Bitcoin Prices and Ethereum Prediction; The Factors That Could Propel BTC and ETH To New Heights
Bitcoin and Ethereum have been two of the most popular digital assets in the world, with their prices having seen a huge surge since their inception. As more and more people become interested in cryptocurrencies, it is important to understand what factors could propel Bitcoin and Ethereum to new heights.
This article will discuss the various factors that could affect the prices of these two popular digital currencies, including fundamental and technical analysis.
In the past 24 hours, the crypto market cap has increased by 1.45% to a staggering $1.71 trillion while trading volume has gone down by 7.81%, amounting to $79.382 billion.
DeFi's market share in the 24-hour cryptocurrency trading volume was around 0.01% with a total of $9.84 billion. However, stablecoins represented 99.99% at $79.82 billion and Bitcoin had a 41.65% market dominance at the time of writing, trading at $37,527.19 today.
In the upcoming week, crypto investors will watch the US Fed Fund Rate and US Nonfarm Payroll figures intently.
February 1st marks a hectic week for central banks as the Federal Open Market Committee (FOMC), Bank of England (BOE), and European Central Bank (ECB) all gather to announce their respective Interest Rate Decisions.
The CME FedWatch Tool predicts a high probability (98%) of the Federal Open Market Committee hiking interest rates by 25 basis points and setting the target range for the federal funds rate at 4.75%.
The difficult decision to make is whether the central banks will deliver a dovish or less hawkish rate hike. Economic performance since December has been below expectations as seen through retail sales and manufacturing data. Furthermore, inflation components have been weaker than usual.
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