Bitcoin Surges 70% in 2023, Ethereum Gears Up for Shanghai Upgrade
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Bitcoin Surges 70% in 2023, Ethereum Gears Up for Shanghai Upgrade

Ethereum's Shanghai Upgrade Nears, BTC Momentum Builds, and Regulatory Actions Spark Debate

Bitcoin's Impressive Surge and Lower Risk of Liquidations

Bitcoin (BTC) has experienced a remarkable 70% surge this year, reaching a nine-month high of over $29,000. Interestingly, the use of leverage in the market remains relatively low, suggesting a reduced risk of liquidations-induced price volatility. Liquidations refer to the forced closure of both long and short positions in leveraged perpetual futures markets. The lower ratio between the dollar value locked in perpetual futures and the cryptocurrency's market capitalization means that short liquidations are less likely to exacerbate bullish moves, and long liquidations less likely to exacerbate bearish moves.

Bitcoin has been respecting an upward trendline since the end of January, with $28,000 acting as support. The cryptocurrency is now squeezed between this support level and the strong overhead resistance at $29,000. A breakout in either direction could have significant implications for the market.

Ethereum Nears Shanghai Upgrade

Ethereum (ETH), the second-largest cryptocurrency by market cap, is approaching its important Shanghai upgrade in just two days. The digital asset has experienced gains alongside Bitcoin, with prices closing in on the $1,900 level. Despite a brief breakout below $1,830, bulls have re-entered the market, driving prices upward. However, the relative strength index (RSI) is nearing a key resistance point of 62.00, which could indicate a potential price surge above $1,900 if surpassed.

RenQ Finance Emerges as Crypto Contender

While Bitcoin's impressive performance garners attention, another cryptocurrency called RenQ Finance (RENQ) is expected to outperform most others in the market. Experts believe RenQ Finance could become the third-largest cryptocurrency after Bitcoin and Ethereum. This potential is due to the unique features and capabilities of the RenQ Finance ecosystem, which has attracted investors' interest.

Jesse Myers' Bold Prediction for Bitcoin

Jesse Myers, a well-known figure in the crypto world, predicts that Bitcoin's price will reach an incredible $10 million per BTC within the next decade. Myers believes that Bitcoin is solidifying its position as a scarce store of value in a time of ballooning debt and depreciating currencies. He contends that Bitcoin's maximum supply of 21 million BTC will create a massive supply shock as its adoption rate continues to increase.

Ethereum's Shanghai Upgrade and Staked Ether

As Ethereum's Shanghai upgrade approaches, it's important to note that most staked Ether is currently at a loss. This lack of selling pressure could be due to the majority of staked Ether holders experiencing an average 18% loss on their holdings, according to research from CryptoQuant.