The crypto space witnessed a probable formation of another long-drawn crypto market rally, as Bitcoin crossed $27000 and continued to trade over the mark. In a late-night rise on March 17, Bitcoin quickly made its way over $27000 and hit $27700. Since then, it has traded in a close range and maintained its position over the level comfortably. At this rate, analysts expect Bitcoin to cross $30000 within March easily and set the tone for another crypto market rally in 2023.
In the last 24 hours, it cooled down moderately while having a trading volume of over $40 billion. Other cryptos, such as ETH, Cardano, Polygon, Dogecoin, BNB, and many more, were trading with much higher 7-day trading averages. Over a seven-day period, Bitcoin has risen by more than 32%, helping push the overall crypto market capitalization to over $1.2 trillion. The present crypto market rally is in stark contrast to the banking crisis unfolding over the world.
Experts and analysts have once again put forward the potential of crypto and blockchain technology, which is even more prominent today, with many centralized financial institutions facing several compliance, governance, and liquidity issues. On the other hand, crypto has emerged as one of the top asset classes in 2023 without showing any signs of weakness.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27100 on March 19, 2023, with BTC/USD increasing by 0.61% in the previous 24 hours. Almost all other cryptos witnessed optimistic trends in the last 24 hours in between the crypto market rally. BTC/USD is trading much higher than its 20-day EMA (23,356.04).