The decline in the prices of the main cryptocurrencies has begun
since the first week of February and the news does not
are still not good for the actors of the transactions of the
cryptocurrencies. Bitcoin fell below $22,000 and it
does not show an upward trend during the two weeks
who followed. At the same time the world market capitalization
crypto-currencies is surely approaching the
1000 billion bar.
The consumer price figures in the United States have a strong
influence on the cryptocurrency markets. This is why from
last Thursday everyone in the market got hooked
mainly on these consumer prices in the hope of seeing
an upward trend.
The observation of consumer prices becomes essential for
hope for the rise in cryptocurrency prices. The price index
therefore can allow the triggering of the rise for bitcoin and
Ethereum. This is linked to the increase in consumer prices.
So when inflation rises, investors worry the most
often. And they tend to look for alternative assets. THE
Cryptocurrencies today are one of these alternative assets. For
therefore hedge against inflation many investors are rushing to
the purchase of crypto-currencies, especially bitcoin and ethereum. As the
demand for these increases automatically, the prices of
bitcoin and ethereum therefore climb at the same time. So as
other people realize the potential benefits
crypto-currencies, new investors are getting into the
searched for cryptocurrencies which further drives up the prices.
On the other hand, as the cryptocurrency market is very
volatile, the rush of investors to buy cryptocurrencies
cannot be the only explanation for the rise in prices. others
factors can influence these prices, which are often difficult to
predict the true trajectory. In this month of February more precisely in
end of its second week, consumer prices in the United States
United have decreased a lot. They were at the lowest level since
2021. So in the middle of this month of February the price of bitcoin is located
at more than 21700 dollars with a transaction volume that reaches 22
billion and its market capitalization is 418 billion
of dollars. She continued her decline a few days later.
Hope for the upside is limited to a potential bounce above 22
$375. We must hope for an increase and an intervention of the
Buying Pressure From Buyers For Bitcoin To Hit The Bottom Again
resistance level above $24,260.
As for Ethereum for the same period its price was 1500 dollars
with a 24-hour transaction volume of 8.1 billion
dollars. Its market capitalization reached the level of 183.78
billions of dollars. The weeks that followed saw the trend
to go up. Ethereum was trading above 1500 and if it managed to
stay there, there is a possibility of the triggering of a trend
up to $1560.
This drop observed from the first weeks of the month of
February was related mainly to the expectation of news given on
US GDP and domestic consumption figures to
USA, which certainly increased market volatility. For
the moment the prices of bitcoin and ethereum resume the rise.
And the question everyone is asking is: can bitcoin
break through the $24,000 mark? Nobody dares to affirm it
despite an upward trend.
Bitcoin's current price has already touched the $24,000 mark
with a transaction volume of $28.9 billion in 24 hours.
Bitcoin is still on top of cryptocurrencies with a market capitalization
which now reaches 467 billion dollars
as well as a circulating supply of 19,299,243 BTC coin and a supply
maximum of 21,000,000 BTC coins. Bitcoin continues to show
a trending up and it is holding at $24,000 as resistance level.
It is estimated that in the very near future the Bitcoin's resistance
level may be at $24,500. And if buying pressure is building,
this will pave the way for bitcoin to approach the resistance level of $25,200.
But we is still very far from the 30,000 dollar mark reached before the Covid pandemic.
Ethereum price stands at 1670 dollars with a volume of
transaction of 9 billion in 24 hours. Its market capitalization
reached $203 billion.
On the other hand, all these figures of the past week have been seen
denied at the end of February. After stroking the peak of
26,000 dollars, bitcoin fell back to 23,800 dollars, confirming
thus a weakening of the upward momentum initiated since
last week.
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