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• Bitcoin (BTC) rose to its highest level since September, hitting a peak of $21,438.66 in the early hours of Wednesday’s session.
• Ethereum (ETH) also moved marginally higher on Wednesday, as it continued to trade near a ceiling of $1,600.
• Markets are preparing for the release of U.S. retail sales figures, which are expected to decline to -0.8%.

Cryptocurrencies like Bitcoin and Ethereum have been on the rise lately, with both hitting multi-month highs in the past few days. Bitcoin rose above the key resistance level of $21,400, climbing to $21,438.66 earlier this morning. Ethereum also saw a slight increase, trading near a ceiling of $1,600.

The surge in prices comes as markets prepare for the release of U.S. retail sales figures, which are expected to decline to -0.8%. This could be a sign of a recession, as consumers tighten their spending. Despite this, Bitcoin and Ethereum have been able to continue their upward momentum.

Looking at the technical analysis for both cryptocurrencies, the 14-day relative strength index (RSI) is tracking at 87.92 for Bitcoin and 84.18 for Ethereum. This means that both are deep in overbought territory, and could indicate a potential drop in prices in the near future. However, the current trend of bullishness in the cryptocurrency market could be enough to push prices higher in the coming days.

Overall, Bitcoin and Ethereum have been seeing a surge in prices recently, and the release of U.S. retail sales figures could be the catalyst for a further jump. With both cryptocurrencies deep in overbought territory, investors should keep an eye on the technical analysis to get a better understanding of the market. Only time will tell if the current bullish trend can continue and lead to more gains.

• Federal Reserve Governor Michelle Bowman stated that the Fed does not wish to inhibit innovation in the cryptocurrency space despite recognizing the potential risks posed to consumers, businesses, and the larger financial system.
• Bowman suggested that by inhibiting innovation, growth in the space could be pushed into the non-bank sector, leading to much less transparency and potential financial stability risk.
• She also discussed the Fed’s efforts to fight inflation and the overall state of the U.S. economy.

Federal Reserve Governor Michelle Bowman recently spoke at a Florida Bankers Association Leadership event in Miami, addressing a range of topics including cryptocurrency, the U.S. economy, and the Fed’s effort to lower inflation.

Regarding cryptocurrency activities, Bowman stated that the Federal Reserve does not wish to inhibit innovation in the space despite recognizing the potential risks posed to consumers, businesses, and the larger financial system. She noted that recent events, such as the collapse of crypto exchange FTX, have made it clear that cryptocurrency activities can pose significant risks. She also suggested that by inhibiting innovation, growth in the space could be pushed into the non-bank sector, leading to much less transparency and potential financial stability risk.

The Fed governor noted that the banking industry must evolve to meet consumer demand, and that she expects some banks to continue exploring how to engage in crypto-related activities. She also acknowledged that the Fed and other banking agencies will continue to focus on this area due to the significant risks posed by these activities.

Bowman also touched on the Federal Reserve’s fight against inflation and the overall state of the U.S. economy. She noted that the Fed has been monitoring inflation and that it is committed to keeping inflation low and stable. She also said that the U.S. economy had been performing well and that there were some signs of improvement in the labor market in recent months.

Overall, Bowman’s remarks highlighted the Fed’s position on cryptocurrency activities and its efforts to lower inflation in the U.S. economy. She emphasized that the Fed does not want to impede innovation in the space, and that it is committed to keeping inflation low and stable.

• Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs on Thursday.
• DOGE/USD climbed to an intraday peak of $0.07503, while SHIB/USD rose to a peak of $0.000008531.
• The rise in price came as the 14-day relative strength index (RSI) broke out of a key resistance zone.

On Thursday, the crypto market saw two of its most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), surge to multi-week highs.

Dogecoin (DOGE) raced to a multi-week high on Jan. 5, as the coin climbed for a second straight session on Thursday. The coin moved away from a recent spell of consolidation and climbed to an intraday peak of $0.07503 earlier today, which is its highest point since December 27. This comes ahead of Friday’s U.S. nonfarm payrolls numbers.

Shiba Inu (SHIB) also rose for a back-to-back session and surged to a peak of $0.000008531 earlier today. This sent the token to its strongest point since December 18, prior to the holiday season consolidation.

As can be seen from the technicals, the rise in price also comes as the 14-day relative strength index (RSI) has marginally broken out of a key resistance zone. The index is currently tracking at 42.81 for DOGE and 51.63 for SHIB, which is slightly above a ceiling of 42.00 and 50.00 respectively.

The surge in both coins today is evidence of the renewed bullish sentiment that has been seen in the crypto market in recent days. With traders finally returning from the Christmas and New Year’s celebrations, the meme coins have been in the green, with Dogecoin and Shiba Inu leading the charge.

It remains to be seen if the current price breakouts will be sustained in the days ahead, but for now, it appears that the meme coins are continuing to climb higher.

Bullet Points:
• Bitcoin consolidated marginally below $17,000 following the recent Federal Open Market Committee (FOMC) minutes.
• Inflation is expected to be at 3.5% in 2023, higher than the 3.1% previously expected.
• Ethereum also remained close to recent highs on Thursday, trading above its long-term resistance level at $1,230.

Recent FOMC minutes have indicated that the U.S Federal Reserve is set to maintain its rate hikes in the coming months, as inflation in the economy remains close to historic highs. As a result, Bitcoin (BTC) consolidated marginally below $17,000 on Thursday, while Ethereum (ETH) remained close to its recent highs.

The Fed expects inflation to be at 3.5% in 2023, higher than the 3.1% previously expected. This comes after the bank agreed to maintain hiking rates in December’s meeting. Following the news, BTC/USD dropped to an intraday low of $16,789.75, with the 14-day relative strength index (RSI) moving below a resistance zone of 51.00. As of writing, the index is now tracking at 49.14, and seems to be moving towards a support level of 46.00.

In addition to Bitcoin, Ethereum also consolidated in today’s session, with momentum marginally shifting on Thursday. ETH/USD dropped to a bottom of $1,246.21, which comes less than 24 hours after hitting a high of $1,264.81. Despite the drop, sentiment remains somewhat bullish, as ETH continues to trade above its long-term resistance level at $1,230. The 10-day (red) and 25-day (blue) moving averages also remain close in proximity, maintaining chances of an upwards crossover.

Overall, the market volatility remains high following the recent FOMC minutes, and both Bitcoin and Ethereum are continuing to consolidate as investors await further news on the upcoming rate hikes.

Bitcoin is at its lowest level of market dominance since September 2020.

This follows the latest BTC record record, which climbed to over $ 40,000.

As the enthusiasm around Bitcoin cools, Ethereum, DeFi, and altcoins are likely heating up.

The atmosphere began to change with the introduction of larger-scale Bitcoin institutional investors. The fundamentals that govern the cryptocurrency market, however, remain the same.

Following the historic rise in the price of Bitcoin , which doubled its old record of 2017, BTC’s dominance has started to crumble. This parameter corresponds to the percentage of the entire crypto ecosystem represented by the BTC.

The higher the level of dominance of BTC, the greater the market share of Bitcoin compared to that of all other cryptocurrencies combined, and vice versa. As Bitcoin continues to cool and Ethereum and decentralized finance (DeFi) heat up, BTC recorded its lowest level of market dominance since September 2020.

The altcoins begin a share of the domination of Bitcoin

Bitcoin recently peaked at nearly 70% market dominance. It has since fallen below 62.5%. Looking at CoinMarketCap’s chart of Bitcoin’s Percent Dominance, we can see opposite reactions with bitcoin and Ethereum price dominance.

When Bitcoin’s dominance fell, Ethereum’s total dominance in the market increased by around 11%, reaching over 16.5%. As the hype around Bitcoin subsides and the price begins to stagnate, more investors are turning to Ethereum.

Decentralized finance could help uptake

As a whole host of new investors enter the cryptocurrency space for the first time, many are now discovering the possibilities Ethereum can offer. Compared to the traditional financial system, ETH offers unique solutions.

The year 2020 was marked by the explosion of decentralized finance, or DeFi, with less than $ 1 billion in total value blocked (TVL). This figure now exceeds 25 billion dollars. The introduction of new decentralized exchanges, lending and borrowing platforms, insurance coverage platforms, etc. breathed new life into Ethereum.

These solutions show the world what the smart contract platform is capable of. Even with relatively slow transaction speeds and high transaction costs, the DeFi industry has consolidated itself as a value-added and competitive market.

Countless new platforms have sprung up on Ethereum, with some processing billions of dollars in transactions every day. Developers regularly launch new projects.

Many DeFi platforms are also seeing their own cryptocurrencies reach record prices. The dominance of BTC is gradually crumbling, which partly explains the drop in percentage.

As users become more familiar with Ethereum , the dominance of the bitcoin market may continue to weaken.

En fraktal fra Paul Tudor Jones antyder, at Bitcoin-prisen er i et tidligt stadium, langsigtet rally som guld var i 1970’erne.

Baseret på fraktalen er Bitcoin i en tidlig fase af et langvarigt rally, der kan give BTC mulighed for at opleve eksponentiel vækst på længere sigt.

Bitcoin kan være på samme bane som guld

Der er to hovedårsager til, at Bitcoin Trader kunne følge den makrotendens guldsav fra 1970’erne. For det første har BTC en fast forsyning, der ikke kan udvides, hvilket gør det til en attraktiv afdækning mod inflation. For det andet har BTC de samme kvaliteter som et sikkert tilflugtsakt, som guld har.

I august 2020 lagde Winklevoss-tvillingerne, milliardær Bitcoin-investorer bag den store amerikanske kryptokursudveksling Gemini, en tyresag for, hvorfor BTC-prisen kunne stige til $ 500.000.

I afhandlingen identificerede de de kvaliteter, som Bitcoin gør, at det er et levedygtigt aktiv. Winklevoss understregede specifikt, at BTC ikke er udsat for potentielle forsyningsstød i modsætning til guld. De skrev:

„Levere. Bitcoin er ikke bare en knap vare, det er den eneste kendte vare i universet, der har en deterministisk og fast forsyning. Som et resultat er bitcoin ikke udsat for nogen af ​​de potentielle positive forsyningschok, som guld (eller enhver vare for den sags skyld) kan blive udsat for i fremtiden. ”

På grund af denne egenskab ved Bitcoin fremlægger investorer løbende argumentet om, at BTC udgør et bedre aktiv i havn end guld. Denne sammenligning mellem BTC og guld er, hvad der får mange til at tro, at Bitcoin er på en bane for langsigtet eksponentiel vækst.

Su Zhu, administrerende direktør for Three Arrows Capital, en af ​​de største fonde i kryptokurrencyområdet, sagde

“Enhver fortsat dumpning i $ BTC ville være ekstremt bullish, da det ville afsløre, at vi følger guldfraktalen fra 1970’erne, som beskrevet nedenfor af Paul Tudor Jones – den legendariske makroinvestor, der med succes brugte fraktaler til at forudsige 1980’ernes aktiemarkeds-supercykel. ”

Der er også en massiv kløft mellem værdiansættelsen af ​​Bitcoin og guld. I øjeblikket anslås gulds markedsværdi til $ 9 billioner. Til sammenligning er Bitcoins markedsværdi mindre end 4% af guldets værdiansættelse, hvilket efterlader et kløft mellem de to aktiver.

Investorer siger, at Bitcoins oprindelse giver det styrke

Tyler Winklevoss bemærkede også, at Bitcoins skabers anonymitet er en vigtig positiv faktor for den digitale røv.

Han sagde, at Bitcoin har udviklet sig til et aktiv på 330 milliarder dollars, og alligevel forbliver Satoshi Nakamoto, skaberen bag det, anonym.

Dette legitimerer og styrker kun opfattelsen af ​​Bitcoin som en ordentlig butik af værdi yderligere. Han sagde :

„Det faktum, at vi endnu ikke ved, hvem Satoshi er # Bitcoins markedsværdi er $ 330 milliarder, er et bevis på, at Bitcoin taler for sig selv.“

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