News and Analytics

0

Analysis of Cryptocurrency Market Post-Halving

Apr 28, 2024

Starting in September 2023, the value of Ethereum and Bitcoin steadily increased for seven months, with a slowdown occurring in April due to impacts from the American economy. Even amidst Bitcoin's price increase by less than 1% from April 19 to 26, it faced four decline sessions and three ascent sessions during the week, reaching a high of $67,241 and a low of $62,785. The recent rally in the largest cryptocurrency market was not linked to the previous halving but rather affected by macro data, like the 1.6% GDP increase (lower than the expected 2.5%) and the unexpected 3.1% GDP price index rise. For investors, this raised doubts on the US Federal Reserve reducing its interest rates anytime soon. Supporting this sentiment is the fear and greed index, increasing by four points to 70 in favor of greed over fear among Bitcoin investors. Ethereum saw a 2.7% price increase and experienced volatility, with price changes below 3.5%.

As for staking, Ethereum saw a growth in the staked amount following the Bitcoin halving. The SEC delayed decisions on various applications, projecting a slow adoption of regulations similar to those in Hong Kong. Solana, another cryptocurrency, maintained a price of slightly over $142.5 during the week. Despite this, Solana showcased promising performance despite the stagnant price, with high activity in stablecoin transfers compared to other platforms like Tron and BSC.

Developers at CryptoQuant developed an AI-based Bitcoin price model predicting a price rise to $70,000 in 25 days and $78,000 in 30 days. However, it is crucial to note that this data serves for informational purposes and not investment advice. In terms of technical analysis, both Bitcoin and Ethereum face resistance levels, but Ethereum needs to break the $3,300 resistance level to escape the downtrend. Investors wait eagerly for updates on these cryptocurrencies.

Comments

Latest analytics

Maximizing Profits...

Maximizing Profits in 2024: A Detailed Evaluation of ValueZone.AI

Casinos without...

Casinos without Swedish License - Top List of Best Casinos...

Show more

Latest Dapp Articles

Show more

You may also like