Bitcoin (BTC), the world’s largest cryptocurrency, started this week on a solid upward trajectory and has remained stable around the $28,400 level. Similarly, Ethereum, the second most popular cryptocurrency, has gained substantial traction and is approaching the $1,900 mark in the wake of the upcoming Shanghai update scheduled for April 12.
So, the total value of all cryptocurrencies on the market was just slightly higher at about $1.18 trillion or up less than 0.5 percent in the last 24 hours. The total trade volume increased by nearly 11% to $29.98 billion.
So, the total value of all cryptocurrencies on the market was slightly higher, at about $1.18 trillion, or up less than 0.5% higher in the last 24 hours. The total trade volume increased by nearly 11% to $29.98 billion.
Also, popular digital currencies like Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) have seen small price increases.
Curve DAO Token Price
Conversely, the Curve DAO Token (CRV) fell 2.50% in 24 hours, becoming one of the biggest losers. The Curve DAO Token (CRV) is losing traction after rising by around 12.56% in the previous week.
Curve DAO Token is now trading at $0.998456, with a 24-hour trading volume of $50.6 billion. Curve DAO Token is down 3.51% in the last 24 hours.
Ethereum Hits Record 97 Million Addresses with Upcoming Shanghai Update Boosting Network Development
The Ethereum blockchain has recently reached a new milestone with a record-breaking 97 million non-zero addresses. This indicates a growing interest in the cryptocurrency, which was seen as good news for the Ethereum ecosystem as it reflects the broader adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) built on top of the Ethereum network.
However, the upcoming Shanghai update, which is set to happen on April 12, will result in the unlocking of around 18 million ETH from staking for validators and other staking participants. This will allow them to collect their ETH and staking rewards, which amount to about 15% of the coin’s supply.
However, withdrawal of the deposited ETH initially by validators will be speed-limited. Another positive development in the Shanghai update is the inclusion of Ethereum enhancement proposals to lower costs for network developers.
Thus, the growing interest in ETH will lead to an increase in its value. Also, unlocking staked ETH could increase selling pressure, but this will likely be overshadowed by the positive sentiment surrounding the ETH network’s development.
Arkansas Passes Bill to Regulate Bitcoin Mining: A Positive Sign for US Crypto Industry
Another positive factor that has been supporting the cryptocurrency market could be the latest approval of the Bill to Regulate Bitcoin Mining. It is worth noting that the state of Arkansas in the US has recently passed a bill to regulate Bitcoin mining activity within its borders, creating guidelines for miners and protecting them from discriminatory regulations and taxes.
This follows a similar initiative in Montana, while New York has banned crypto-mining activities for two years.
Thereby, this news will impact BTC and ETH prices positively as it’s a good sign for the overall acceptance and regulation of the crypto industry in the US, which could lead to increased adoption and investment in the long run.
Bitcoin Predicted to Reach $130K by Year-end Using Elliott Wave Theory
According to a famous analyst who uses a technical analysis approach called the Elliott Wave theory, the price of Bitcoin (BTC) will rise to $130,000 by the end of 2023. However, the prediction of a massive Bitcoin rally may lead to increased interest and investment in Bitcoin, potentially leading to a rise in its price.
However, a generally positive sentiment toward the cryptocurrency industry could potentially benefit all cryptocurrencies, including ETH.
Bitcoin Price
The current Bitcoin price is $28,238.88, and the 24-hour trading volume is $12,541,988,401. Bitcoin has increased by 0.56% in the previous 24 hours.
Technical analysis suggests that the BTC/USD pair may face resistance at the $28,500 level despite displaying a bearish bias.
If Bitcoin surpasses the resistance level of $28,250, its value may increase to $28,900 or even $29,250. However, if a bearish trend emerges, there is expected to be significant support at levels around $26,500 and $25,500
Ethereum Price
The current price of Ethereum stands at $1,862, with a 24-hour trading volume of $6.5 billion. Over the last few hours, Ethereum has experienced a 0.50% increase and is now valued at $1,870, boasting a 24-hour market volume of $9 billion.
The ETH/USD pair found immediate support at the $1,850 level. If the candles close above this level, a bullish bounce-back could push the price toward $1,920 or even $1,945.
On the other hand, a bearish break below the $1,850 level could lead to a decline in ETH’s price towards $1,800 or even the double-bottom support zone of $1,770. Overall, Ethereum’s trading outlook appears to be bullish, as evidenced by the formation of an upward channel on the 4-hour timeframe.
This article was originally published by CryptoNews.
