Forex. Cryptocurrency Trading Forecast for today, April 16
The Bitcoin (BTC) has risen to the $63,000 resistance level. Ethereum (ETH) rose to the level of $2460, and the price of Ripple (XRP) reached the value of $1.78. The total capitalization of the digital currency market was $2.24 trillion.
Yesterday, the Berlin hard fork took place on the main Ethereum network. On the eve of the event, the asset price updated its historical high above $2,460, and open interest in futures reached a record 8.1 billion. Berlin has implemented four proposals to improve Ethereum, including changing the algorithm for calculating the cost of gas, as well as new types of transactions. The network has fixed problems with the synchronization of the nodes with the new version of the software. The developers have discovered the cause of the incident and have already developed a solution. The final version of Berlin did not include the update, which involves burning part of the transaction fees. However, the activation of this offer was planned in the London hard fork, which is due to take place in July.
Bitcoin users who prefer a long-term investment strategy continue to keep their coins, despite another historical high this week. Probably, the coins acquired by institutional investors in late 2020-early 2021 are beginning to have an effect. If these institutional buyers adhere to the HODL strategy, then it is likely that Bitcoin's growth will continue along this trajectory in the coming months. Macroeconomic factors may be driving the long-term ownership of Bitcoin. Many investors see cryptocurrency as a means of protection against inflation and the ongoing depreciation of the US Dollar. Finding returns can encourage more people to invest in Bitcoin.
Trading Signal for Bitcoin, Ethereum and Ripple cryptocurrencies
The forecast assumes a rollback of Bitcoin to $62,000. Ethereum will decline to $2,400, and Ripple - to $1.72.