Crypto Price Predictions: The cryptocurrency market has experienced a significant bullish trend over the past two weeks, driven primarily by the rising value of Bitcoin. This increasing demand is largely due to the significant inflow of investments into spot Bitcoin ETFs.
In a recent analysis by Santiment, a prominent cryptocurrency analysis platform, the Bitcoin ETF market showed significant trading activity. The data indicates a resurgence in trading volumes in mid-February, surpassing $1.8 billion per day across the seven most notable ETFs: GBTC, IBIT, FBTC, ARKB, BTCO, BITB and HODL. This rise coincides with the price of Bitcoin crossing the $50,000 mark earlier in the period.
The sentiment surrounding Bitcoin’s performance is particularly optimistic, as highlighted by the peak trading volume recorded on January 22, 2024, which reached $3.89 billion, which was the highest one-day volume so far for the year. The graph provided by Santiment underlines the volatility and the rapid increase in trading volume, reflecting a growing interest and potentially increased liquidity in the Bitcoin ETF sector.
However, the BTC price struggling to surpass the $52000 barrier is showing signs of exhausted bullish momentum. In case of possible withdrawal, the interested trade can find a withdrawal opportunity in the below currency.
Also Read: 5 Altcoins to Buy That Are Likely to Outperform Bitcoin in 2024
Why Ethereum Price Is Ready To Reach $3000
Ethereum, the second largest cryptocurrency by market capitalization, has experienced a significant increase in value over the past two weeks. The ETH price climbed about 31% from a base of $2,160, reaching a 21-month peak at $2,866.
During this upward move, the buyers successfully surpassed the previous swing high resistance at $2,700, indicating a stronger signal of recovery. However, as the Bitcoin price hovers around the $52,000 mark, altcoins, including Ethereum, are facing resistance due to an influx of supply.
In the last 48 hours, the Ethereum price has seen a slight decrease of 2%, suggesting a possible pullback to the $2,700 mark. This pullback could be an opportune moment for investors to acquire more Ethereum, especially with the highly anticipated Dencun upgrade scheduled for implementation on the Ethereum mainnet on March 13.
Additionally, the progress with the launch of the first Spot ETH ETF further supports a positive outlook for Ethereum in the near future. Should the investors manage to maintain the momentum above the recently surpassed level, Ether could potentially extend its rally and target prices of $2,900 and then $3,175.
Also Read: Ethereum Price Analysis As ETH Tops $2,800 Is $3,000 The Immediate Next Stop?
XRP Price Set For 6.5% Jump In Coming Week; But there is a catch
The XRP price behavior in 2024 was mainly bearish under the influence of a descending triangle pattern. The descending trendline reinforced sellers to lead a decline from $0.658 to $0.5, registering a loss of 24%.
However, with the renewed recovery in the market, the XRP price managed to escape this bearish pattern with an upside breakout. The post breakout rally saw the coin price rise 7.65% in two weeks to currently trade at $0.553.
Under the influence of this pattern, the positive bullish altcoin could push another 6.5% to reach a multiple resistance trendline around $0.59. This overhead resistance has carried the mid-term downtrend in the XRP price and could restore the prevailing selling pressure.
So, a possible reversal of this trendline could trigger a new correction in the XRP coin.
Also Read: Jupiter exits XRP ETP investment amid EU regulatory woes
Reversal pattern sets the Dogecoin price rally at $0.1
Amidst the last correction trend in the market, Dogecoin showed resilience by maintaining its position above the $0.075 support level. With renewed buying interest at this support and a broader market recovery, the DOGE price experienced an 8.9% gain over two weeks, bringing it to the current level of $0.0844.
The recent uptrend on the daily chart revealed a bullish reversal pattern known as a double bottom, typically found at significant market lows, indicating a potential trend change. Influenced by this pattern, the Dogecoin price is expected to rise by 6.75%, aiming to break the neckline resistance at $0.09.
Overcoming this hurdle could significantly increase buying momentum, potentially pushing the Dogecoin price up 16.75% to reach $0.105.
Related Articles: Crypto Prices Today: Bitcoin Almost Drops Below $52K, ETH, SOL, XRP, PEPE Fall
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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