The value of both Bitcoin and Ethereum saw a minor increase as BTC surpassed $20,000 and ETH passed $1,400. However, this gradual rise in cryptocurrency prices may be linked to the depreciation of the US dollar, following weaker wage growth reports from February.
The adoption of Ordinal, a Layer 2 solution, is expanding the use cases of the Bitcoin network beyond simple BTC exchanges. Although there are differing opinions on the use of Ordinal within the Bitcoin community, its growing acceptance and potential impact on the network may affect cryptocurrency miners.
By enabling quick and affordable transactions, Ordinal has the potential to increase Bitcoin’s acceptance and ease the network’s load, ultimately improving the productivity and profitability of BTC miners. This is considered a key factor that may help Bitcoin regain its strength and increase in value.
Today’s Bitcoin price is $24,329.02 USD with a $22.8 billion 24-hour trading volume, a 5.00% increase in the past day. With a $415 billion live market cap, Bitcoin is the current leader on CoinMarketCap.
Bitcoin has retraced from its $19,850 support level, and breaking below this could lead to selling pressure and a further drop towards the $16,400 mark. On the other hand, the $21,700 resistance level is the first obstacle for Bitcoin, and surpassing it may spark purchasing interest and drive the price up to $23,175. There is potential for Bitcoin to cross the $25,150 level if the positive trend continues.