Positive macroeconomic factors helped induce a long-awaited Bitcoin rally.
The crypto market was in for a welcome surprise, as the latest Bitcoin rally helped bring about a rise in the optimistic sentiments in the market. The rally helped Bitcoin rise over 11% to settle over $24500, while ETH also rose over $1650. Bitcoin’s volume rose by over 36% to $36.77 billion. The latest Bitcoin rally helped the crypto witness its highest increase in a single day in six months.
Experts felt the latest rally could be due to the liquidation of positions by investors, which could have pushed the price higher. BTC has risen by almost 61% in the last month, triggering hopes to reach $25000 in a short time. Analysts suggest this could begin another bull run in the crypto market.
Polygon had also rallied by 9.6%, while Shiba Inu, Cardano, and Solana were also trading high in the last 24 hours. The latest Bitcoin rally and the overall upward trend in the crypto market helped its market capitalization increase to $1.11 trillion, which was a rise of 7.98%.
Macroeconomic data from the United States regarding the Consumer Price Index was relatively positive, coupled with the improved jobs report. Better manufacturing output numbers and retail sales also supported it. Liquidity has also surged in the crypto market, with huge institutional funds flowing into the market in the form of stablecoins.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $24600 on February 16, 2023, with BTC/USD up by 11% in the previous 24 hours. Almost all other altcoins registered big gains in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (22,971.49).