Arslan Butt
Bitcoin price prediction turns bullish as BTC, the largest and most valuable cryptocurrency in the world, has continued to surge and has now reached its highest value in six months at $24,700. Additionally, the price of Ethereum has seen a significant increase, currently standing at $1,691.06, representing a 9% rise in the past 24 hours.
There are several factors behind this growing trend, including increasing network activity, short selling by investors, and overall market confidence, all of which have contributed to the rise in the value of BTC.
1/ Why did the price of $BTC/$ETH suddenly rise today?
We found that several funds/institutions poured nearly $1.6B into the crypto market since Feb 10! pic.twitter.com/WRaSv4YtgP
— Lookonchain (@lookonchain) February 16, 2023
Furthermore, the Bank of New York Mellon recently launched a new unit to assist customers with withholding, transferring, and issuing digital assets. This development has been seen as another key factor contributing to the recent surge in digital currency.
#CryptoInvestors: Is now a good time to buy Ethereum? Bitcoin's rise has lifted the entire crypto space, but is the #Ethereum price really ready to blow up? Let's find out! #BTC #ETH
— Q.E.D (@wizcap) February 16, 2023
Bullish Crypto Market
The global cryptocurrency market has experienced a significant surge today, with prices generally showing an upward trend. The surge has been attributed to a rise in institutional adoption and growing interest from major companies.
In addition to this, investors are also encouraged by robust US retail sales data, which is being viewed as positive news for earnings rather than a concern that it may lead to interest rate hikes.
#BTC finally seems to be waking up. After several days of dead calm, and after a timid move above $22k on Tuesday, the cryptocurrency frankly accelerated its rise on Wednesday, until scoring a high of $24,867 in the evening, at the highest since the middle of August 2022 $btc https://t.co/AqgZo2dUsk pic.twitter.com/9EuP4pHASJ
— Naha Investor (@nahawin) February 16, 2023
In addition, the average size of a Bitcoin block has recently reached 2.5 gigabytes (GB) for the first time since the cryptocurrency’s inception in 2009. This can be attributed to the launch of the non-fungible tokens (NFTs) protocol Ordinals in January 2023.
With #Bitcoin’s 11% Rise, the #Crypto Market Turns Bullish again⬆️ pic.twitter.com/53C0DKeL0J
— Crypto Insights (@CryptoInsightsX) February 16, 2023
As a result, the cryptocurrency market has set a new all-time high, with the global crypto market cap currently standing at $1.11 trillion, reflecting an increase of 8.55 percent within the past 24 hours, as of the time of writing.
Sharp Rise In Bitcoin’s Average Block Size
Bitcoin has also received good news regarding the size of its average block, as it has recently reached an all-time high. According to the latest data, the average size of a Bitcoin block has exceeded 2.5 gigabytes (GB) for the first time since the cryptocurrency’s inception in 2009, thanks to the integration of the non-fungible tokens (NFTs) protocol Ordinals in January 2023.
Recent statistics indicate that the size of Bitcoin blocks has increased by over 2 MB in the weeks following the introduction of the Ordinals Protocol, which occurred at the beginning of February 2023. The data suggest that block sizes have experienced a significant increase since the first of February 2023.
Bitcoin’s average block size hit a new all-time high. The surge follows the creation of Bitcoin’s nonfungible token protocol called Ordinals in January. pic.twitter.com/7Z5SsFyX0N
— Florence Harrod(,) (@florence_harrod) February 16, 2023
It is worth noting that the Ordinals protocol was introduced in January 2023 by software engineer Casey Rodarmor. This protocol enables users on the Bitcoin network to create digital artifacts, including but not limited to JPEG photos, PDF documents, audio files, and video files.
The introduction of the Ordinals protocol represents a significant milestone in the growth of Bitcoin, as it highlights how innovation can stimulate network activity even in the absence of traditional cash transfers for financial purposes.
This development is a testament to the versatility of blockchain technology and its potential to support various types of digital assets beyond simple currencies.
US Dollar Losing Its Strength
The broad-based US dollar has lately begun to lose ground after rising near a six-week top of 104.11 in the previous session. The U.S. dollar slipped down in early European trade Thursday, surrendering back some of the previous session’s gains as better-than-expected U.S. retail sales pointed to future interest rate hikes by the Federal Reserve.
US Dollar Currency index is currently bearish since November 2022, meaning that inflation rate index had been curtailed, Cryptos like #Bitcoin, #Ethereum has been bullish since over two weeks now. My projections for $BTC is that we're likely gonna see a bullish rally towards $26k pic.twitter.com/4vJUoSvR5H
— Pearl (@chimdi_orjiani) February 16, 2023
According to figures released on Wednesday, January saw a strong uptick in U.S. retail sales after two consecutive months of decreases. This compares to a 1.1% decline in December. This was regarded as mainly supporting the argument that the Fed still has further to go in tightening rates, especially when combined with the greater-than-anticipated U.S. consumer inflation earlier in the week.
Markets are doubtful where interest rates will peak this year as a result of indicators of improvement in the US labor market and inflation, which has discouraged traders from taking riskier bets on cryptocurrencies.
Bitcoin Price Prediction
The current price of Bitcoin is $24,640, with a 24-hour trading volume of $37 billion. Over the past 24 hours, Bitcoin has increased by 11.28%. It is currently the market leader, with a live market value of $475 billion. There are 21,000,000 BTC coins in total, with a circulating supply of 19,292,481 BTC coins.
From a technical standpoint, Bitcoin has recently surpassed a significant double top resistance level of $24,300, and the current closing candles above this level have increased the likelihood of a continued bullish trend for BTC. Bitcoin currently faces immediate resistance at $25,450 and $26,000.
However, if the $24,300 level experiences a bearish breakout, the BTC price could decline toward the $22,500 level, which is supported by an upward channel. Nevertheless, since the RSI and MACD indicators are in the buying zone, and BTC has formed an upward channel, it is highly likely that BTC will continue to trade bullishly above the $24,300 level.
Upcoming Alternatives to Bitcoin
In recent years, investing in cryptocurrency presales has become increasingly popular. These initial coin offerings take place prior to the public launch of a project and have the potential to be quite lucrative, but they do require careful consideration.
Meta Masters Guild (MEMAG)
Meta Masters Guild (MEMAG) is an emerging play-to-earn platform in the Web3 ecosystem that aims to become the largest mobile gaming guild. The project revolves around creating captivating games that feature playable NFTs, offering players staking, trading, and rewards.
With a keen focus on the intersection of blockchain technology and gaming, MEMAG is rapidly gaining momentum and is positioned to have a significant impact in the crypto-gaming space.
As the MEMAG presale enters its final stage, it has already raised over $4.7 million. Potential investors are encouraged to act swiftly to take advantage of the remaining time before the price increase.
Fight Out (FGHT)
The FGHT cryptocurrency project has a goal to incentivize users to engage in various activities using advanced technology. By utilizing the FGHT app, users can create a profile and access video-customized workout classes that are tailored to their individual fitness requirements.
Currently, the FGHT presale is ongoing, and investors can purchase the tokens to subscribe to the Fight Club app. As more individuals subscribe to the app using FGHT, the token’s value is anticipated to rise. With the token’s current price at $0.0208, it is expected to increase as the presale concludes on March 31.
Related
- Bitcoin Price Prediction as BTC Turns Green – Can BTC Reach $50,000 in 2023?
- Bitcoin Price Prediction – Can BTC Stay Rangebound Above $22k After Powell’s Pivot Rejection?
- Are Bitcoin and Ethereum Prices Set to Surge This Weekend Despite Payroll Beat?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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