Bitcoin and Ethereum Price Prediction - Big Caps Set to Maintain Market Leadership, Shiba Inu Pops
Cryptocurrency market volatility is reaching unprecedented levels as Bitcoin and Ethereum prices continue to soar. With the dramatic rise of Shiba Inu, which has taken the world by storm, investors are looking for a reliable way to predict these price movements.
Shiba Inu experienced a notable increase during the European session, rising by more than 20% to reach a high of $0.0000129. However, this momentum was short-lived as it soon dropped back down to its original price of $0.000011.
December had the biggest drop in US retail sales in a year, which was caused by a decline in purchases of cars and other items. This has left shoppers with less money to spend, causing slower economic growth as we enter 2023.
The retail sale figures in the US for December 2022 saw a decline of 1.1% as compared to November, which was revised from the originally estimated 1%. It was also greater than what analysts had predicted, which was a 0.8% fall.
Retail sales have gone down for two months in a row, leading to lesser demand for goods and leaving many manufacturers in a tough spot. The December data showed that the output of factories has seen its worst fall in close to two years, while producer prices too dropped during this period.
The crypto market is currently in a bearish correction phase, caused by two main reasons.
Currently, the price of Bitcoin stands at $20,937 after a 1.50% drop in the last 24 hours, with a trading volume of $29 billion. Since the initial forecast on January 17th, Bitcoin's anticipated value has remained steady.
The cryptocurrency was unable to surpass the $21,400 threshold and fell below the $20,000 mark. A bearish sign can be seen if the price of Bitcoin fails to go above $21,400 as closing candles below this
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