the The cryptocurrency market is up 4% in the last 24 hours, Prices jumped in response to the release of positive US inflation figures today. At $920 billion, total market capitalization rose 7.5% over the past week, as well as 3.8% over the past 30 days, supported by the arrival of stronger, more positive sentiment about the direction of the US (and global) economy.
US Consumer Price Index data for December appears Another drop in inflation (from 7.1% in November to 6.5%)So there is growing expectation that the worst of the overall economic downturn in 2022 is over. And since interest rates are likely to follow inflation, 2023 could see larger hikes than today, especially for the cryptocurrencies listed below.
Bitcoin (BTC)
the Bitcoin price is currently up over 4% in the last 24 hours, after hovering around the $18,000 level overnight. At $18,105, it’s also up 7.6% in a week, 10% in two weeks and 5% in a month, though it’s still 73% below its all-time high of $69,044. Established November 2021 .
The BTC chart is showing a strong rally in momentum, as shown Its RSI (purple), which has been above 70 for about a day. This indicates significant buying pressure, and while some would argue that a result over 70 means that Bitcoin is now overbought relative to the recent moves, the fact that the 30-day average (red) is below the 200-day average (blue ) indicates otherwise.
more fundamentally, If any cryptocurrency is going to benefit from improving macro conditions and returning to the upside, it is bitcoin. As the largest cryptocurrency by market capitalization, it is likely to attract the most outside investment, especially from institutions.
In fact, even with the bear market of 2022, Banks and other financial institutions paved the way for another bull market (About three-quarters of institutions plan to invest in cryptocurrencies in the future.) BNY Mellon and N26 have launched cryptocurrency-related services in recent months, joining the growing ranks of banks with some form of presence in the digital asset space.
This will make cryptocurrency investments more affordable for ordinary investors and institutions in general still prefer bitcoin over anything else. So Bitcoin is poised to go higher if conditions continue to improve.
Ethereum (ETH)
ETH price is up 4.5% today, with its current price of $1,387 representing a jump of 10% Over the past week, up 8.5% in one month. Of course, just like BTC, ETH has also fallen by 72% from the $4,878 ATH reached in November 2021.
It looks like ETH is on its way to a breakout rally, given the combination of a rising RSI and the 30-day moving average that it needs to regain some of the gains in its 200-day rally.
Actually, Many analysts have been predicting a massive rally in ETH for several months, And for some, ETH is expected to rally more strongly than BTC this year. This is the view of Bloomberg’s Mike McGlone, who recently tweeted that the price ratio of ETH to BTC has increased more or less since early 2021, during the recent bull market.
McGlone expects this trend to continue when the cryptocurrency market (and the global economy) turns bullish again, which it does look like. While his opinion may be controversial to some, ETH certainly has the essentials for a big rally this year.
first, The merger in September put Ethereum on a path to increased scalability and efficiency, while its switch to proof of stake (along with other upgrades) now means it’s very close to deflation. As the tweet below from Velvet Capital indicates, periods of increased network activity will lead to deflation, which will push its price higher.
In addition, Ethereum is already the largest layer 1 blockchain by total value locked, accounting for about 60% of the entire DeFi sector. And with new updates on the horizon, this can only increase in the future.
Avalanche (AFAX)
AVAX is one of the top 100 performing cryptocurrencies today, jumping 20% in 24 hours. At $14.97, It also increased by 24% in one week and 15% in one month.
The AVAX RSI shows a sudden jump in buying pressure, and there is a simple reason for this: Avalanche announced a partnership with Amazon Web Services. What this means is that AWS will use the Avalanche protocol to develop enterprise blockchain solutions for companies and governments.
This could lead to mass adoption and use avalanche, as well as AVAX. When you combine that with the fact that AVAX has been oversold and undervalued for a long time, the altcoin could see a huge rally this year.
In fact, Avalanche is still the fourth largest layer 1 blockchain network in terms of total value locked, and it also happens to be smaller than the three platforms that came before it (Ethereum, BNB Chain, and Tron). It was commissioned at the end of 2020, and therefore has not yet had the opportunity to develop it.
Lido Dow (LDO)
At $1.91, LDO has gained 7% over the past 24 hours, as well as 39% over the past week. Impressively, it is also up 100% in two weeks and 80% in the last 30 days, while gaining 340% since hitting an all-time low of $0.406150 in June 2022.
LDO has been working fine since its inception Lido DAO was the largest dapp in the cryptocurrency ecosystem, having overtaken MakerDAO in terms of total value locked. The two apps have traded since then, but the fact that Lido made it to the top underscores the importance it will have now that Ethereum has moved to the Proof of Stake consensus mechanism.
As the largest staking service for Ethereum, Lido has seen usage increase since September, with its LDO governance token benefiting.
At the same time, Ethereum developers have confirmed that stakeholders will be able to withdraw their ETH from March. This situation has also contributed to the recent weeks of increased interest in Lido DAO and LDO, which is expected to continue throughout 2023.
Meta Masters Syndicate (MEMAG)
While the Meta Masters Guild only opened yesterday, the Meta Masters Guild has raised Over $70,000 in the first 24 hours. This is a great result for the new cryptocurrency gaming platform, which will be used to develop a growing portfolio of Web3 games and games to win when it launches its first game (Meta Kart Racers) in the third quarter of the year.
The MEMAG token sale will take place in seven phases, with the first – and current – offering 1 MEMAG for $0.007. This price will rise by 42% next week, and will gradually rise to $0.023 in the seventh stage, which means that early investors will benefit from a rise of 228.5% before the coin is listed.
Investors can participate in the sale by visiting the official Meta Masters Guild website and linking to Wallet Connect or MetaMask wallets. and quot; The platform already has more than 22,000 followers on TwitterMany will probably join in.
Fight Out (FGHT)
Based on the Ethereum blockchain, Fight Out (FGHT) is a file A platform that aims to advance the go-to-earning industry, integrating real-world training with Web3 and the metaverse. You’ll track and reward a wider range of activities than previous M2E platforms, offering boxing, weightlifting, and yoga workouts. The project offers a variety of classes within the app and IRL at its own branded gyms.
The token sale started in December and has already begun It raised over $2.8 million. One FGHT token is currently selling for $0.0166. The sale is expected to close in the second quarter of 2023, when the app is expected to launch.
C+load (CCHG)
Taking advantage of the growing environmental awareness of the cryptocurrency industry, C+load (CCHG) It is a peer-to-peer payment network for electric vehicle (EV) charging stations.. Running on the BNB chain, its primary focus is using blockchain and cryptocurrency to expand access to carbon credits, with its original CCHG intended to be used within its network by EV owners to pay their vehicle charging fees.
C+ Charge will also reward users with Carbon Credits based on NFTs To charge their electric cars at their stations, and to encourage people to switch to the environment. The company has already signed partnerships with fluocarbon And with Perfect Solutions Turkey, it added 20% of Turkey’s electric vehicle chargers to its network.
The token sale started in December, with 1 CCHG available for $0.013. This price is set to increase soon, so we advise those interested to act quickly.
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