Bitcoin Price and Ethereum – What Could Drive Today’s Uptrend?
On Wednesday, major cryptocurrencies traded in the green during the Asian session, as the global crypto market capitalization rose 0.20% from the previous day to $918.72 billion. In contrast, total crypto market volume fell 8.20% in the last 24 hours to $49.50 billion.
The total volume in DeFi was $3.14 billion, accounting for 6.35% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $46.85 billion, accounting for 94.65% of the total 24-hour volume of the crypto market.
Bitcoin has fallen by more than 5% in the past seven days. The leading cryptocurrency, on the other hand, is now finding immediate support near $18,870, the triple bottom.
On the other hand, Ethereum, the second most valuable cryptocurrency, is expected to break above the $1,270 support level.
IMF downgrades economic forecasts
The World Economic Forum has received a new warning from the International Monetary Fund. According to the IMF, things will only get worse from here. As a result, the value of Bitcoin may fall in the near future.
“The worst is yet to come and for many people 2023 will feel like a recession.”
On Tuesday, the agency announced that it expects global growth to slow next year to 2.7%, with a 25% chance that growth will be below 2%. To put that in perspective, growth forecasts for this year are 3.2%.
Russia’s war in Ukraine, high inflation and a slowdown in China all weigh on estimates for next year, which are 0.2 percentage points lower than the IMF’s outlook in July.
According to the IMF Chief Economist Pierre-Olivier Gourinchas,
More than a third of the global economy will contract this year or next, while the three largest economies – the US, the EU and China – will continue to stall.”
The International Monetary Fund predicts that global inflation will peak late this year but will “remain high longer than previously estimated,” despite the best efforts of central banks everywhere to bring it under control.
An increase in inflation from 4.7% in 2021 to 8.8% this year is predicted. The rate is forecast to decrease to 6.75% in 2022, 6.25% in 2023 and 4.10% in 2024.
Bitcoin price
Today’s current Bitcoin price is $19,097.39, and the 24-hour trading volume is $27 billion. Bitcoin has risen 0.14% over the past day.
Currently, the total value of the cryptocurrency market is $366 billion, making it the most valuable cryptocurrency in the world according to CoinMarketCap.
There are a total of 19,176,800 Bitcoins in circulation, with a maximum supply of 21,000,000.
The BTC/USD pair finds immediate support near $18,870 on Wednesday. Doji and spin-top candlesticks closing above this level are likely to lead to an uptrend in Bitcoin.
The Relative Strength Index (RSI) has entered the oversold zone, as shown in the 4-hour chart above, indicating that sellers are exhausted and buyers are on the horizon. They are simply waiting for a small indication, such as US CPI and PPI figures, before seizing the opportunity.
On the upside, Bitcoin’s immediate resistance remains at $19,592, which the 50-day moving average has extended. A bullish crossover above the 50-day moving average could push the bitcoin price to $20,470.
Ethereum price
The current price of Ethereum is $1,286.93, with a 24-hour trading volume of $8.2 billion. Over the past 24 hours, Ethereum has risen 0.69%. CoinMarketCap is currently ranked #2, with a market cap of $157 billion.
The ETH/USD pair has broken through a symmetrical triangle pattern at $1,303, and candles closing below this level are likely to drive a bearish trend. Ethereum may move back to retest the $1,300 psychological level; failure to break above this level will confirm the continuation of the downtrend.
On the downside, ETH’s immediate support remains at $1,260, and a break below this could lead to selling units at $1,220. An increase in selling pressure could push ETH below $800, but this is unlikely because the $1005 level will act as strong support along the way.
IMPT – The Green Alternative Crypto
The ongoing Impact Project (IMPT) token presale has garnered a lot of attention, with more than $3.5 million raised in less than a week.
The Impact Project is an Ethereum-based marketplace for carbon credits, making it a potentially lucrative investment opportunity for ESG investors or anyone seeking the massive price increases that can accompany a new coin’s initial listing.
Tokenization of carbon credits on the platform makes their sale and use more transparent. According to the IMPT white paper, this addresses several issues plaguing the current carbon credit market. These include double selling of credits, overcalculating credits and failure to retire credits.
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