As March entered, the price of Bitcoin exploded, and the price of Ethereum also exploded with it.
Many who follow the crypto market are wondering what is causing all this rise.
Below is the answer to this question, which we obtained from economist and analyst Chris Burniske.
The positive feelings surrounding Bitcoin and Ethereum, and despite the possibility of these feelings changing overnight, “Borneski” stressed that Bitcoin and Ethereum have been able to establish themselves as solid foundations in the crypto sector, not only through market value, but also thanks to their basic roles and what they offer.
Burnski goes on to explain:
Bitcoin is generally considered digital gold, a haven for investors, especially in light of fiat currency inflation or political unrest.
Its maximum supply limits, estimated at 21 million coins, create a sense of scarcity that attracts both classical and modern investors looking for a hedge against inflation.
Analyzing the charts provided, Bitcoin has been able to maintain a strong upward trend, with increasing highs and higher lows, indicating upward momentum.
Moving averages, which are tools used to detect price movement over a specific time frame, reveal a perfect bullish consensus, as the price finds ongoing support at these levels.
It is noted that the 50-day moving average acts as dynamic support, indicating the strength of the upward trend.
Ethereum's charts and curves tell a similar story of bullish momentum.
Price action remains above the major moving averages, with the 50-day moving average acting as support for the recent price declines.
This indicates continued buyer interest and a continuing uptrend.
While some may shift allegiances between Bitcoin, Ethereum, and other cryptocurrencies, the fundamental movements and ongoing developments of both Bitcoin and Ethereum indicate that their growth together is likely to continue.