Bitcoin Price Prediction as Bulls Hold $20,000 Level – Where is BTC Heading Now?
On Sunday, Bitcoin and Ethereum both saw a modest rise in value, with BTC surpassing $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February's labor statistics showing slower wage growth, may be responsible for this ongoing modest increase in crypto value.
Additionally, the adoption of Ordinal, a Layer 2 solution, is expanding the use cases of the Bitcoin network beyond just BTC transactions. While there have been differing opinions on using Ordinal in the Bitcoin community, its rising popularity and potential impact on the Bitcoin network could change the game for BTC miners.
Ordinal's ability to enable fast and inexpensive transactions could lead to increased adoption of Bitcoin and potentially reduce the load on the network. This could ultimately result in greater efficiency and profitability for BTC miners. This has been identified as one of the key factors that could help BTC regain its strength and increase in price.
The global cryptocurrency market has seen significant losses over the past week, with both Bitcoin and Ethereum losing almost 11% of their value. However, the price decline began to slow down as the US dollar weakened, and Bitcoin started to recover some of its losses.
Interestingly, the weaker US dollar has been a critical driver behind the recent surge in the cryptocurrency market. Nevertheless, the labor data released for February indicated slower wage growth, suggesting a decrease in inflationary pressures. This could prompt the Federal Reserve to keep its interest rate hikes modest, thus reducing the appeal of the US dollar.
While the US economy gained jobs rapidly in February, the slower wage growth and increased unemployment rates have dampened
Read more on cryptonews.com
