The price of Bitcoin and Ethereum has recently been on the rise, rising 20% just in the past week. The potential height of the cryptocurrency markets has been speculated upon in response to this spike.
Understanding the potential of these marketplaces is crucial as more individuals use cryptocurrencies to protect their investments and seize opportunities.
Could the current upswing be the beginning of something bigger?
The cryptocurrency market was in positive territory on January 15. Over 2 trillion dollars were invested in the market as a whole, a rise of 0.53% from the day before. Trading volume significantly decreased by 16.66%, totaling 84.28 billion dollars during 24 hours.
Decentralized Finance (Defi) is now holding $12.76 billion, or 15.14% of the total 24-hour trading volume in the cryptocurrency market. Similarly to that, stablecoins are currently worth an astounding $67.57 billion, or 80.17% of all cryptocurrency exchanges completed in the previous day.
Bitcoin and Ethereum Price
Bitcoin Cost
With a rise to $20,911 in value, Bitcoin is doing fantastic. Even the $20,500 support level has been broken. In the past 24 hours, an amazing $27 billion has been moved.
The upward trend now has a clear road to $21,000 or perhaps higher, with the possibility to reach its trading target of $23,000 thanks to the bullish price rise.
At the moment, Bitcoin has a support range between $20,500 and $20,000, and the RSI and MACD indicators are showing an overbought market.
Because failing to do so could cause BTC’s price to decline, it is crucial to monitor whether it can break past a barrier level of $21,500. Bitcoin’s immediate support is at $20,000 on the downside.
Ethereum Cost
Ethereum’s price rose to $1,559 with a $14 billion 24-hour trading volume. This sharp increase above the critical resistance level of $1,500 indicates that the ETH/USD pair is on its way to breaking through the following barrier level of $1,650.
The $1,500 level now serves as Ethereum’s key support level. We can anticipate a sharp increase in its worth if it closes above this price level. The next resistance level of $1,700 may be reached by the price of ETH if it rises above $1,650.
How much will crypto be worth in 5 years?
According to CryptoNewsz, Bitcoin will start its journey in 2024 by averaging US$ 78,000. In 2024, the highest transaction value for bitcoin would be about $85,000.
What determines how high crypto can go?
One of the most important elements influencing cryptocurrency prices is investor sentiment, which is influenced by a mix of supply, demand, manufacturing costs, competition, regulatory developments, and the ensuing media coverage.
How much will Bitcoin be worth in 2040?
According to our long-term Bitcoin price prediction, this year’s BTC prices could reach a new all-time high. Depending on the direction of the market, we might anticipate an average price of $353,429.23 in 2040. In 2040, we expect the price of bitcoin to reach a maximum of $418,512.87.
How high will Ethereum go?
In contrast to Gov Capital’s 2025 ETH price estimate, DigitalCoinPrice predicted that ETH might reach $4,296.91 in that year. The ETH price was predicted by DigitalCoinPrice to range between $2,831.64 in 2023 and $3,220.35 in 2024.