Bitcoin-BTC and Ethereum-ETH Price Predictions After They Gain Over 20% in Seven Days – Can This Breakthrough Last?

Bitcoin-BTC – the world’s highest digital currency in terms of total market capitalization – continues its upward price launch, attracting more investments for the most prominent digital currency in the crypto arena, which is on its throne, with its price reaching the $28,000 threshold. This comes as the total market value of digital currencies has crossed the $1.17 trillion mark; This indicates that the positive momentum is steadily increasing in the entire crypto market, which in turn also contributed to Bitcoin (BTC) gains.

This rising trend of the digital currency market coincided with great challenges facing some major US banks, which renewed discussions about the importance of digital currencies and the role they can play in this regard.

This comes at a time when Ethereum-ETH also maintained its bullish trend, trading above the $1,800 level with a comfortable margin, as well as other major digital currencies such as Dogecoin-DOGE and Ripple-XRP. Litecoin-LTC and Solana-SOL both saw significant increases in value at the same time.

It should be noted that the price of Bitcoin (BTC) – the most popular digital currency in the world – has increased by 37% over the past week; This means that the total market value of Bitcoin increased by $194 billion in 2023, an increase of 66%.

On the other hand, the growing fears of a new global banking crisis prompted more investors to search for alternative currencies – such as Bitcoin – to save the value of their investments through them.
The market value of digital currencies is $ 1.17 trillion, amid a crisis in the banking sector in the United States of America

The global digital currency market has recently gained more momentum and managed to cross the threshold of $1.17 trillion. The ongoing banking sector crisis in the United States is one of the main reasons for the upward trend of digital currencies and their steadily rising value, as it highlights the importance of the digital asset sector.
It should be noted here that the number of newcomers to the digital currency market is increasing in order to meet their investment needs.

The steadily growing digital currency sector attracts investors looking for alternative investment opportunities.

With the recent crises in the banking sector shedding more light on the value of digital assets led by the Bitcoin currency, it has worked to highlight it in the form of a highly innovative and exciting investment opportunity, which is expected to attract more public investors.
The banking crisis in the United States could raise the price of bitcoin to $1 million within 90 days, according to the former chief technologist of Coinbase.

It is no longer a secret to many the magnitude of the challenges faced by American banks, which led to the decline in the value of their shares, and this comes in the wake of the recent closure of Silvergate Bank and the acquisition by the financial authorities in the United States of America of Signature Bank and Silicon Valley Bank. ). European countries were also not immune from these events, as UBS Group acquired the troubled Credit Suisse bank for $2 billion to help Switzerland maintain financial stability.

Many began to turn to the digital currency sector after these suffocating financial crises highlighted the value of digital assets, and the ongoing financial sector crisis in the United States is seen as the main driver of the upward trend in the digital currency markets, which makes them more attractive than traditional currencies. other.

Banking Crisis Developments This Weekend:

1. Warren Buffet meets Biden

2. UBS acquires Credit Suisse for 60% discount

3. Swiss government provides $100 billion liquidity line to UBS

4. Fed announces USD swap line for liquidity

5. Yellen says the US banking system is strong
— The Kobeissi Letter (@KobeissiLetter) March 20, 2023

It should be noted here that Balaji Srinivasan, former chief technologist at Coinbase, believes that if a global banking crisis occurs, the value of one bitcoin could reach $1 million in less than 90 days. As it is expected that hyperinflation will occur in the United States caused by a banking crisis, which may be able to push the price of Bitcoin to record levels in the coming days.

Indeed, Srinivasan himself, in his prediction of the future of the American economy and its potential impact on cryptocurrencies, bet that the price of Bitcoin would rise to two million dollars. Ongoing financial instability will increase the demand for Bitcoin and other cryptocurrencies as a safe investment; This will raise the value of Bitcoin as a natural result of this increasing demand for it.
Bitcoin (BTC) price

The price of the BTC/USD currency pair continued its rise during Monday’s trading, breaching in its bullish direction the resistance at $27,750. It is possible – if this trend continues to gain more momentum – that the cryptocurrency leader’s price will reach the next resistance level around $30,700 or perhaps surpass it to higher levels.
On the other hand, if the price declines below the nearest support level at $26,700 or the next support level at $25,200, it is likely that the price will continue its downward trend to test the next support level at $23,150. Although price declines are possible and not excluded, the general trend is still strong due to the formation of green engulfing candles, indicating a large buying demand when prices decline.

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Ethereum (ETH) price

The price of the ETH/USD currency pair showed an upward trend in Monday’s trading, but its bullish momentum was not as strong as that of Bitcoin. The price of Ethereum (ETH) is currently trying to breach the bullish trend above the $1,800 level and stabilize above it; And if the ETH/USD currency pair can clear this resistance level closest to the top, it is likely to continue rising towards the next resistance barrier at $1,900.
On the other hand, the ETH/USD pair is likely to find support at the support levels of $1,700 then $1,620.

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Top 15 Worthwhile Cryptocurrencies in 2023

Please carefully review and read through the revised list of Cryptonews.com’s The Industry Talk team, which includes the top 15 altcoins to watch closely in 2023; This list is updated periodically with new Initial Offering Projects (ICOs) and promising altcoins in the pre-sale stages, so always make sure you visit the link below periodically to see the latest continuous updates.