In terms of market capitalization, the price of the biggest cryptocurrency, Bitcoin, has reached $24,256, according to experts, investors may benefit from the Federal Open Market Committee (FOMC) meeting that will take place at the beginning of March in the United States. Over the weekend, the value of Bitcoin increased by $412. The second-largest cryptocurrency, Ether, has also seen a recent rise, although it experienced a slight dip on Monday. According to Gadgets 360 Crypto Price Tracker, Ether’s price was at $1,682. In addition, the prices of stablecoins Tether, USD Coin, Ripple, Binance USD, Avalanche, Cardano, Polygon, and Litecoin have dropped. Binance Coin, Solana, Tron, Uniswap, Monero, and Near Protocol were among the fast-growing altcoins.
Edul Patel, the CEO and co-founder of crypto firm Mudrex, told Gadgets 360 that Bitcoin’s next resistance level could be at $31,000. “Bulls are active in the market. If they take Bitcoin up to $25,250, then the next resistance level could be $31,000,” he said. “Ether is trading near its $1,700 resistance level, and it could see a rise if it goes above this level.”
Towards the end of last year, the market was significantly impacted by the bankruptcy of FTX, a major crypto exchange. This resulted in a large number of investors distancing themselves from cryptocurrencies. Changes were made to FTX’s software, and the funds of clients were used.