Bitcoin explodes to $24,000 today, as Ethereum continues to increase its price, consolidating its position above $1,500.
The market is seeing some positive sentiment after a week of gains. Bitcoin tested $24,000 while Ethereum increased by 50%. This positive sentiment may continue in the coming days.
Bitcoin’s price recently fell behind that of other coins, but it’s exploded by over 7.6% in the past 24 hours and touched $24,000.
Bitcoin explodes to $24,000
Bitcoin has finally caught up to Ethereum for the first time in over 24 hours, increasing 7.6%. The Bitcoin price almost reached $24,000 before retracing back to its current trading price at $23,500.
The key to Bitcoin’s future success is if it can break out of the range it has been on since. To do so, Bitcoin needs to consolidate and stay above $22,500. If successful, this could potentially move Bitcoin towards $27,000 and even higher.
The cryptocurrency has closed 7 out of 8 daily candles with green in the past. This is an increase and adds to its positive market trends.
Crypto market volatility caused liquidated positions in the past 24 hours totaling $300 million. The largest single liquidation order happened on FTX, a bitcoin perpetual contract worth .324 million.
Ethereum continues to increase its price above $1,500
The ETH rally last week seems to be dying down; this is to be expected given that the cryptocurrency increased by 50% in just seven days. The rally may have led to some traders getting burnt, as ETH is up 1.6% and trading at around $1,500.
There was a lot of green on the heatmap, with some more notable gainers including Cardano (ADA) – which was up 10.7% on the day, as well as FLOW, which was up 11% on the day.
Ethereum Classic is down 2% in the past 24 hours.
Other Altcoin Market Today
Cardano (ADA) almost beat out the USDT 0.50 resistance point, but it’s now trending just under USDT 0.50 and could try again to get over that point. The Cardano high point, 0.546
Binance Coin (BNB) had difficulty staying above the USDT 265 support level. If it falls below USDT 260, then we can expect the price to slide back down towards USDT 250.
Solana (SOL) has made big gains in just a day, almost up 9%. Their next key resistance might be the price near USDT 48.
The price of DOGE hasn’t reached and surpassed 0.068 dollars. It is now trading in the range between 0.066 and 0.062, with a potential move towards support at 0.062 dollars. XRP is the last standing currency out of all of those that were listed in the article. The price of XRP has not changed much and is still hovering near USDT 0.35 and USDT 0.32 respectively.