.

Bitcoin’s Surge Boosts Miner Profit Margins

BTC mining activities have been greatly helped by the ongoing Bitcoin rise, which saw the BTC price reach an annual high of $22,687 on the day. 

Bitcoin miners who have net-positive balances at the end of 2022 are being helped by a boost in the price of the cryptocurrency and the network’s hashrate, which is enhancing company stability.

As a result, this was viewed as yet another positive factor demonstrating BTC’s upward rise.

Bitcoin Price 

In today’s live Bitcoin price, the price is $22,595.43 and there has been a 24-hour trading volume of $29 million. Right now, BTC is trading at 7.70% which puts it in the 1 spot on coinmarketcap, with a market cap of $435 billion.

Bitcoin is now holding just below the $22,600 mark. On the daily timeframe, Bitcoin has formed a bullish engulfing candle which suggests that there is a chance for an uptrend continuation. Breakout above $22,600 level can expose price towards $23,000 or $25,150 levels.

Bitcoin and Ethereum Prices Jump 8%: How Far Can The Rally Go This Weekend?
Bitcoin Price Chart – Source: Tradingview

On the lower side, Bitcoin’s immediate support prevails at $21,500 and an additional drop below this level can expose it towards $20,000.

Ethereum Price 

The Ethereum price today is $1,648 and has a 24-hour trading volume of $8.8 billion. The currency has seen a 7% increase in the last 24 hours and is currently ranked #2 with an overall market cap of $201 billion

On January 21, the ETH/USD pair is facing strong resistance near $1,680 level. Closing of candles under this level are supporting the chances of a bearish correction, especially because of the doji candle that ETH has closed under $1,680 resistance.

Bitcoin and Ethereum Prices Jump 8%: How Far Can The Rally Go This Weekend?
Ethereum Price Chart – Source: Tradingview

On the lower side, the ETH/USD pair may gain support near $1,610. If ETH manages to close candles above this level, then bounce-off can be expected above this level.

Let’s keep an eye on $1,610 as closing above this we could have the potential to capture a buying trade. 

3 Coins To Look Out For During Presale: Make Returns Before Everyone Else Does!

Investing in altcoins at the presale stage is beneficial to investors who prepare and follow through with proper research and recommendations. They’ll be able to take advantage of the potential for these coins.

Fight Out (FGHT)

Fight Out is a convenient and cost-effective way to stay fit. By purchasing their FightOut tokens, you can gain access to expert personal training services at a low cost, allowing even those on a tight budget to reap the benefits of exercise.

Despite the new fitness app from Move2Earn’s strong lineup of features, it is their unique capacity for tracking physical & mental fitness, along with their NFT Avatar and social competition feature, that sets them apart from other M2E programs. Fight Out’s real-time tracking of a user’s performance allows people to monitor and track their progress on strength, cardiovascular endurance, and more.

As a user, you can even compete against friends of similar skill levels. Once you reach a goal in reality, your avatar levels up like mine did – preparing it for possible fights against other users’ avatars to earn rewards.

Investors are opting for Fight Out’s $FGHT cryptocurrency with its promising concept and impressive presale bonuses that can vary from 50% to even more based on how much you invest. 

With partners like LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs offering operational and financial assistance, this project is poised for success and has already raised more than $3 million so far.

The FGHT will be on sale for a limited period. If you are considering investing, then act quickly and take advantage of this opportunity.

Visit FightOut Now

C+Charge (CCHG) 

C+Charge is launching a groundbreaking online payment system for people who are electric vehicle (EV) owners. It will allow users to convert their initial charge into credits that can be exchanged for carbon credit. The ultimate goal is to significantly reduce greenhouse gas emissions by car trips. 

Since the potential for this technology is completely game-changing, it has the power to completely transform the carbon credit market. This allows a wide range of companies to participate and adds greater value to them as well. 

VCMs are forecast to reach $100 billion by 2030, making them a booming investment opportunity for businesses. C+Charge has raised over $344,000 in its pre-sale, indicating that there is a lot of demand for VCMs.

Visit C+Charge Now

Meta Masters Guild (MEMAG)

The Meta Masters Guild has skyrocketed from $200,000 to a stunning $550,000 in just a few days. This remarkable rise indicates that the public has a high level of confidence in the company’s future growth and profit-generating ability. In the third quarter of 2023, Meta Masters Guild will release its first mobile game.

The MEMAG network has been around for a while, allowing users to create and manage with staking their own cryptocurrencies in addition to trading on the public exchange. They are also developing games that allow users to earn rewards for playing as well as ones that are powered by Web3, an Ethereum-compatible system.

As it is right now, the process of investing in MEMAG starts with you purchasing $10 worth of MEMAG tokens. If you participate in the presale, what’s offered is 1 token for just $0.01; early investors have a limited window of opportunity to participate.

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Find The Best Price to Buy/Sell Cryptocurrency

Bitcoin and Ethereum Prices Jump 8%: How Far Can The Rally Go This Weekend?
Cryptocurrency Price Tracker – Source: Cryptonews

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