While Bitcoin drifted over $24500, most other cryptos rallied and consolidated over their earlier levels.
Bitcoin drifted over $24500 in the previous 24 hours and held on to its rally, triggering optimistic sentiments throughout the market. Several other cryptos, such as ETH, Solana, Shiba Inu, and Cardano, were trading higher.
ETH broke the $1700 level, while Bitcoin’s volume rose by over 50.22% to settle at around $28.58 billion. With such movements, the crypto market was off to a great start for the week. All eyes are now on BTC’s attempt to cross the $25000 level, which is expected soon. If Bitcoin found support at its present levels, it could cross $30000 within March, as informed by several experts.
As Bitcoin drifted over $24500, its market capitalization in the crypto market stood at over $472 billion. The crypto market continued to show resilience in 2023 as it recovered its losses suffered at the end of 2022. Analysts, experts, and several investors have expressed renewed optimism for the crypto market after a long time as it gets ready to rally toward new highs.
On the regulatory front, countries and central banks worldwide have taken note of more regulations for the crypto industry. While the industry is highly sensitive to global macroeconomic developments, a clear regulatory mechanism would make it less susceptible to higher instances of fraud and scams in the space, according to many experts.
BTC/USD 1 month price chart
Bitcoin drifted above $24000 a couple of days back and is currently trading at around $24800 on February 20, 2023, with BTC/USD up by 2.52% in the previous 24 hours. Almost all other altcoins registered positive results in the last 24 hours. BTC/USD is also trading higher than its 20-day EMA (23,175.27).