Cryptocurrency Price Prediction: ETH, BTC, Cardano, 9th March 2023
In 2021, the popularity of cryptocurrencies continued to thrive, with even financial giants like Goldman Sachs accepting them. The year also saw significant milestones for the industry, such as the public debut of Coinbase, one of the largest cryptocurrency companies, and the launch of the first Bitcoin-focused exchange-traded fund in the United States in October.
Cryptocurrency Price Prediction
Bitcoin, the most well-known digital currency, had a successful year, with its value increasing by around 70% since the beginning of 2021. This surge in value helped push the total market value of cryptocurrencies past the $2 trillion mark.
Cryptocurrency price forecast
Other major cryptocurrencies also experienced significant increases in value this year, which bodes well for the overall cryptocurrency market. Three such examples are Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Based on the history of cryptocurrencies, investors can expect to embark on an exciting journey if they decide to invest in this market.
Bitcoin Price Prediction
As of now, the live price of Bitcoin stands at $22,465, and it has a 24-hour trading volume of $15.6 billion. Over the last 24 hours, Bitcoin has witnessed a 0.37% increase in its value. CoinMarketCap considers Bitcoin as the top cryptocurrency, with a current market cap of $433 billion.
The total supply of Bitcoin is capped at 21,000,000 BTC coins, out of which 19,310,450 BTC coins are currently in circulation.
Bitcoin price forecast
According to technical analysis, the BTC/USD pair is currently in a consolidation phase, trading within a narrow range of $22,000 to $22,500. Any significant movement beyond this range, either up or down, could lead to a considerable shift in the Bitcoin market.
If the BTC/USD pair breaks through the $22,500 level, there is a possibility of a bullish breakout, which could drive the Bitcoin price to $22,800 or even $23,250 levels.
On the other hand, if the support levels around $22,000 or $21,750 are maintained, there might be a rebound in the market.
Ethereum Price Prediction
As of now, the current price of Ethereum (ETH) is $1,573.86 USD, and it has a 24-hour trading volume of $4.9 billion. Over the last 24 hours, Ethereum has gained nearly 1% in value. With a live market cap of $192 billion, Ethereum currently holds the second position on CoinMarketCap.
Eth price forecast
On the technical front, the ETH/USD pair is trading within a narrow range of $1,550 to $1,580. If the price of Ethereum falls below $1,560, it might find support at $1,500. However, the market faces significant resistance at the $1,620 or $1,680 levels, which could limit any further price drops.
Cardano Price Prediction
Cardano (ADA) is currently facing pressure as one of the industry’s most significant payment services, Silvergate Capital, withdraws from the crypto business. This comes after the recent FTX meltdown and Terra’s LUNA collapse, adding to the existing bearish sentiment in the market.
ADA’s price had already decreased by nearly 6% in the European session on Friday when reports about Silvergate’s exit surfaced. Silvergate was a pioneer in establishing a commercial gateway for cryptocurrencies and hard cash transactions.
Cardano price forecast
Silvergate’s withdrawal is significant, and it could mean that funding issues are on the horizon for crypto participants. It’s like Russia losing access to the SWIFT network.
ADA has recently tried to break out of the bearish triangle, but it has faced sharp rejections. As altcoins face headwinds, there may be another existential crisis, with a first drop towards $0.32. Once the bearish triangle’s completion puts pressure on the $0.32 level, a 10% leg lower with $0.30 in hand seems likely.
However, where one door closes, another may open. A new service provider could replace Silvergate, and several large banks have already established cryptocurrency trading desks. If they take over the business and provide the services Silvergate previously provided, it would bring some calm to the altcoin space. ADA could quickly break out of the red descending trendline and revalue near $0.37.