The rally in crypto continued its momentum on the third consecutive day, with Bitcoin and other cryptos trading in green.
Bitcoin continued its recovery in the last 24 hours, as it neared $25000 amidst the rally in crypto. The crypto market had brushed off concerns from the recent pressures arising from the Silicon Valley Bank debacle. The stock markets also staged a comeback after fears regarding the bank’s collapse had subsided considerably.
Bitcoin rose to as high as $24943, while ETH had also crossed the $1700 level. Volumes of Bitcoin in the last 24 hours also touched $53 billion, increasing by 12.50%. Experts have predicted Bitcoin would easily cross $25000 in the next few days, with its next target being $30000 in a few months. It is widely believed Bitcoin and the crypto market will witness a much better year in 2023 compared to a difficult 2022.
With regulatory bodies rushing to protect depositors’ money in the Silicon Valley Bank, fears of an emerging market crash have decreased. Inflation data coming in from the United States has also suggested inflation for February 2023 had fallen to 6% from 6.4% in January, which has made investors and traders relieved for the time being. Though the Federal Reserve chief has maintained his hawkish stance, the latest data could influence a slower rate hike, which could be very helpful for a rally in crypto.
BTC/USD YTD price chart
Bitcoin is currently trading at around $24800 on March 15, 2023, with BTC/USD up by 1.3% in the previous 24 hours. Almost all other altcoins witnessed positive trends in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,247.82).