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Bitcoin and Ethereum Prices Rise 8%: How Far Can the Surge Go This Weekend?

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The global cryptocurrency market continued to rise and again crossed the $1 trillion benchmark.

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Bitcoin (BTC), the world's largest and most popular cryptocurrency, has extended its winning run to nearly $22,687, its highest level since mid-September. Ethereum (ETH), the second-largest cryptocurrency, is also witnessing a huge surge; it has surged by around 7% to $1,656, hitting a four-month high.

The risk-on attitude in the crypto market, which has backed all digital coins, including BTC and ETH, has contributed to the ETH rally.

The cryptocurrency market has increased despite reports that Genesis Global Holdco LLC, the company that owns crypto lender Genesis Global Capital, has filed for Chapter 11 bankruptcy. This might be the case since investors have already factored in the company's possible issues.

It is worth noting that the Genesis company was impacted by the failures of the crypto exchange FTX and, most recently, the crypto hedge fund Three Arrows Capital in late June.

Global Crypto Market Attitude

The global cryptocurrency market continued to rise and again crossed the $1 trillion benchmark. However, institutional investors that have held the most significant digital asset for a long time might be responsible for the recent surge.

The price of Bitcoin has increased due to the coin's rising demand.

The possibility that the Federal Open Market Committee (FOMC), easing from the 50 basis point hikes witnessed in December, will only increase rates by 25 basis points (0.25 percentage points) at its next meeting in February is another aspect boosting the cryptocurrency market.

The Federal Open Market Committee (FOMC) is currently expected to raise rates by only 25 basis points (0.25 percentage points) at its upcoming meeting in February, according to the CME FedWatch tool. This was considered a key factor in raising sentiment in the crypto market and fueling the rise in Bitcoin prices.

Genesis Files for Chapter 11

On Thursday, Genesis' lending unit filed for Chapter 11 bankruptcy protection in the United States, owing creditors at least $3.4 billion after being drowned by a market downturn with exchange FTX and lender BlockFi.

One of the leading crypto lenders, Genesis Global Capital, halted client redemptions on November 16, after the collapse of the regulated exchange FTX, which carried negative vibes across the market for crypto assets and sparked concerns that more firms might fall into line.

The crypto market has yet to be significantly impacted by this news.

COVID-19 in China

The increasing number of COVID-19 cases in China, which has expressed concern about the country's near-term economic prospects, was also considered to be a factor influencing the bitcoin market.

Bitcoin's Rise Boosts Miner Profits

The current Bitcoin price increase, which saw the BTC price hit an annual high of $22,687 on the day, has been extremely beneficial to BTC mining activities.

A rise in the price of bitcoin and the network's hash rate, which is boosting company stability, is helpful to bitcoin miners who will have net-positive balances at the end of 2022.

As a result, this was considered yet another bullish indicator of BTC's increase.

Bitcoin Price

The current Bitcoin price is $22,595.43, and there have been $29 million in transactions over the last day. BTC currently has a market capitalization of $435 billion and is trading at 7.70%.

Source- Trading ViewBitcoin is currently trading slightly below the $22,600 mark. Bitcoin has created a bullish engulfing candle on the daily period, pointing to the possibility of an uptrend continuation. A break above the $22,600 level may expose the price to levels as high as $23,000 or $25,150.

The immediate support level for Bitcoin is $21,500, and a further decline below this level can push it as low as $20,000.

Ethereum Price

With a 24-hour trading volume of $8.8 billion, the price of Ethereum is at $1,648. The cryptocurrency is currently ranked #2 with a $201 billion market value after experiencing 7% growth over the last day.

The ETH/USD pair is experiencing significant resistance on January 21, close to the $1,680 mark. The Doji candle that ETH closed under the $1,680 resistance supports the likelihood of a bearish correction when candles close below this level.

Source- Trading View

The ETH/USD pair may find support near $1,610 on the downside. If ETH can close its candles above this level, a bounce-off above this level is possible.

Keep a check on $1,610, as closing over this level could result in a buying opportunity.

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