Ethereum, Ripple, and Avalanche Set to Dip in the Next 24 Hours; Bitcoin and Binance Coin Could See Upside Potential; Investors Fear Inflation as Oil Prices Rise
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April 5, 2023 – A very bullish market with some upside potential lies ahead for the global crypto market over the coming hours and days, with Bitcoin (BTC) and Binance (BNB) having the most upside potential, according to ATTMO, a weather-inspired crypto AI forecasting tool.
A market correction lies ahead for Ethereum in the next 24 hours following its strong rebound linked to next week’s Shapella upgrade. Read more about the upgrade here. A market correction also lies ahead for XRP as investors cash in their profits after a rally driven by hopes of an imminent court ruling in the US.
A very bullish market with some upside potential lies ahead for the global crypto market over the coming hours and days, according to ATTMO, a weather-inspired crypto AI forecasting tool. Particularly Bitcoin (BTC) and Binance (BNB) should benefit from the positive mood.
An imminent market correction does however loom for Ethereum, XRP and Avalanche (AVAX) in the coming 24 hours, ATTMO data show.
Over a one-week horizon, ATTMO expects a slightly bullish market with upside potential for both major cryptocurrencies – Bitcoin and Ethereum, ATTMO data shows. Smaller currencies should also benefit from this bullish mood and have upside potential.
Ethereum shines ahead of staking withdrawal start
Ethereum outperformed over the last 24 hours, putting on 5.2 percent to 1,908 US dollars. Its Shapella upgrade is approaching. As of next Thursday, April 12, Ethereum validators or stakers as they also are known will be able to begin withdrawals of their staked rewards. Read more about the upgrade here.
The price of Bitcoin rose 2 percent over the past 24 hours. The largest cryptocurrency is now the 12th largest global asset in terms of market capitalization, larger than Johnson & Johnson, Visa, or Exxon Mobil, data from Infinite Market Cap shows. Gold, Apple, and Microsoft are the three largest assets.
XRP holders hope for the imminent court ruling
Among smaller currencies, XRP added 3.2 rising percent ahead of a pending court decision in the US where Judge Torres will rule whether the cryptocurrency qualifies as a security or commodity. This ruling could have far-reaching consequences for the entire cryptosphere as it would clarify the current regulatory uncertainties in the US.
Dogecoin fell 2.1 percent on profit-taking. The cryptocurrency has risen nearly 30 percent since Friday when Elon Musk suddenly changed the iconic blue bird Twitter logo to that of Dodgecoin’s meme on the social media’s desktop version without giving any reasons. Musk jokes about the move on his Twitter account @elonmusk. Dogecoin has overtaken Cardano’s (ADA) position as the world’s seventh-largest cryptocurrency.
Investors look for inflation signals
Inflation fears have resurfaced among investors as the price of Brent Crude continues to oscillate around 85 dollars per barrel. The surprise production cut announced by the oil cartel OPEC over the weekend fuels fears that oil soon will be traded at 100 dollars per barrel – a move that drives inflation. This inflationary trend may force central banks to continue to raise their rates.
Simultaneously, there are recession signs. The number of new jobs in the US yesterday fell below the 10-million threshold, for the first time since May 2021. Rates hikes would exacerbate job creation and plunge the country into a deeper slowdown.
Higher rates typically lead to lower demand for cryptocurrencies as risk-averse investors turn to less risky assets. Rising inflation rates may however benefit cryptocurrencies as they can be bought as a hedge against inflation.
These forecasts are not trading advice; they are only decision-support tools. They do not include information that is specific to the user; in particular, they do not account for their personal risk appetite or market assessment.