After a tumultuous 2022 that saw the Bitcoin losing more than $31,000 in value from January to December, the controversial crypto is once again on an upward trend.
On entering 2023, the Bitcoin price stood at $16,605, a far cry from the $47,000 and beyond that it reached just a year before.
Since then, Bitcoin has experienced a generally consistent upward trajectory, marred only by a few minor dips.
Bitcoin Price Shatters Expectations
At the time of writing, Bitcoin’s price has hit $30,211, reflecting an impressive increase of almost 83% since the beginning of the year. This marks the highest point for Bitcoin since June 2022.
For context, Bitcoin’s all-time peak was in November 2021, when a single coin was valued at nearly $67,000.
And as history has shown, the path of other cryptocurrencies often mirrors that of Bitcoin.
Ethereum, which began the year trading around $1,200, has seen an increase of almost 60%, with its current price at $1,915.
Binance Coin and Litecoin have also experienced growth, both up by approximately 33% this year.
The Whys and Wherefores: Behind the Bitcoin Price Surge
One theory behind the most recent crypto rally relates to last month’s collapse of Silicon Valley Bank and the subsequent fallout.
Bradley Duke, co-CEO of crypto exchange-traded product provider ETC Group, shared with Bloomberg that some investors are attracted to cryptocurrencies because they perceive them as assets separate from conventional banking and finance.
In line with this trend, business intelligence and mobile software firm MicroStrategy has persisted in investing heavily in Bitcoin.
On March 27, the company announced that it had acquired approximately 6,455 Bitcoins over the preceding weeks at an average price of $23,238 per coin.
Bitcoin Price Prediction and Technical Analysis
With Bitcoin shattering the $30,000 resistance level, the question on everyone’s mind is: where is it heading next?
The 20-day EMA for Bitcoin rests at $28,020, while the 50-day EMA is situated at $26,186, and the 100-day EMA is at $24,205.
These figures illustrate an upward trend in the digital currency’s short-term momentum.
The RSI currently hovers at 72.47, in overbought territory.
Examining the MACD indicator, it is observed that the previous day’s MACD histogram value was -73.23, whereas the current day’s value stands at 38.18, signifying a momentum shift.
CoinMarketCap reports a 24-hour trading volume of $21,083,083,500, amounting to an increase of 16.66%.
The previous price close for Bitcoin came in at $29,655, with a price movement of 3.65%. The current price is $30,415, indicating a further 2.56% increase so far today.
The immediate resistance level for Bitcoin ranges from $31,787 to $32,370. Meanwhile, if the current uptrend does not continue, the cryptocurrency may revisit the crucial support level of $30,000.
As Bitcoin continues its upward trajectory, market participants will continue monitoring Bitcoin’s price and the evolving cryptocurrency landscape for potential opportunities.
A Green Opportunity: Capitalize on Bitcoin’s Resurgence with the Rising ecoterra Crypto
Riding the Green Wave
As Bitcoin’s price continues to make headlines, another cryptocurrency is gaining traction for its environmental focus.
Ecoterra, a Web3 recycle-2-earn app, has captured the attention of the crypto world with its rapid growth during the presale phase.
The heightened interest in sustainable crypto, fueled by concerns surrounding Bitcoin mining’s electricity usage and the recent Ethereum upgrade that has made it more eco-friendly, has provided fertile ground for ecoterra’s rise.
The Token of Change
Ecoterra’s utility token, $ECOTERRA, facilitates rewards for recycling within the platform.
With top brands like Vittel, San Pellegrino, Heineken, and Dr. Pepper integrating their products into ecoterra’s database of scannable recyclables, users can earn tokens by recycling products from these major brands.
Greenbacks for Green Acts
Ecoterra’s mission is to incentivize recycling and help companies improve their green reputation and customer loyalty through participation in positive impact actions.
With a 5% referral program, ecoterra makes it even more appealing for users to join the green movement.
Ecoterra’s Role in Helping Companies Combat Climate Change
In addition to its consumer-facing platform, ecoterra offers individuals and companies an opportunity to take a leadership role in combating climate change by providing a platform for purchasing carbon offsets with their recycling rewards.
The decentralized blockchain technology ensures that the data collected is transparent and publicly available, preventing accusations of greenwashing.
Ecoterra’s holistic ecosystem includes an impact profile, a recycled materials marketplace, and a carbon offsetting marketplace.
The Rise of ecoterra: A Green Crypto Alternative to Bitcoin
The platform’s market fit is evident in the surging interest and support during its presale, and with its impressive partnerships on the horizon, including one potential connection with multinational corporation Nestlé, ecoterra is poised for growth in the $63 billion global recycling industry.
ecoterra’s presale has also hit an impressive milestone, raising over $433,000 in just over a week as its presale gains momentum.
With less than a week left in the first stage of the presale, $ECOTERRA is currently available at $0.004 per token.
Investors looking to take advantage of this opportunity should act quickly before the price increases to $0.00475 in the second stage of the presale.
While Bitcoin’s resurgence captures attention and comes under scrutiny once again for its massive energy usage, the rise of ecoterra offers an environmentally-conscious alternative.
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