After a temporary downtrend, the crypto market has gradually started recovering, while Bitcoin traded over $24400.
The crypto market started rallying in the last 24 hours as Bitcoin traded higher, over $24000, and ETH rose over the $1650 level. Bitcoin’s volume fell over 17% to around $29 billion, while its market capitalization was at $471.03 billion.
The Federal Open Market Committee (FOMC) minutes painted a mixed picture, stating the lingering dangers of inflation and recession even at present. The crypto market initially slipped after the release of the minutes but quickly recovered to recover its losses. While analysts are uncertain about how central bankers will react in the near future regarding inflation, the general consensus was to brace for any result due to the uncertain economic climate.
Other cryptos such as Shiba Inu, Solana, Cardano, Polygon, and many others were trading higher, helping the market capitalization of the crypto market stay over $1 trillion. The crypto markets looked steady for now after a bearish slump after Bitcoin had crossed $25000. As Bitcoin traded with gains in the previous 24 hours, analysts have pointed towards the $25000 mark yet again for BTC, which could trigger a rally in the crypto market.
BTC/USD 1 month price chart
Bitcoin traded over $24000 after an initial downtrend and is currently trading at around $24400 on February 23, 2023, with BTC/USD up by 1.16% in the previous 24 hours. Almost all other altcoins registered positive movements in the last 24 hours. BTC/USD is also trading higher than its 20-day EMA (23,311.15). The broader crypto market is looking positive for now, with more uptrends expected in the near future.