BTC Fails to Break Above $23,725, What’s Next?
Bitcoin and Ethereum, the two biggest cryptocurrencies in terms of market capitalization, are still attracting the interest of traders and investors worldwide. As the Asian trading session unfolds, the crypto market remains relatively stable, with BTC hovering just above the $23,000 level and ETH rebounding beyond $1,600.
The major cryptocurrencies, including Bitcoin and Ethereum, are trading within tight price ranges as market participants brace themselves for a busy week ahead, amid the lack of volatility.
Before examining the technical outlook, let’s take a quick look at the market’s fundamental aspects.
Venture Capitalist Predicts Explosive Gains of Up to 2,200% for Crypto Assets
According to Chris Burniske, a venture financing company Placeholder partner, Stacks (STX), an altcoin aimed at increasing the utility of Bitcoin (BTC), has massive upside potential. Burniske claims that Ethereum’s (ETH) layer-2 ecosystem has attracted significant amounts of new capital and attention, while Bitcoin has been left behind due to the abandonment of efforts to make its flagship blockchain programmable.
However, with limited competition in the field, Burniske believes that Bitcoin’s layer-2 ecosystem is nearing its peak, which would benefit STX. STX is currently valued at $1.36 billion in fully diluted network value (FD NV), or 0.28% of BTC NV. Burniske suggests that a repricing to match MATIC’s relative price to its layer-1 would indicate a 23X increase, which does not account for Bitcoin appreciation.
According to investor Chris Burniske, Bitcoin’s layer-2 ecosystem is nearing its peak, and the lack of competition in this space could benefit Stacks (STX), a project aimed at increasing the utility of Bitcoin. If STX sees significant gains, it could lead to increased interest in Bitcoin’s programmability, which may ultimately boost the flagship cryptocurrency’s value.
Bitcoin’s Billionaire Advocate: Chamath Palihapitya’s Predictions for the Future of Cryptocurrency
Chamath Palihapitya, a billionaire venture capitalist and early Bitcoin (BTC) investor, has identified a new opportunity that he considers to be even more significant than his investment in BTC more than a decade ago. During a fireside discussion at Wharton, Palihapitya said that he will devote the next two decades of his life to addressing global issues in energy generation, computation, and biosciences.
According to him, investors who comprehend these trends could be “unbelievably prosperous and wealthy,” as these challenges could yield trillions of dollars in wealth. Palihapitya’s investment firm, Social Capital, has invested in companies working in clean energy, life sciences, and technology, including Syapse, Proterra, and Groq.
His statement about Bitcoin’s explosive rise paling in comparison to what’s coming next suggests that he sees significant potential for growth and development in the cryptocurrency industry. This could potentially lead to increased investment and interest in the space, including in Bitcoin.
Bitcoin Price
As of now, Bitcoin is priced at $23,400, with a 24-hour trading volume of $17 billion. Over the past 24 hours, the digital currency has seen a 1.08% increase in its value. With a live market cap of $451 billion, Bitcoin is currently ranked as #1 on CoinMarketCap. It has a circulating supply of 19,303,075 BTC coins, while its maximum supply is limited to 21,000,000 BTC coins.
Bitcoin is currently encountering resistance at the $23,500 level, and its immediate support level remains at $22,800. If the price falls below this level, it may expose Bitcoin to the next support area at $22,150. However, as the BTC/USD pair has entered the oversold zone, there is a possibility of a rebound that could lead to a breakthrough of the resistance level at $23,500, pushing the price up to $24,250.
The immediate support level for the BTC/USD pair is at $22,800. If the pair breaks below this level, it could potentially expose the price of BTC to the next support area at the $22,150 level.
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Ethereum Price
The current live price of Ethereum stands just below $1,600, and on the technical front, the ETH/USD pair is currently facing a significant resistance level at $1,620, which is reinforced by the 50-day EMA. If the pair closes below this level, it may trigger a selling trend in ETH.
The current live price of Ethereum (ETH) is $1,635, with a 24-hour trading volume of $6.1 billion. Ethereum has gained 2.22% in the last 24 hours. As of now, it holds the second position in the CoinMarketCap ranking with a live market cap of $200 billion.
Ethereum’s price is currently trading below its immediate support level of $1,675. When this level is broken, the next support for Ethereum is at $1,600. On the other hand, if the Ethereum price breaks through the $1,675 resistance level, it may rise to the $1,750 level.
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Top 15 Cryptocurrencies to Watch in 2023
Investors in the cryptocurrency market have many options beyond Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the top 15 altcoins to watch in 2023.
The list is regularly updated with new ICO projects and altcoins, so make sure to check back frequently for the latest additions.
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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