Bitcoin‘s price has soared toward $24,500 and many are wondering how far it can go. At the same time, Ethereum‘s value has been increasing, albeit at a slower pace than Bitcoin’s. In this article, we’ll look at how both cryptocurrencies are doing now and try to predict how they might do in the future.
Hong Kong’s Crypto Initiatives Lead To Bitcoin Breaking 8-Month Highs
Today, the cryptocurrency markets have experienced a significant surge in value, largely due to positive news out of Hong Kong. The Asian financial hub has announced that it will be opening its doors to digital assets and investors, with plans to become a leading crypto hub in the region.
From June of this year, buying, selling, and trading crypto will be fully legal for all Hong Kong citizens, including mainland Chinese institutions.
This development has generated a positive response from the markets, with prices rising by as much as 9% in just one day. Hong Kong’s decision to embrace digital assets means that money from China can now flow easily back into the crypto markets, despite the ban on crypto for individuals in the country.
These developments stem from a January announcement made by Paul Chan, the Financial Secretary of Hong Kong, in which he declared that the city is aiming to become a crypto hub with a strong regulatory framework.
Mike Novogratz Bullish on Bitcoin, Predicts It Could Reach $30K This Quarter
Galaxy Digital’s founder and CEO, Mike Novogratz, has expressed his belief that Bitcoin prices will reach $30,000 by the end of March. Speaking at a Bank of America conference on February 15, Novogratz highlighted the price action and excitement among customers, stating that the increasing FOMO, or Fear Of Missing Out, is building up to make his prediction a reality.
With Bitcoin’s largest daily gain in over a month, surging by 12% in the past 24 hours, the cryptocurrency would only need to climb a further 21.5% from current levels to reach Novogratz’s target.
The prominent venture capitalist has previously predicted that Bitcoin prices will hit $500,000 for one BTC in 2024 and still sees the asset reaching that level, albeit not within the next five years.
Texas-Based ‘Bitcoin Embassy’ Created by El Salvador to Drive Digital Asset Adoption
El Salvador has become the world’s first country to adopt Bitcoin as legal tender, and now, it has taken another step toward promoting the use of digital assets. The country has announced plans to open a “Bitcoin embassy” in Texas, with the aim of driving the adoption of cryptocurrencies.
Milena Mayorga, El Salvador’s US ambassador, revealed this development on Twitter on February 17. This initiative follows a similar move by Switzerland last year, which aimed to support the use of digital assets. By creating a “Bitcoin embassy” in Texas, El Salvador hopes to further its efforts to promote the use of cryptocurrencies globally.
According to a tweet by El Salvador’s US ambassador, Milena Mayorga, the country, which became the world’s first to adopt Bitcoin as legal tender, is planning to establish a “Bitcoin embassy” in Texas. This move follows a similar initiative by the country of Switzerland last year, which aimed to promote the use of cryptocurrencies.
The current price of Bitcoin is $24,643, with a trading volume of $37 billion over the last 24 hours. In the past day, Bitcoin has gained nearly 11%. It is currently ranked #1 on CoinMarketCap, with a live market cap of $475 billion.
From a technical perspective, Bitcoin has recently broken above a significant double top resistance level of $24,300. The current closing candles above this level have increased the likelihood of a bullish trend continuation in BTC. As for immediate resistance levels, Bitcoin currently faces resistance at $25,450 and $26,000.
On the other hand, if there is a bearish breakout of the $24,300 level, the BTC price could decline toward the $22,500 level, which is supported by an upward channel. Since the RSI and MACD indicators are in the buying zone, and BTC has also formed an upward channel, there is a strong chance that BTC will continue to trade bullishly above the $24,300 level.
As of now, the live price of Ethereum is at $1,680 with a trading volume of $12 billion in the last 24 hours. Ethereum has experienced a nearly 9% increase in the past day. It currently holds the #2 rank in CoinMarketCap with a live market cap of $205 billion.
The ETH/USD pair is currently displaying a bullish bias from a technical perspective, bouncing off above the $1,490 level which is a significant support mark at the 38.2% Fibonacci retracement level.
A bullish breakout above the double-top resistance level of $1,700 could expose the ETH price to reach $1,785. A further upward breakout may also result in the price climbing toward $1,890.
However, on the downside, Ethereum’s immediate support is currently at the $1,575 mark. If this level is breached, it could lead to further selling pressure and push the price toward $1,495 or even $1,365.
Bitcoin and Ethereum Alternatives
We have listed the top 15 cryptocurrencies for 2023 based on their projected market capitalization, but there are many other promising options to consider if you are looking to invest in cryptocurrencies. It’s worth noting that new cryptocurrencies and ICOs are emerging regularly.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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