The reasons for crypto market growth!
Contrary to expectations, the crypto market, which began to rise over the weekend, did not make a correction and continued to recover. Cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which are pioneers in the market, showed serious growth in the last 24 hours. Bitcoin is up about $45,200. Ethereum has surpassed $3,200. So why has there been this increase? Some analysts reported that the release of stronger-than-expected U.S. jobs data on Friday supported the BTC price rise and discouraged traders.
GlobalBlock analyst Marcus Sotiriou said, “Despite the stronger-than-expected U.S. jobs data on Friday, investors and global markets reacted positively to the news. This positive reaction also caused a rebound in cryptocurrency markets. Bitcoin has suffered two similar downtrends in the RSI. over the past year, and both have led to incredible gains, potentially triggering an upward surge in bitcoin.” The Relative Strength Index (RSI) is an indicator that measures the amount of change in price over a period of time. An RSI reading above 70 is considered overbought and below 30 indicates that the asset may be oversold.
The RSI level on bitcoin jumped up from the 20 “oversold” level to 61 in January, when the cryptocurrency was trading at $35,550. As of this writing, bitcoin is up to about $45,200, signaling that resistance at $46,000 could be tested. According to some experts, the U.S. Federal Reserve’s (Fed) policy of raising interest rates could increase interest in bitcoin. It is expected that investors may show more interest in crypto-assets to avoid high interest rates and profits. In other words, the demands of tighter monetary policy could be one factor boosting Bitcoin’s price.
Alexei Kuptsikevich, an experienced analyst at FxPro, listed possible reasons for the rise of the crypto market. The analyst: “Non-farm payrolls could force the Fed to act faster to tighten monetary policy. I said that if cryptocurrencies continue to resist, the uptrend could gain momentum. Investors decided to buy BTC on Friday last week to hedge against inflation. week, it’s a bullish trend. “It has gained momentum. It has to do with the rise of bitcoins.”
Cryptocurrencies, which are among the top 10 by crypto market value, have started to rise. Ripple (XRP) rose from $0.60 to $0.90 in a few days. Ripple (XRP), a growth leader among major cryptocurrencies, has been fighting an SEC lawsuit for more than a year. Claiming that Ripple founders Christian Larsen and Bradley Garlinghaus raised $1.3 billion in unregistered funds through sales of XRP, the SEC noted that XRP cannot be considered a security.
The SHIB meme coin, which had consolidated around $0.000020 in previous days, rose to the $0.000033 range. The fact that SHIB broke above the strong resistance zone brought a smile to the faces of SHIB investors. Investors believe that Shiba will hold on to $0.000030 support, even if there is another drop in the market. The popular memcoin rose to its all-time high of $0.0000088 last October.
