- Bitcoin has seen a 23% increase in its price this month.
- Ethereum is set to upgrade its platform on April 12, which could increase demand and liquidity in the market.
- Historical trends suggest that April could be highly profitable for investors in the cryptocurrency market.
Investors are still hopeful for a positive outlook in the cryptocurrency market during April, despite March being a bullish month for most cryptocurrencies. There is speculation that the market could reach new all-time highs in the coming weeks.
The crypto market is gaining popularity and momentum, and historical trends indicate that April could be a highly profitable month for investors. Over the past few years, the crypto industry, particularly Bitcoin (BTC) and Ethereum (ETH), has experienced a bullish trend in April. Bitcoin has already seen a 23% increase in March and has gained 67% year-to-date.
One of the significant factors of concern is ongoing liquidity issues in the financial sector, which have the potential to impact both traditional and digital asset markets. Investors will closely watch for instability or volatility in this space, as it could have ripple effects throughout the broader financial ecosystem.
Ethereum’s upcoming Shanghai upgrade, scheduled for April 12, could be one of the factors that lead to a general rise in the crypto market. The upgrade is expected to bring some volatility to ETH prices. It marks the final step in the platform’s transition from a proof-of-work (PoW) consensus mechanism to a less energy-intensive proof-of-stake (PoS) consensus mechanism.
This transition will unlock the ETH coins that users staked last year to help secure the network during the transition. This unlocking of coins could increase liquidity in the market and drive up demand for Ethereum.
As a result, many investors closely monitor Ethereum’s performance leading up to the upgrade and hope it will catalyze growth in the broader crypto industry.
Senior Advisor at Klaros Group, Ken Miller, has predicted that the ongoing bullish rally in the crypto market witnessed in 2023 may continue throughout April.
Ethereum vs Bitcoin in the Last 24- Hours
Over the past 24 hours, BTC has been trading in a bearish trend, with its price dropping by 0.10% to $28,115.26. Bears have established support and resistance levels of $27,276.72 and $28,433.74, respectively. Additionally, the decrease of 0.19% to $17,733,792,356 indicates that further bearish sentiment might persist.
When compared to the second-largest coin by market capitalization, BTC’s performance pales in comparison. ETH has recorded a 2.24% increase in price, currently hovering between $1,771.15 to $1,886.59. This range is the cryptocurrency’s current support and resistance level, showcasing its impressive results in the last 24 hours.
In conclusion, April is expected to be a month of growth and volatility in the cryptocurrency market, particularly for Bitcoin and Ethereum. The ongoing bullish rally in the market is predicted to continue, and the historical trend suggests that April could be a highly profitable month for investors.
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