Bitcoin and Ethereum prices were seen strengthening again in trading Saturday morning (29/1/2022). Some of these cryptocurrencies had weakened earlier, and this morning began to rise. Will this bode well for the future?
The current strengthening of Bitcoin and Ethereum prices cannot be a significant market determinant in the future. Because in the past few days, the price of Crypto is still volatile continuously. Based on data from Coinmarketcap, Saturday morning, the crypto with the largest market capitalization, Bitcoin (BTC) strengthened in the past day by 4.89 percent and 2.56 percent in the week.
At the beginning of 2022, Cryptocurrency prices started off quite limping because of the price movements that continued to go up and down like a roller coaster. In fact, the price of Bitcoin as the cryptocurrency with the largest market capitalization had to drop to its lowest point since it touched its highest price in November 2021.
As is known, there are many things that affect prices on the crypto market, for example, the regulation of a country regarding cryptocurrencies to the riots that had occurred in Kazakhstan which had an impact on crypto miners there.
Even from the analysis of the Director of PT TRFX Garuda Berjangka Ibrahim Ascustombi said, today’s price fluctuations rose and fell on the two largest coins towards the weekend. So for today and tomorrow, it is still expected to weaken due to the market closing on Sunday.
However, from a fundamental point of view, the current fluctuations in crypto prices are due to the testimony of the United States central bank which still maintains interest rates. But it is likely that the Fed will raise interest rates more than expected in March.
In response to this, Marketing Growth Pintu as well as a crypto observer, Timothius Martin said, it is very difficult to read the current movement of crypto prices.
“It is very difficult to predict the price movement of crypto assets in the short term. Many fundamental or technical factors give market price volatility,” as quoted from Liputan6.com.