The rally in the crypto markets has come as a relief for centralized exchanges that were reeling under pressures from low trading volumes.
Bitcoin did not buckle under any criticism or apprehension as it continued to stick over $21000 while other altcoins also traded upwards. Heavy inflows were recorded in the crypto markets as volumes of BTC also rose by almost 114% over a week to cross $10 billion. Volatility was also present in the markets, unlike at the end of 2022, when investors observed a sustained low volatility period. The movement of BTC and the overall crypto market has been upward without any obstacle in 2023.
BTC’s movement has also been unlike equity markets, which is a surprise since both crypto and equity’s price actions usually match each other to a large extent. Some experts have termed the latest development positive, with the crypto markets charting out their own direction. Large institutional investors usually influenced the crypto markets, due to which it mirrored equity markets, but the latest rally in crypto could witness retail investors also joining the bandwagon.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21200 on January 18, 2023, with BTC/USD up by 0.48% in the previous 24 hours. BTC/USD is trading higher above its 20-day EMA (17,770.14), with most other cryptos trading upwards in the last 24 hours.