- Bitcoin and Ethereum are attempting to break through significant price barriers, with rumors surrounding Binance crypto exchange and its CEO credited for the increase in Bitcoin prices
- Some investors are optimistic that if Bitcoin breaks through the $30,000 barrier, it could spell a significant breakout for altcoins
- Ethereum is also gaining traction, with reports suggesting it is primed for an attack on $2,000, and many investors are hopeful for a successful breakthrough
As the market for cryptocurrencies continues to fluctuate, investors and enthusiasts have been gripped by the recent movements in the prices of Bitcoin and Ethereum. The two most prominent forms of digital currency have been attempting to break through significant price points, with Bitcoin hitting $28,780 on Bitstamp after bouncing back from one-week lows of under $27,300.
The price increase has been attributed mainly to rumors swirling around the Binance crypto exchange and its CEO, Changpeng “CZ” Zhao. According to reports, large-volume “whale” traders have been spotted buying on the Binance order book, providing fresh momentum to Bitcoin.
This has caused excitement among some investors, who view the situation as an opportunity to make substantial profits, but others are suspicious. There are concerns that these traders could be artificially driving up the market to sell closer to the $30,000 mark.
Despite calls for caution from some investors, many others remain optimistic that the price of Bitcoin could break through the $30,000 barrier. Michaël van de Poppe, founder, and CEO of trading firm Eight, believes that if Bitcoin is successful, this will trigger a significant breakout for altcoins. This sentiment is shared by IncomeSharks, an analytics account that swapped its BTC exposure for alternatives at current prices and has been waiting for this opportunity all year.
Meanwhile, attention is also heightened around Ethereum, the largest altcoin. Many believe the digital currency is poised for an attack on its price threshold of $2,000. DecenTrader, a trading suite, has reportedly noted that funding rates have been hinting at positive growth for Ethereum, and the hope is that it can stay above the range high of $1,840.
As the cryptocurrency market remains unstable, some are cautiously and closely monitoring the situation. However, for others, the high stakes could result in significant financial gains, making it an exciting time for investors and enthusiasts.
Current BTC and ETH Price Actions Still Uncertain
Despite all the predictions from analysts, the prices of BTC and ETH still need to be determined if they will ever contest $2000 and go on a bull rally to a higher price due to several factors. The upcoming FedNow event by the Feds may affect the cryptocurrency market as it could increase the adoption of digital currencies.
However, the government’s continued crackdown on crypto and replacement with central bank digital currencies (CBDCs) may negatively impact the growth of Bitcoin and Ethereum. Moreover, the fear of the recession not yet being over could also affect the market.
