After a minor hiccup, the crypto market gathered pace once again while Bitcoin rebounded to hit $24000.
After a brief downward trend in the crypto market, Bitcoin rebounded to cross the $24000 mark once again. In the last five days, Bitcoin has risen by over 10%, inducing signs of a new bull run in the crypto market. Other cryptos such as ETH, BNB, XRP, Cardano, and Polygon also gained in the last 24 hours, while a few shed losses.
The crypto market’s total market capitalization gained by 0.2% in the last 24 hours to settle at $1.17 trillion. The trading volume of the crypto market stood at $54.7 billion, dominated by Bitcoin at 40.5%. Bitcoin also held a market capitalization of over $474 billion in the crypto market.
Even though Bitcoin rebounded from its lows, February has witnessed the crypto market being more volatile than in January. Analysts have pointed toward Bitcoin needing to consolidate over $25000 within March for further bullish signals in the crypto market.
Investors have remained bullish regarding the crypto market, indicating the global economy’s return to normalcy. A slower interest rate hike by the Fed in March could further help increase liquidity in the markets. Though the uncertainty still remains, analysts and experts have supported new regulations and clarity in the regulatory regimes for crypto worldwide, which could have a positive effect on the crypto ecosystem.
BTC/USD 1 month price chart
Bitcoin rebounded and is currently trading at around $24600 on February 19, 2023, with BTC/USD up by 0.5% in the previous 24 hours. Almost all other altcoins registered mixed results in the last 24 hours. BTC/USD is trading much higher than its 20-day EMA (23,080.23).