Bitcoin shot past $25000 within the last 24 hours, indicating an optimistic turn of events in the crypto market sentiments.
Bitcoin soared past its earlier trading range as it crossed $25000, and amidst a huge wave of bullish crypto market sentiments, and went across $26000 as well. It was an unprecedented crypto rally in between the macroeconomic turmoil currently witnessed in the world. Experts have predicted Bitcoin’s dream run to continue well in 2023, with the next target being $30000.
The crypto space steered clear of the pressures of the multiple banking crises globally, which were expected to exert a difficult time for the markets. Bitcoin has risen by almost 6% in the last 24 hours, with ETH also hovering around $1700 and helping extend the rally. Other tokens were all trading higher, with Solana, Shiba Inu, Dogecoin, and others registering gains.
The crypto market cap increased by almost 4% to $1.16 trillion, with Bitcoin’s 24-hour volume being just above $50 billion. Bitcoin’s own market capitalization crossed $500 billion after a long time. At present, the crypto market is facing extreme volatility, and it could swing either way, as informed by analysts. Though crypto market sentiments project strong optimism, traders and investors could start booking profits.
BTC/USD YTD price chart
The present levels of Bitcoin are in stark contrast to its lows in just the previous week. It has wiped out all its recent losses and could likely be on its way to lifetime highs in 2023. Bitcoin is currently trading at around $26000 on March 17, 2023, with BTC/USD increasing by 4.17% in the previous 24 hours. Almost all other altcoins witnessed bullish trends in the last 24 hours. BTC/USD is trading much higher than its 20-day EMA (23,318.17).