Skip to content
Ethereum (ETH)NewsRipple (XRP)Uncategorized

Current Crypto Price: BTC Jumps to $25,000, as ETH and XRP Increase by 2%

On Tuesday, the cryptocurrency market was trading at its peak, with ETH rising over 0.62% to $1,700, and BTC surpassing the $25,000 level. However, with the release of the Federal Open Market Committee (FOMC) on Wednesday, the market was affected and started trading at a lower level.

The volume of Bitcoin in the last 24 hours (and as at the time of this report) stood at approximately $27.52 billion, declining by 4.37% in the last 24 hours. The BTC is currently trading in a range of $23,700 to $25,200 with yet another resistance level at $25,200.

According to the available technical indicators like as RSI and MACD, they are showing divergence hence, indicating uncertainty among crypto investors. In an interview with Unocoin, Sathvik Vishwanath admitted that should the price collapse as low as $23,750, a level he referred to as a “support level,” traders should expect another support level to move to $22,850.

This statement indicates the possibility of a downward trend in the future. However, with Bitcoin currently above the $25,000 level, the market remains hopeful of more profitable days to come. The recent rise in Bitcoin and Ethereum prices could be attributed to several factors.

📰 Also read:  How to Buy Bitcoin in the UK Using Revolut - A Comprehensive Guide

Firstly, the growing institutional adoption of cryptocurrencies has created a positive sentiment in the market. Companies such as MicroStrategy and Tesla have invested significant amounts of money into Bitcoin, which has boosted investor confidence.

What Further Market Analysis Say

Additionally, the low-interest-rate environment has also contributed to the surge in cryptocurrency prices. As central banks continue to print money and keep interest rates low, investors are seeking alternative investments, with cryptocurrencies being one of the most popular options.

The high volatility of the cryptocurrency market is never in doubt. While Bitcoin and Ethereum have shown promising growth, there is still a lot of uncertainty in the market. It is also believed that the FOMC’s decision and the ongoing re-emergence of the COVID-19 pandemic in most countries today could have significant effects on the market, and investors need to be cautious.

Meanwhile, the Vice President of WazirX, in a separate interview, had said that primary price indicators have continued to indicate an unbiased sentiment. In the latest report gathered from various crypto industry analysts, the recent rise in BTC and ETH prices is a positive sign for the market. However, with technical indicators showing divergence and the possibility of a downward trend, investors are advised to be cautious.

📰 Also read:  Solana and Ethereum NFT Scammers Charged in $22M Rug Pull Scheme

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  How to Buy Bitcoin in the UK Using Revolut - A Comprehensive Guide

Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close