Bitcoin Prices and Ethereum Prediction; Could BTC and ETH Breakout for 5% Gains Before the Weekend?
Over the past few days, Bitcoin and Ethereum have been experiencing choppy trading, possibly due to the Chinese Lunar New Year, as Asian investors are out on holiday. With the current market conditions, many investors are wondering if BTC and ETH could break out for 5% gains before the weekend.
In this update, we will explore the factors that could lead to a breakout and make predictions as to whether or not it is likely to happen. We will also look at how these cryptocurrencies have been performing recently and what experts are saying about their future prospects.
Top Altcoin Gainers and Losers
Fantom (FTM), eCash (XEC), and Polygon (MATIC) were the top performers in the last 24 hours. FTM’s price has increased 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.
Over the last 24 hours, 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.
Cryptocurrency Market Fundamentals – What You Need To Know Before Investing
The US GDP numbers exceeding expectations led to a brief rally in the cryptocurrency prices. However, this 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 Personal Consumption Expenditures (PCE) data today, along with a slew of other data releases this week, is expected to create a highly volatile market environment, potentially leading to further losses in crypto assets like Bitcoin (BTC) and Ethereum (ETH).
US Data Soars; BTC and ETH Under Pressure
According to the US Commerce Department, consumer spending increased in the fourth quarter of last year, resulting in a higher-than-expected 2.9% annual growth rate of the gross domestic product.
In the meantime, the GDP price index decreased to 3.5%, and personal consumption expenditures growth slowed to 2.1% year-over-year from 2.3% in the prior quarter, improving the inflation data as well.
