The largest cryptocurrency in the world, Bitcoin (BTC), is still rising on January 11 but is meeting stiff resistance above $17,500. Likewise. The price of Ethereum (ETH) is stabilising between $1,320 and $1,345 levels.
A survey conducted by a foreign exchange and education website based in Luxembourg found that in 2022, Bitcoin was the most environmentally destructive cryptocurrency, generating nearly a tonne of carbon dioxide (CO2) each transaction. The data shows that the CO2 emissions from the Bitcoin network significantly increased last year after pollution decreased in 2021.
Bitcoin Named Dirtiest Crypto of 2022
Nearly 86.3 million tonnes of CO2 were emitted from the Bitcoin network in 2022. The trading platform claims that we could offset Bitcoin’s yearly emissions if we planted 431.6 million trees each year.
The analysis missed the growing trend of Bitcoin miners migrating to cleaner energy sources. The Bitcoin Mining Council projects that by the end of the third quarter of 2022, renewable energy will account for 59.4% of the total energy consumed in Bitcoin mining, up from 58.6% the year before.
Currently, the 24-hour trading volume for bitcoin is $16 billion, and the price is $17,500. After failing to surpass the $17,500 barrier mark, Bitcoin has experienced a slight decline. As it gets closer to $17,200, it is now gaining immediate support.
The next resistance level of $17,800 can be reached by Bitcoin’s price if the $17,500 level is successfully broken. In the 4-hour time frame, Bitcoin produced a doji candle, signifying investors’ lack of decision-making. They can be waiting for a good justification before deciding on their next course of action.
On the bearish side, it is projected that the $17,200 level will act as an instant support. A negative breach of this point would then cause the decline to continue until the following support level, which is either $16,800 or $16,650. Ethereum Price
Ethereum currently has a price of $1,330 and a $5.6 billion 24-hour trading volume. On the 4-hour time frame, a double top pattern-extended resistance zone for the ETH/USD pair is located around the $1,344 level. The ETH price may advance to the next resistance area of $1,370 if the $1,345 level is crossed. The likelihood of a big increase is supported by the closing of spinning top and doji candles above the 1,315 trading mark.
The ETH price may find support around $1,315 on the downside, and a bearish break of that level may open the door for further selling to $1,275. Today’s trend is positive, so look for buying opportunities.
- Predictions for price of Bitcoin and Ethereum, Bitcoin dubbed most Dirtiest crypto of 2022
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