Even after a couple of setbacks and lingering inflation pressures, the crypto space has emerged stronger with a crypto market rally.
Bitcoin made a remarkable comeback after dipping below $20000 in the previous week, rallying above $24000 amidst a broad-based crypto market rally. This was the second consecutive day Bitcoin had traded higher, with almost all cryptos showing the same results. Ethereum also rose back to above $1650, inducing bullish sentiments in the crypto market.
Bitcoin’s trading volume in the last 24 hours almost touched $50 billion, while the total market capitalization of the crypto market increased by 5.11% to trade at around $1.08 trillion. Bitcoin rallied by almost 10% in the last day, which had a multiplier effect on the crypto market.
The recent surge could be attributed to the recovery process, which had started in the Silicon Valley Bank and the Signature Bank, with the regulatory authorities making all efforts to protect deposits. This could have given a much needed boost to investors and traders who were concerned about the ripple effect the banks’ collapse could have on markets. Some experts have also hoped for easing interest rate hikes after the continued failures of reputed banks in the current situation.
The crypto market rally has helped cryptos like Dogecoin, Polygon, Solana, Polkadot and others to trade higher than their previous levels. Experts have pegged the next target for BTC at $25000. Bitcoin is currently trading at around $24300 on March 14, 2023, with BTC/USD up by 9% in the previous 24 hours. Almost all other altcoins witnessed short rallies in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,207.23).