Why Cryptocurrency Prices Are Soaring High – Which Cryptos Should You Buy?

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the cryptocurrency market has increased by 4% in the last 24 hours, prices having jumped in response to the release of positive US inflation figures today. At $920 billion, total market capitalization rose 7.5% over the past week, as well as 3.8% over the past 30 days, supported by the arrival of stronger sentiment. more positive about the direction of the US (and global) economy.

The US CPI data for December show a further drop in inflation (from 7.1% in November to 6.5%), then there is growing expectation that the worst of the 2022 macroeconomic downturn is over. And since interest rates are likely to follow inflation, 2023 could see even bigger rallies than today, especially for the cryptos listed below.

Bitcoin (BTC)

the BTC is currently up over 4% in the last 24 hours, after hovering around the $18,000 level overnight. At $18,105, it was also up 7.6% in a week, 10% in a fortnight and 5% in a month, although it remains 73% below its all-time high of $69,044. established in November 2021.

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Source: TradingView

BTC Chart Reveals Strong Momentum Rise, As Indicated its relative strength index (purple), which has been above 70 for about a day. This signals substantial buying pressure, and while some might argue that a score of over 70 means BTC is now overbought relative to recent moves, the fact that its 30-day average (red) is below its 200-day average (blue) suggests otherwise.

More fundamentally, if any cryptocurrency stands to benefit from improving macro conditions and a return to the upside, it is bitcoin. As the largest crypto by market capitalization, it is likely to attract the most outside investment, especially from institutions.

Indeed, even with the bear market of 2022, banks and other financial institutions have set the stage for another bull market (with about three-quarters of institutions planning to invest in crypto in the future). BNY Mellon and N26 have launched cryptocurrency-related services in recent months, joining the growing ranks of banks with some form of presence in the digital asset space.

This will make investing in cryptocurrencies more accessible to mainstream investors and, overall, institutions still prefer bitcoin to anything else. That is why bitcoin is poised to rally if conditions continue to improve.

Ethereum (ETH)

ETH is up 4.5% today, with its current price of $1,387 marking a 10% jump over the past week and an increase of 8.5% in one month. Of course, just like BTC, ETH is also down 72% from its ATH of $4,878, reached in November 2021.

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Source: TradingView

ETH appears to be on course for a breakout rally, given the combination of a rising RSI and a 30-day average that needs to regain some ground in its 200-day run.

In effect, many analysts have been predicting a big ETH rally for months, and for some, ETH is expected to rise more aggressively than BTC this year. This is the view of Mike McGlone of Bloomberg, who tweeted recently that the ratio of ETH price to BTC has more or less increased since early 2021, during the last bull market.

McGlone expects this trend to continue when the cryptocurrency market (and the global economy) turns more bullish again, which already appears to be the case. And while his view may be controversial to some, ETH certainly has the fundamentals for big rallies this year.

First of all, the September merger put Ethereum on the path to greater scalability and efficiency, while its switch to proof-of-stake (along with other upgrades) now means it is very close to becoming deflationary. As the tweet below from Velvet Capital points out, periods of increased network activity will cause deflation, which will push its price up.

Furthermore, Ethereum is already largest layer 1 blockchain by total value locked, accounting for around 60% of the entire DeFi sector. And with new updates on the horizon, this can only increase in the future.

Avalanche (AVAX)

AVAX is one of the top 100 best performing cryptocurrencies today, having jumped 20% in 24 hours. At $14.97, it also increased by 24% in one week and 15% in one month.

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Source: TradingView

AVAX’s RSI is showing a sudden jump in buying pressure, and there’s a simple reason for that: Avalanche announced a partnership with Amazon Web Services. What this means is that AWS will use the Avalanche protocol to develop enterprise blockchain solutions for businesses and governments.

This could lead to mass adoption and use of Avalanche, as well as AVAX. When you combine that with the fact that AVAX has been oversold and undervalued for so long, the altcoin could see a dramatic rally this year.

In effect, Avalanche remains the fourth-largest layer-1 blockchain network by total value locked, and also happens to be younger than the three platforms before it (Ethereum, BNB Chain, and Tron). It was put into service at the end of 2020, and therefore has not yet had the opportunity to develop.

Lido DAO (LDO)

At $1.91, LDO has gained 7% over the past 24 hours, as well as 39% over the past week. Impressively, it is also up 100% in a fortnight and 80% in the past 30 days, while rising 340% since hitting an all-time low of $0.406150 in June 2022.

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Source: TradingView

LDO has been doing well since it emerged that Lido DAO was the largest dapp in the cryptocurrency ecosystem, having surpassed MakerDAO in terms of total value locked. The two apps have traded places since then, but the fact that Lido made it to the top underscores the significance it will have now that Ethereum has transitioned to a proof-of-stake consensus mechanism.

As the largest staking service for Ethereum, Lido has seen increasing usage since September, with its LDO governance token benefiting.

At the same time, Ethereum developers have confirmed that stakers will be able to withdraw their staked ETH from March. This situation has also contributed to increased interest in Lido DAO and LDO in recent weeks, and is expected to continue throughout 2023.

Meta Masters Guild (MEMAG)

While she only opened her presale yesterday, Meta Masters Guild raised over $70,000 in its first 24 hours. This is an impressive result for the new cryptocurrency gaming platform, which will be used to develop a growing range of Web3 games and games to win when it launches its first game (Meta Kart Racers) in the third. quarter of the year.

The MEMAG token sale will take place in seven stages, with the first – and current – ​​offering 1 MEMAG for $0.007. This price will increase by 42% next week, and will gradually rise to $0.023 in the seventh stage, which means that early investors will benefit from a 228.5% upside before the coin is even listed.

Investors can participate in the sale by visiting the Meta Masters Guild official website and connecting their Wallet Connect or MetaMask wallets. And like the platform already has more than 22,000 followers on Twitterit is likely that many more will join her.

Fight Out (FGHT)

Based on the Ethereum blockchain, Fight Out (FGHT) is a platform that aims to advance the move-to-earn industry, mixing real-life workouts with Web3 and the metaverse. It will track and reward a much wider range of activities than previous M2E platforms, offering boxing, weightlifting and yoga workouts. The project offers a variety of in-app and IRL classes at its own branded gyms.

Its token sale started in December and has already raised more than $2.8 million. One FGHT token is currently selling for $0.0166. The sale is expected to end in the second quarter of 2023, when the app is expected to launch.

C+Load (CCHG)

Leveraging the growing environmental awareness of the cryptocurrency industry, C+Load (CCHG) is a peer-to-peer payment network for electric vehicle (EV) charging stations. Running on the BNB chain, its primary focus is to use blockchain and cryptocurrencies to expand access to carbon credits, with its native CCHG intended to be used within its network by EV owners to pay charging their vehicles.

C+Charge will also reward users with carbon credits based on NFTs for charging their EVs at its stations, encouraging people to go green. The company has also already signed partnerships with Flowcarbon and with Perfect Solutions Turkey, adding 20% ​​of EV chargers in Turkey to its network.

Its token sale started in December, with 1 CCHG available for $0.013. This price is set to increase soon, so those interested are advised to act quickly.



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Why Cryptocurrency Prices Are Soaring High – Which Cryptos Should You Buy?


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