The cryptocurrency market had a strong bounce in 2023. After a disappointing 2022, bulls have returned as Bitcoin and other leading cryptocurrencies rose. Bitcoin is up 81.86% YTD, Ripple 137.53%, and Ethereum 58.37%.
Ethereum’s price has lagged behind its peers – is now a good time to buy? Will Ethereum reach a new yearly high? A key factor in this may be the Federal Reserve’s meeting next week, where a rate hike is expected. If the Fed Chairman, Jerome Powell, hints at the terminal rate being hit, then the market will try to anticipate the first rate cut – which may lead to Ethereum making a new high for the year.
In other markets, returns of this magnitude are practically impossible. But in the cryptocurrency market, fortunes are made (and lost) overnight. Next week’s Federal Reserve meeting will be decisive for the US dollar and the Ethereum price.
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