Bitcoin recovered from its trading range just above $27500 and hit $28000, leading to another crypto market rise in quick succession.
While the banking crisis has affected other markets badly globally, Bitcoin has emerged as a safer asset, rising by 21% in March. Traditionally, crypto has been a volatile asset, but at present, it has shown huge returns since the year commenced. The latest crypto market rise could also occur with optimistic sentiments as Bitcoin rallied to trade over $28000.
As a positive sign, the crypto market rise of 2023 is also completely unlike the movement of the stock markets, which seems to indicate the crypto market is not mimicking other markets regularly. Bitcoin’s correlation with the S&P 500 has also decreased to negative. Experts have claimed the need for a decentralized financial world has grown even stronger with successive bank failures in a high-interest rate environment.
ETH also traded at around $1800, at much higher levels, helping boost the market capitalization of the crypto market. All eyes are on the quantum of interest rate hikes, as it could further trigger the crypto market in either direction. Other cryptos like Shiba Inu, Dogecoin, Cardano, and BNB were also trading in green. Bitcoin’s market capitalization was at a dominant $545 billion approximately.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28100 on March 22, 2023, with BTC/USD up by 1.2% in the previous 24 hours. Many other cryptos witnessed upward movements in the last 24 hours. BTC/USD is trading way higher than its 20-day EMA (23,934.81). Bitcoin witnessed a 24-hour trading volume of around $50 billion.