Bitcoin Prices and Ethereum Prediction; Is Another 5% Rise Possible For BTC And ETH Today?
Bitcoin and Ethereum prices have been on the rise for the past few months, and even today. This has resulted in many investors wondering if another 5% rise is possible for BTC and ETH today.
To answer this question, we need to look at the current market conditions and analyze whether or not there is enough momentum in the market to push Bitcoin and Ethereum prices higher.
Cryptocurrency markets had a positive start on January 30th with the global crypto market capitalization growing by 1.77% to $1.07 trillion in the last 24 hours. Total crypto trading volume also increased significantly by 24.92%, bringing it up to $49.61 billion in the same period of time.
Multiple aspects such as favorable market conditions, augmented institutional buying, and the anticipation of extensive utilization contributed to the success of the market.
In contrast, there is reason to be concerned if the US Federal Reserve decides to raise interest rates, as shifting market perceptions about it could have a significant impact on the cryptocurrency market.
Notably, if the interest rate increase is greater than expected by the market, the impact on the cryptocurrency market may be slightly negative.
Moving on, if macroeconomic factors remain stable, the current momentum could be maintained in the coming weeks.
Nigeria's central bank has continued to push its citizens to use digital currency, causing the price of Bitcoin to skyrocket far above market levels.
As of this writing, 1 BTC costs 17.8 million Naira, or $38,792 on the Nigerian cryptocurrency exchange NairaEX. This represents a more than 60% premium over the current market price of Bitcoin, which is around $23,700 as of this writing.
In order to accelerate the country's transition to a
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