The crypto market showed signs of improvement after a stagnant run in its last few days, making Bitcoin rise above the $23500 mark.
Meta: The crypto market witnessed improved trends in its movements, helping Bitcoin rise above $23500, with other altcoins also recording gains.
The crypto market showed resilience in the last 24 hours as it recovered from its slump in the last few days. It witnessed improved sentiments, helping Bitcoin rise above $23500 after a few days of high volatility. Ethereum was also trading above $1650, while Cardano, Dogecoin, Polygon, Solana, Polkadot and other cryptos also marked their rallies from initial lows.
Bitcoin’s volume hovered above $30 billion in the previous 24 hours, while the total trading volume of the crypto market stood at $61 billion. The crypto market continues to face external pressures from uncertain economic conditions but it has shown indications of optimistic sentiments throughout 2023. Bitcoin and other cryptos have gained momentum in the last two months, with the market also witnessing Bitcoin rise to $25000 on February 21.
The market capitalization of the crypto market stayed above $1 trillion amidst the global economy showing mixed reactions in 2023 in response to controlling inflation and getting stronger. The United States economy has also been witnessing mixed trends, with the unemployment falling considerably, while central bankers have refused to slow down with interest rate hikes.
BTC/USD 1 month price chart
As the crypto market saw Bitcoin rise above $23500, other altcoins also showed improvements. BTC is currently trading at around $23800 on March 1, 2023, with BTC/USD up by 3.12 % in the previous 24 hours. Other cryptos registered improving movements in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,334.36).