The cryptocurrency market was slightly lower during the early European session (London trading session) as the global cryptocurrency market cap fell from $944 billion to $936 billion. Bitcoin, the leading digital currency, is currently trading at $19,349.19, down 0.88%. Similarly, Ethereum is trading in a bearish and horizontal fashion (i.e. a balance of buys and sells) with a price range ranging from $1,325 to $1,298.
However, some altcoins are bullish and trading strongly, such as TerraClassicUSD, which has increased in value by over 35% in the last 24 hours. The Huobi token gained 20% and was traded at $4.97. Maker is also in the spotlight after posting a more than 17% increase in weekly earnings.
Bitcoin price
The current price of Bitcoin is $19,351.72, with a 24-hour trading volume of $20.35 billion. Bitcoin is down 0.88% in the last 24 hours. Bitcoin is now #1 on CoinMarketCap; Its direct market value is currently $371 billion.
Robert Kiyosaki, best known as the author of the best-selling financial literacy book Rich Dad Poor Dad, has been an outspoken proponent of Bitcoin over the past few years.
Kiyosaki is now taking his story to Twitter to predict the imminent collapse of the dollar and the US economy, declaring that Bitcoin, gold and silver are the only safe investments.
Kiyosaki tweeted that despite rising food and gas prices, the average person still doesn’t understand the bigger picture of the economy. It’s time to stockpile not only Bitcoin, but also precious metals like silver and gold.
Kiyosaki has been predicting the collapse of the dollar since the start of the pandemic two years ago, when the Federal Reserve printed more than $6 trillion.
The Federal Reserve has raised interest rates several times this year, with some of the increases being the largest in decades. He described it as the biggest financial crisis since the 1990s, predicting the collapse of financial markets along with the depreciation of the US dollar.
The author of Rich Dad Poor Dad makes another bet on silver, as we can see in the tweet mentioned above. Due to the many uses and applications of silver, the price of this precious metal is expected to continue to rise in the coming years.
Bitcoin owners and holders are showing confidence
Bitcoin owners and holders have bought thousands of dollars of BTC from cryptocurrency exchanges in a single day, according to cryptocurrency analytics platform Santiment. The past week has seen a huge influx of cryptocurrencies on cryptocurrency exchanges.
It was valued at $683.42 million in bitcoin, ranking fourth for the year. The sudden transfer and transfer of large amounts of bitcoin overnight suggests that traders are bullish (optimistic) about the digital currency heading into the fourth quarter of the year.
According to Santiment, Bitcoin supply across all crypto exchanges has fallen to levels not seen since the peak of the 2018 crypto bear market, showing optimism for traders.
According to the analyst firm, a decrease in the supply of BTC on cryptocurrency exchanges reduces the likelihood of a market-wide selloff.
Bitcoin price and technical overview
On the technical front, Bitcoin is expected to find immediate support near $18,970 and resistance near $19,950. BTC Still Falling; However, the 50-day moving average offers higher resistance near $19,950.
The descending triangle pattern is still in place on the daily chart and the descending triangle is expected to keep Bitcoin down until BTC breaks the $20,275 resistance.
If the price of Bitcoin rises above $20,475, it has the potential to challenge the next resistance level of $21,905 or $22,760. Bitcoin, meanwhile, broke below the $18,970 support level, sending BTC down to $18,416.59 or $17,709.
Bitcoin is not headed for $30,000 this month, taking into account sentiment (one of the data analysis methods) on Federal Reserve interest rate hikes amid a stronger-than-expected labor market and foreign inflation data and figures.
Ethereum price
The current price of Ethereum is $1315.13, with a 24-hour trading volume of $7.04 billion. In the last 24 hours, the value of Ethereum has decreased by 0.76%. Ethereum is now #2 on CoinMarketCap; Its direct market cap is currently $161.41 billion.
According to information, last weekend Santiment is a cryptocurrency monitoring companyThe biggest leap in growth for the Ethereum network in 2022. A total of 135,780 unique IPv4 addresses were added to the network in two days, an 11.1% increase from the January 3rd flow.
The Ethereum network has been expanding at an unprecedented rate since December 7, 2021, according to Santiment. Others on Twitter also noted the network’s unusually strong expansion; One user predicted that “big moves” were imminent.
A new record was also set for the total number of Ethereum wallet addresses over the weekend thanks to the massive increase in activity over the weekend. Etherscan data showed that there were 207.4 million unique addresses in use on the network on Sunday.
Ethereum price forecast and technical overview
On the technical side, the ETH/USD pair is trading in a fluctuating and horizontal buy-sell pattern (i.e. a buy-sell balance) with a narrow price range between $1,325 and $1,298. Ethereum has formed a symmetrical triangle formation on the 4-hour chart, which supports investor hesitancy.
On the downside, a breach of the $1,298 support could allow investors to enter short positions until the next support area at $1,262 or $1,219.
On the other hand, a break above $1,340 in the 50-day moving average could lead to additional long positions at $1,380 or $1,408.
New Altcoin News
Tamadoge meme coin has been gaining popularity since hitting a yearly low of $0.01683 in January. Very rare Tamadoge NFTs are currently in the spotlight and are now available for 1 WETH on the OpenSea platform. The value of Tamadoge, the meme currency, has skyrocketed, making it the third largest of all cryptocurrencies.
The project’s local currency, the IMPT token, sold 154 million tokens, raising $2.7 million just 7 days after the initial sale. With 630,181 votes so far, IMPT is the most voted coin on CoinSniper.
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