Bitcoin and Ethereum Prices Soar 10%, How High Could They Go?
On January 22, the leading cryptocurrencies such as Bitcoin and Ethereum are on a rise, having surged nearly 10% in the last seven days. Bitcoin is holding over $23,000 and Ethereum is up to trade above $1,650.
Bitcoin experienced a significant upswing and some possible contributors to this phenomenon include whale activity, public buying, and cryptocurrency's potential for disrupting financial services.
The crypto market's stability has returned after a long period of volatility and many people are now positive about the coin's future.
Santiment reported that, of the $1 billion+ accumulation that occurred over the past 15 days, a majority was from 1-1000 BTC transactions. In addition, coins held by whales with 1000 - 10,000 BTC holdings accounted for 83% of the accumulation.
Aptos (APT), Optimism (OP), and ApeCoin (APE) were the top performers in the last 24 hours. APT's price has increased by more than 38% to $12.67, while OP's price is up by nearly 20% to $2.30. At the same time, APE has gained just under 15% to trade at $5.79.
Nexo (NEXO) has dropped around 0.25% to $0.8299 in the last 24 hours. Pax Dollar (USDP) is down over 0.28% to around $1, and Frax Share (FXS) is down about 1.75% to $10.50; however, FXS has gained over $59% in the last seven days.
Bitcoin is currently worth $23,178, with a daily trading volume of $35 billion. Bitcoin's market cap has climbed by 5% in the last 24 hours to $446 billion.
On the daily timeframe, Bitcoin has produced a bullish engulfing candle, indicating the possibility of an uptrend continuation. If Bitcoin breaks above the $22,750 barrier, it may aim for $24,000 or $24,550.
On the downside, Bitcoin's immediate support is at $22,500, and a further decline below this level might expose
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