Bitcoin Price and Ethereum – What Could Drive Today's Uptrend?
On Wednesday, major cryptocurrencies were trading in the green during the Asian session, as the global crypto market value climbed 0.20% over the previous day to $918.72 billion. In contrast, the total crypto market volume fell 8.20% in the last 24 hours to $49.50 billion.
The overall volume in DeFi was $3.14 billion, accounting for 6.35% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $46.85 billion, accounting for 94.65% of the total crypto market 24-hour volume.
Bitcoin has plummeted by more than 5% in the last seven days. The leading cryptocurrency, on the other hand, is now gaining immediate support near $18,870, the triple bottom level.
On the other hand, Ethereum, the second most valuable cryptocurrency, is expected to recover above the $1,270 support level.
IMF Downgrades Economic Projections
The World Economic Forum has received a fresh warning from the International Monetary Fund. According to the IMF, things will only get worse from here. As a result, the value of Bitcoin can drop in the near future.
“The worst is yet to come, and for many people, 2023 will feel like a recession.”
On Tuesday, the agency announced that it anticipates a slowdown in global growth next year to 2.7%, with a 25% chance that growth would be below 2%. To put that in perspective, growth forecasts for this year are at 3.2%.
Russia's war in Ukraine, high inflation, and a downturn in China all weigh on the projection for next year, which is 0.2 percentage points lower than the IMF's outlook in July.
According to IMF’s chief economist Pierre-Olivier Gourinchas,
More than a third of the global economy will contract this year or next, while the three largest economies — the United States, the European Union, and China — will continue to stall,”
The International Monetary Fund predicts that global inflation should peak late this year but will "stay elevated for longer than previously projected," despite the best efforts of central banks everywhere to bring it under control.
An increase in inflation from 4.7% in 2021 to 8.8% this year is forecasted. The rate is predicted to dip to 6.75% in 2022, 6.25% in 2023, and 4.10% in 2024.
Today's current Bitcoin price is $19,097.39, and the 24-hour trading volume is $27 billion. Bitcoin has gained 0.14% during the past day.
At the moment, the total value of the cryptocurrency market is $366 billion, making it the most valuable cryptocurrency in the world according to CoinMarketCap.
There are a total of 19,176,800 Bitcoins in circulation, with a maximum supply of 21,000,000.
The BTC/USD pair is gaining immediate support near $18,870 on Wednesday. Doji and spinning top candlesticks closing above this level are likely to fuel an uptrend in Bitcoin.
The relative strength index (RSI) has entered the oversold zone, as shown in the 4-hour chart above, indicating that sellers are exhausted and buyers are on the horizon. They are simply waiting for a slight indication, such as US CPI and PPI figures, before seizing the opportunity.
On the upside, Bitcoin's immediate resistance remains at $19,592, which the 50-day moving average has extended. A bullish crossover above the 50-day moving average could push the bitcoin price to $20,470.
The current price of Ethereum is $1,286.93, with a 24-hour trading volume of $8.2 billion. In the last 24 hours, Ethereum has gained 0.69%. CoinMarketCap currently ranks #2, with a live market cap of $157 billion.
The ETH/USD pair has broken through a symmetrical triangle pattern at $1,303, and candles closing below this level are likely to drive a bearish trend. Ethereum may retrace back to retest the psychological level of $1,300; failure to break above this level will confirm the downtrend's continuation.
On the downside, ETH's immediate support is still $1,260, and a break below this can lead to selling units at $1,220. An increase in selling pressure can push ETH below $800, but this is unlikely because the $1005 level will act as strong support along the way.
IMPT – The Green Alternative Crypto
The ongoing Impact Project (IMPT) token presale has gotten a lot of attention, with more than $3.5 million raised in less than a week.
The Impact Project is an Ethereum-based marketplace for carbon credits, giving it a potentially lucrative investment opportunity for ESG investors or anyone seeking the massive price increases that can accompany a new coin's initial listing.
Tokenizing carbon credits on the platform makes their sale and use more transparent. According to the IMPT white paper, this addresses multiple issues plaguing the current carbon credit market. These include double-selling credits, overcalculating credits, and failing to properly retire credits.
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