Thanks for an impressive performance on Sunday, the value of Ethereum It managed to recover the highs reached earlier last week, closing the week above parity and gaining one percentage point in 7 days.
Since the beginning of the year, the prices of Bitcoin and Ethereum have recorded a performance of more than 40% and 30%, respectively, counting the current prices for the queen of altcoins.
The rally has given crypto investors a jolt of energyIndicator of fear and greed Which measures the well-being of operators reaching the level of 62 points in the last few hours, which after November 2021 Bitcoin & Co. does not appear to have set its absolute all-time high.
In addition, the Aptos (APT) token is attracting investors’ attention with a gain of over 400% in just 4 weeks and a price jump from USD 3.4 to USD 20 in the last few hours.
Why is Aptos (APT) growing so fast?
The reasons for raising APT prices aren’t entirely clear, but there are good reasons to back it up:
Reason 1: Arbitrage
Second CoinGeckoAlmost half of APT’s $2 billion volume in the last 24 hours came from the South Korean won trading pair on Singaporean exchange platform UpBit.
The price of APT on UpBit is currently $18.72 USD, while on Coinbase it is $17.94. This 78 cent difference can be exploited by those buying APT on Upbit and selling on Coinbase for profit. This increases the demand and consequently the price of APT.
Reason 2: Exchange growth
appropriate It is the 20th largest DeFi ecosystem, but has grown significantly in recent months. Vol DeFi Aptos grew from $14 million last month to $51 million in January. This type of metric should increase the value of the token, such as when an app goes from a few hundred to thousands of users.
Reason 3: Liquidity Pool
On January 20, the Binance Liquid Swap platform launched its APT/Tether and APT/Bitcoin liquidity pools. Basically, users can block their APTs through Binance and earn interest on them. This may contribute to an increase in the token value.
It is important to note that while prices rise rapidly in this case, they can also fall just as quickly.
In any case, January’s performance and future prospects of a possible slowdown in interest rates – increasing market anticipation for the US Fed’s decision on Wednesday February 1 on interest rate hikes – contribute to investors remaining confident in the crypto’s medium to long-term growth. area.
Bitcoin price analysis
A few hours before the weekly closing yesterday, Sunday 29 January, the The value of Bitcoins It touched USD 24k for the first time since August 15.
In a few days, the queen of cryptocurrencies plunged between last November and December due to the crisis of the exchange FTX and its subsidiary Alameda Research, returning to the highs relative to last summer. bull
Bulls, showing their vitality after an absence of more than a year, are starting to recover the scene Bitcoin Which has so far outperformed the major altcoins.
The transition week from January to February will require consolidating the support zone built above USD 22,400 last week.
If the setting of the technical and cyclical structure is confirmed, it is necessary to arrive on Friday 6 February, absorbing the minimum years corresponding to the closing of the bi-weekly cycle that began on Wednesday 25 January.
Price analysis of Ethereum
Over the past week, the price of ETH has tried again to push above USD 1,600, but so far each attempt has failed with a daily close above this psychological level showing no valid support from buying technical confirmation volumes.
In fact, yesterday’s daily and weekly close, Sunday January 29, was reabsorbed in the early hours of the day, pushing prices below USD 1,600 at the time of writing at USD 1,644.
For the next few days of the week Ethereum (ETH) The base of support built last week between USD 1,500 and USD 1,550 will need to be strengthened.
Confirmation of this hypothesis would start ETH prices on January 21st above the current high of USD 1,680, creating a double top with early November prices.
Otherwise, it will be necessary to wait for valid support before USD 1,300, which is currently the only reference support level for medium and long-term trading.