Crypto Market Slowly Rises, What Are The Causes?

The price of Ethereum is higher than Bitcoin (photo: Unsplash)

JAKARTA - The movement of the crypto asset market began to rise again and was in the green zone on Wednesday, March 29 at noon.

On the evening of Tuesday, March 28, Bitcoin (BTC) rebounded above US$27,300, after falling close to US$26,500 the day before due to news of US regulators returning to tighten regulations.

The Tokocrypto Trader Team revealed that the rise of the crypto market this time was due to investors starting to enter to make accumulations. In addition, the increase in BTC was also influenced by soaring crude oil prices due to the cessation of several exports from Iraq, raising concerns about strict supply.

"The rising crude oil price will make the Fed afraid to continue to raise interest rates, because when oil prices drop, US inflation is still 6 percent, so the Fed opportunity to stop rising interest rates is greater," said the Tokocrypto Trader Team in a statement received in Jakarta.

Interestingly, the price of Ethereum (ETH) has soared compared to Bitcoin. According to the CoinMarketCap website, Bitcoin has increased by 1.56 percent, while Ethereum has risen higher by about 3.13 percent over the past 24 hours on March 29, at 13.00 WIB.

The increase in ETH prices was due to the Ethereum developer who set the date for the Ethereum Shanghai upgrade on April 12, 2023.

Shanghai's upgrade represents an important milestone for the Ethereum network, as it will significantly increase transaction speed through a process called Danksharding.

The total crypto market capitalization is also in a green position, up by 3.08 percent in the last 24 hours. The closing of the total market cap on Wednesday, March 29 this afternoon was at the level of 1.162 trillion US dollars.