In 2023, the cryptocurrency market had a sharp upswing. Bulls are back after a disappointing 2022 because to a strong rally in Bitcoin and other major cryptocurrencies.
For instance, whereas Ripple had a rise of up to 137.53%, Bitcoin saw a gain of 81.86% YTD. Ethereum’s value, which has only up “solely” +58.37% this year compared to the other two, is said to lag.
Such profits are regarded as actually unattainable in various markets. But not in the cryptocurrency market, where fortunes can be created (and lost) in the span of a single day.
Can one buy Ethereum given that it isn’t gaining as much traction as its peers? Furthermore, will Ethereum set a new high for the year by following in the footsteps of Bitcoin?
The funds rate will increase again by the Federal Reserve the following week.
The coming week will probably be crucial for the short- and medium-term outlook on the US dollar. The US Federal Reserve is scheduled to decide on financial coverage the following Wednesday, and an increase is almost certain to occur.
A rate increase is inevitable because the Fed has never in the past chosen to disregard what the market has already factored in.
But the Fed may easily turn the tide during the news conference that follows the FOMC assertion.
The market will try to predict when the primary charge lower will likely be delivered if Fed Chair Jerome Powell gives any signals about the terminal charge being hit.
Therefore, even though a rate increases the next week is hawkish for the dollar, the Fed may send a dovish message during the press conference. In that situation, Ethereum is likely to set a new record high for the year.
