- Crypto market capitalization surged to $1.28 trillion in April 2023.
- Bitcoin and Ethereum supply on exchanges hits all-time low.
- Positive trend for BTC and ETH with potential for price surges.
The cryptocurrency market kicked off 2023 with a resounding boom, as its combined market capitalization surged from $794,812,541,836 at the beginning of the year to a staggering $1,282,636,649,161 by 14 April, as per CoinMarketCap. Although the following month witnessed a steady decline in this figure, a recent tweet by Santiment has sparked optimism for the crypto market’s future.
Santiment’s latest report has unveiled a remarkable development in the crypto market. The supply of Bitcoin (BTC) and Ethereum (ETH) on exchanges has hit an all-time low, indicating a positive trend for investors. This shift towards self-custody clearly indicates a bullish long-term outlook for the two leading cryptocurrencies. Such a move by investors is a testament to the growing confidence in the crypto market, and it bodes well for the future of digital assets.
As of the latest update, both cryptocurrencies have shown a positive trend in the past 24 hours. Bitcoin’s value has surged by 1.99%, reaching $27,380.94, while Ethereum’s price has increased by 0.99%, currently trading at $1,826.54. Furthermore, Ethereum’s upward momentum has also contributed to its weekly performance, now at +0.57%. These figures indicate a promising outlook for the crypto market, and we will continue to monitor their progress closely.
Upon analyzing BTC’s daily chart, it is evident that the price strives to convert the 9-day EMA line into a support level. Currently, the price is trading above this level, indicating a positive trend. A successful conversion of this EMA line into support will act as an early indication of the market leader’s price surging to $28,324 in the upcoming days. However, if the price fails to maintain this level and closes below it today, it could decline towards $26.5K. Keeping a close eye on market movements is crucial to make informed decisions.
ETH’s price is striving to establish the 9-day EMA line as a support level, much like BTC. Furthermore, the daily RSI line is poised to cross bullishly above the RSI SMA line. If this crossover occurs within the next 24 hours, ETH may soar to $1,878 or even $1,941 within the subsequent 24-48 hours. These indicators suggest a potential upward trend for ETH shortly.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
