Forecast of the Bitcoin Price as $40 Billion in Trade Volume Arrives

With a trade volume of $40 billion entering the market, Bitcoin price has been rising. The BTC/USD pair, which is presently trading at $24,372.00, has decreased by less than 1% during the last 24 hours. Notwithstanding this recent decline, its value has increased noticeably by more than 11% over the past seven days.

The most popular cryptocurrency in the world is receiving fresh attention as a result of this spike, and investors are eagerly scanning for the next important levels to monitor.

Let’s look more closely at the essential cryptocurrency market fundamentals that can be affecting the overall price movement.

Bitcoin Ordinals

A brand-new class of digital asset called Ordinal Inscriptions was introduced in January 2023. They resemble non-fungible tokens but differ in that they are printed on satoshis, the smallest unit of value in the Bitcoin currency (NFTs).

The demand for Ordinal inscriptions has significantly increased since the end of January. There were more than 150,000 inscriptions in use as of February 19.

The Ordinals Protocol gives users the ability to embed references to digital art into modest payments, resulting in the creation of non-fungible tokens based on Bitcoin (NFTs). Since its introduction in January 2023, this protocol has grown significantly in popularity; by February 19, there had been over 150,000 inscriptions.

The Ordinals Protocol has the ability to increase the network security of the cryptocurrency while encouraging developers to add cutting-edge features by encouraging the development of Bitcoin NFTs. It is also noteworthy that the introduction of the Ordinals Protocol was timed to a significant rise in the BTC/USD price.

Bitcoin Price

From a technical standpoint, Bitcoin is currently trading sideways, and its price range has been constrained at $23,700 to $25,200. The BTC/USD pair’s immediate resistance level is positioned at $25,200, and a break through it might push the price of bitcoin to $26,000.

Ethereum Price

The price of Ethereum is $1,699.48, a change of 0.60% over the last 24 hours. The market capitalization of Ethereum tokens was $202,997,472,837.18 following the most recent price movement. Ethereum has had a change of 41.99% so far this year.