Bitcoin and Ethereum Price Explosion Drives Crypto Market Higher

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Bitcoin, the world’s largest and most popular digital currency, is up 4% in the past 24 hours and over 15% in the past seven days. Ethereum, the second most valuable currency, rose 14% in one week to $1,420.

The University of Michigan consumer confidence index rose to 64.6 in early January from 59.7 the previous month, indicating an improvement in consumer sentiment in the United States. Contrary to the market forecast of 60.5, this figure was higher.

Miss Universe El Salvador holds Bitcoin staff

Miss Universe 71 representative from El Salvador, Alejandra Guajardo, wore a bitcoin-themed dress during the national costume show on Wednesday night. Francisco Guerrero, visual artist, has created a set of currencies paying special homage to Bitcoin.

Guajardo carried a colón decorated with cocoa beans, his nation’s former currency, and a stick bearing the Bitcoin emblem. The contest announcer said:

“This look represents the history of the currency of El Salvador”,

Salvadoran President Nayib Bukele has been a strong supporter of bitcoin despite the fact that its value has fallen more than 50% since the law came into effect.

While he may have had some influence in having Guajardo contests, he was involved in supporting several BTC adoption projects.

bitcoin price

Bitcoin is currently trading at $19,450, with a 24-hour trading volume of $26 billion. Bitcoin is on a tear and has already broken through $19,000, which is currently acting as immediate support.

An upside break of this level has created more room to buy at $19,850, or possibly more, until the psychological trading milestone of $20,000.

Bitcoin price chart – Source: Tradingview

Bitcoin’s immediate support level stands at $19,000 or $18,400. At the same time, the RSI and MACD indicators moved into overbought territory.

As a result, we need to watch $19,000, as failure to break above this level may result in negative BTC price movement.

Ethereum Price

The current price of Ethereum is $1,428 with a 24-hour trading volume of $6.8 billion. The ETH/USD pair broke above the key resistance level of $1350 and is now on track to hit the barrier level of $1500.

On the downside, the immediate support level for Ethereum is $1,350, and candles closing above this level should lead to a rally. If the $1,430 level is breached, the price of ETH may hit the $1,500 resistance level.

Ethereum price chart – Source: Tradingview

On the downside, ETH price may find support near $1,375, and a break-down of this level may lead to further selling at $1,330. Today’s uptrend is strong, so look for buying opportunities.

Alternative cryptocurrencies with great growth potential to invest in now

Following the recent slowdown in the bitcoin market, a few alternative currencies have caught the eye.

FightOut (FGHT)

The FightOut (FGHT) platform works the same way as a personal trainer, except training time is prepaid with the FGHT token. All activity is monitored and can be used to improve his metaverse avatar metrics. The FGHT presale is going well, with around $2.88 million raised so far.

The current sale price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) is expected to increase as the sale unfolds.

Visit FightOut now

C+Load (CCHG)

C+Charge is creating blockchain-based EV payment software that will give EV drivers carbon credits 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 was previously dominated by a few large companies.

Forecasters believe the project has promise as it will benefit from the expected strong growth in the carbon credit market. Coherent Market Insights predicts the market to be valued at over $2.4 trillion by 2027, up from around $211.5 billion in 2019.

Obtaining carbon credits is an additional incentive for C+Charge to accelerate the already rapid transition to electric vehicles. Analysts predict that the voluntary credit market (VCM) will reach $100 billion by 2030, with companies like C+Charge playing a big role in that growth. So far, the presale has raised $269,812.

Visit C+Charge now

Meta Masters Guild (MEMAG)

Today marks the start of presale for Meta Masters Guild, a mobile-focused gaming guild that will create a mix of Web3 games and games to win. Its Ethereum-based games will include playable NFTs as well as incentives that can be redeemed for MEMAG, the company’s native token, which can then be staked and sold. It will be available in seven stages, the first of which now offers a MEMAG for $0.007.

Even before MEMAG’s IPO, this price will gradually rise to $0.023, an increase of 228.5% for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s initial game (Meta Kart Racers) releases in the second quarter of this year.

Additionally, if the broader market and global economy improves, its native coin could be a major beneficiary.

Visit Meta Masters Guild Now

Find the best price to buy/sell a cryptocurrencyCryptocurrency Price Tracker – Source: Cryptonews

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