This week has been a remarkable one for cryptocurrencies, with Bitcoin and Ethereum both experiencing double-digit gains. The two largest digital assets by market capitalization have both advanced more than 20%, and the trend is likely to continue as they continue to consolidate before their next push higher.
FTX, a cryptocurrency exchange that had suffered a major collapse, has managed to reclaim more than $5 billion worth of assets according to an attorney associated with the case. However, the amount of losses incurred by customers due to the collapse of Sam Bankman-Fried’s business remains unknown for now.
Just a year ago, the company was estimated to be worth $32 billion, however, it recently filed for bankruptcy protection in November. Prosecutors suspect that Bankman-Fried was behind the ‘epic’ fraud which could have caused immense losses for investors, customers, and creditors amounting to billions of dollars.
Bitcoin Funding Rates Reach 14-Month High: What Does This Mean?
Bitcoin funding rates have recently hit a 14-month high, indicating an increase in demand for the cryptocurrency. This surge in demand is likely due to the growing interest from institutional investors as well as retail investors.
Recently, Maartun – a well-known analyst at the Crypto Quant crypto analytics platform – reported that Bitcoin funding rates hit their highest levels in 14 months. According to the Crypto Quant contributor, when funding rates are too high, Bitcoin tends to experience a price decline. This is a pattern that is often observed in the market.
Traders holding a long or short position may receive regular payments in the form of funding rates, which depend on the divergence between perpetual contract markets and spot prices.
This payment system is designed to keep the price of perpetual contracts near the spot price of Bitcoin. Essentially, it helps ensure that the prices remain consistent for traders engaged in this type of contract.
Bitcoin Price
Sunday saw Bitcoin’s price remain relatively stable, trading between the range of $20,500 – $21,150. With its bullish streak intact, there’s hope that prices may hit the $21k mark or even higher – with the potential of reaching its trading goal at $23,000.
On the daily timeframe, Bitcoin has formed a bullish engulfing candle, indicating that an uptrend may continue. It is imperative to monitor whether Bitcoin can surpass the resistance level of $21,500, since any setback could cause its value to decrease. Its quick support stays at $20,000 as a minimum.
Ethereum Price
Ethereum’s price has been steadily increasing in recent months, with its key support level currently set at $1,500. If the cryptocurrency’s value were to close above this price point, investors could expect to see its value rise even higher.
Ethereum recently surged beyond the key resistance of $1,500 with a 24-hour trading volume of $14 billion. This bullish trend suggests the ETH/USD pair is on its way to breaching the next barrier level at $1,650.
Ethereum’s key support level is currently set at $1,500. If it closes above this price, we can expect to see its value go up. Should it exceed $1,650, the ETH price might advance to a new resistance of $1,700.
As such, investors should keep an eye on the ETH price and be ready to capitalize on any potential opportunities that arise.
The support level for Ethereum at $1,500 offers a good opportunity to invest. If this point is broken though, the price could dip to $1,400. But since the trend remains positive in the short-term, now might be the best time to enter into investing with ETH.
Could These Altcoins Be The Next Big Thing?
The crypto market has been experiencing massive growth and this has seen a surge in interest for alternative currencies. Early adopters have the chance to benefit from the potential gains that these coins offer.
FightOut (FGHT)
You can get the same service as a personal trainer through the FightOut platform, however this time you pay with FGHT tokens. Pre-paid exercise has never been easier!
The FGHT presale was a success, with approximately $2.94 million in investments raised. All metaverse avatar-related activities are logged and can be utilized to improve its performance metrics.
The current exchange rate of 60.06 FGHT per $1 (which can be purchased using ETH or USDT) is projected to rise in value as the sale unfolds.
Don’t miss out!
The limited-time discounted price of this product is going to expire in 8 days, 11 hours – don’t wait too long or the opportunity may be gone!
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C+Charge (CCHG)
C+Charge is developing blockchain-based EV payment software that will provide carbon credits to EV drivers every time they charge for the first time. C+Charge sees this as a way to level the playing field in the carbon credit market, which has been dominated by a few large corporations in the past.
Earning carbon credits provides C+Charge with an additional incentive to accelerate the already rapid move to EVs. Analysts project that the voluntary credit market (VCM) will reach $100 billion by 2030, with companies such as C+Charge playing a significant role in this expansion. The presale has so far raised $286,394.
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Meta Masters Guild (MEMAG)
Meta Masters Guild,
The presale for Meta Masters Guild, a mobile-focused gaming guild that will create a mix of Web3 and play-to-earn games, has begun. Its Ethereum-based games will include playable NFTs and incentives that can be exchanged for MEMAG, the company’s native token, which can then be staked and sold.
It will be released in seven stages, with the first delivering one MEMAG for $0.007. Even before MEMAG becomes public, this price will eventually rise to $0.023, giving a 228.5% increase for early investors.
When the platform’s debut game (Meta Kart Racers) is released in the second quarter of this year, Meta Masters Guild is expected to develop quickly. Furthermore, if the global economy and market improve, the native coin may gain substantially.
Everyone only has 4 days and 23 hours left to invest before the price increases!
So far, a total of $218,976 USDT of the $490,000 target has been raised – don’t miss out on this opportunity!
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