Crypto Market Surge
Since past Friday i.e. 2nd December 2022, expansion could be spotted in the crypto economy led by Bitcoin and Ethereum.
Crypto trading this week commenced positively which could be seen from the fact that Bitcoin was trading above the $17,000 mark.
Bitcoin’s Back-to-Back Gains
Though the boost was relatively modest yet it was enough for Bitcoin to achieve the milestone of breaking beyond the past 3-weeks’ highest value.
Today, in particular, Bitcoin managed to go past even the price range of $17,378.15 which value is so far the intraday’s highest value.
Bitcoin’s price range of 17,378.15 is now the strongest point that the coin had witnessed twenty-six days ago on 11th November. At that time, Bitcoin managed to take its value as high as $17,645.
If one examines Bitcoin’s moving average chart, it would reveal that Bitcoin’s past 10 days’ moving average has substantially extended upwards.
The 10-day moving average can further be seen catching up with its 25-day movement average.
At the outset, Bitcoin’s relative strength index has sharply moved upward, allowing the tracking to go past the crucial ceiling of 50.00. Currently, the index’s tracking is settling at the 50.40 mark.
If momentum continues to be positive, it is possible that Bulls would lift Bitcoin’s value above $17,700 (i.e. a crucial ceiling).
Bitcoin has a strong chance of moving forward because investors have very high hopes for the asset, especially in the month of December.
It was the month of December 2020 when Bitcoin hit an all-time high after remaining at a bottom price since January 2018.
Therefore, investors have very high sentiments for the month of December when it comes to Bitcoin. It is the positive sentiments that may help push the trading price of BTC to a higher level.
On Monday, 5th December 2022, Ethereum was also able to kick start the week with a positive sentiment. It opened the week by getting very close to its $1,300 crucial value.
However, the shortfall in between price range of $1,300 was filled today when Ethereum’s value went as high as $1,302.24.
It may also be taken into account that 24 hours ago, Ethereum’s value edged down to the price range of $1,253.16.
Furthermore, it had been a while since Ethereum hasn’t been able to go past this crucial level of $1,300.
The obstacle has been removed because Ethereum’s 10-day moving average continued its upward struggle even when obstacles were there.
Like Bitcoin, Ethereum’s RSI also is now tracking above the crucial ceiling of 52.00 as the current tracking is resting at 52.87.
Now the Ethereum traders are targeting the price range which would be above the $1,350 level. To achieve that what is needed is the continuation of Ethereum bulls.
If bulls remain intact, then Ethereum’s price breaking above $1,350 could be seen very soon.
NFT Sale Volume Support
There is yet another very crucial aspect that continues to play an important role in building up momentum for Ethereum.
The overall NFT industry relies on Ethereum and Ethereum blockchain. This is true because 95% of the NFT sales are carried out on the basis of Ethereum.
In the past 7 days alone, there were a total of approximately $112.70 Million worth of NFTs sales. Out of them, $86.59 Million worth of sales were made at the behest of Ethereum.
This shows very clearly that within the past 7 days, it was Ethereum that helped the NFT industry to collect 80% of its total revenue.
It may be noted however that since the crypto winter season, NFT sales have greatly reduced. Resultantly, Ethereum-based NFT sales volume has declined very sharply.
In the past week alone, Ethereum saw its NFT sales volume decrease to more than 10%.
However, NFT sales volume would continue to make its contribution in helping Ethereum obtain further value gains.