- Crypto market shows green signals across Bitcoin, ETH, and Altcoins this week
- The US GDP data drove the token prices up, indicating a bull run
- The biggest gainer of the week: Cardano (ADA) hits an 11-week high on Thursday
2023 is on a good start as crypto prices show green peaks with fewer red lines in the fourth week of January. Bitcoin stays stable at $23,000 and Ethereum is at $1,500. Cardano specifically made headlines across news websites due to their leading projects.
Bitcoin remains stable at $22k this week. The US GDP data showed a 2.9% increase in Q4 2022, bringing good news to the stock and crypto market. The world’s largest cryptocurrency also showed stability while Altcoins rose from their places.
Bitcoin has gained 9.89% in the 7-day chart, currently trading at a high of $23,215.
This week Cardano announced it will launch its official stablecoin Djed next week. This news motivated the whales to pour their money into ADA.
At the time of writing, Cardano trades at $0.3804 with the support level at $0.3705. The Relative Strength Index (RSI) is at 69.91, meaning the price gain is quite stable.
Ethereum still trades at 1,500. The world’s second-largest token maintains its position in the market with no rival coming up against it.
Polygon(MATIC) rose 15.71% in the 7-day chart. The token of Ethereum’s scaling platform has finally recovered from the $0.8-$0.9 streak and currently trades at $1.09.
Solana (SOL) trades at $23.91 with a resistance level of $24.96 at the time of writing. The coin managed to recover from the FTX-Alameda crisis and is rapidly increasing in movement.
Other than that, the NFT market also showed improvement after it rose 18%. Bored Ape Yacht Club remains the #1 selling collection this week, based on data from CryptoSlam.io.
Analysts eye Bitcoin prices rising above $23k next week. Should we anticipate a bull run or not? The graph movements are still in green which might indicate a bullish pattern but
Cardano’s stablecoin will definitely power up ADA to hit beyond its previous all-time high if it manages to gain attention from traders and investors.
Many enthusiasts speculate Cardano hitting $10 this year but this prediction will only come true if the blockchain maintains its position for the remaining 11 months.