• Bitcoin and Ethereum have been experiencing choppy trading, possibly due to the Chinese Lunar New Year.
• Fantom (FTM), eCash (XEC), and Polygon (MATIC) were the top performers in the last 24 hours.
• The US GDP numbers exceeding expectations led to a brief rally in the cryptocurrency prices.
The cryptocurrency market has been experiencing choppy trading lately, possibly due to the Chinese Lunar New Year. Investors have been wondering if Bitcoin (BTC) and Ethereum (ETH) could break out for 5% gains before the weekend. With the current market conditions in mind, let’s take a look at some of the factors that could contribute to this potential breakout and make predictions as to whether or not it is likely to happen.
First, let’s take a look at the top altcoin gainers and losers over the past 24 hours. Fantom (FTM), eCash (XEC), and Polygon (MATIC) have been the top performers, with FTM’s price increasing by more than 13.50% to $0.46, while XEC’s price is up by nearly 7% to $$0.000041. At the same time, MATIC has gained just under 10% to trade at $1.09. On the other hand, Threshold (T) has dropped around 7.50%, to $0.055; however, it is still up nearly 150% in the last seven days. Optimism (OP) has decreased by over 10%, to around $2.15, and Lido DAO (LDO) has declined by about 8.85%, to $2.30.
When it comes to market fundamentals, recent US GDP figures have exceeded expectations and led to a brief rally in cryptocurrency prices. However, the rally was short-lived due to the still tight labor market and speculation that the Federal Reserve may keep interest rates high for a longer duration. Moving forward, the release of Federal Reserve Chair Jerome Powell’s speech tomorrow may provide more insight into the future performance of cryptocurrencies.
Technical analysis also suggests that Bitcoin and Ethereum may be preparing for a breakout. BTC is currently trading just below the resistance level of $44,000, while ETH is trading close to the resistance level of $1,500. If either of these cryptocurrencies can break through these levels, it may open the door for further gains.
Overall, it is difficult to accurately predict whether or not Bitcoin and Ethereum will break out for 5% gains before the weekend. There are a number of factors that could contribute to this potential breakout, including market fundamentals and technical analysis. Ultimately, it will be up to individual investors to assess the risks and make their own decisions.