Although Bitcoin’s price has been lagging behind Ethereum and other altcoins in the past few days, it has recovered in the past 24 hours. BTC exploded more than 7.6% and hit $ 24K.
Bitcoin soars to $ 24,000
In the last 24 hours, BTC has finally managed to catch up with Ethereum and its ecosystem, with a surge of more than 7.6%. This saw its price almost hit $ 24,000 before returning to where it is currently trading at $ 23,500.
As seen in the chart above, Bitcoin is attempting to break out of the previously established range. To do so, it needs to consolidate and stay above $ 22,500. If successful, this could potentially pave the way to $ 27,000 and beyond.
In any case, the cryptocurrency managed to close seven of the eight daily candles in green. Today it would be the eighth candle if it remains positive.
The increase in volatility has also caused the liquidation of many positions in the past 24 hours. In total, they amount to just under $ 300 million, of which $ 160 million were BTC positions. The largest single liquidation order took place on FTX and was also a perpetual BTC contract with a face value of $ 3.24 million.
Ethereum consolidates above $ 1,500
Meanwhile, the ETH rally we saw last week appears to have cooled down. This is to be expected given that the cryptocurrency has risen by 50% in seven days. Over the past 24 hours, ETH is up 1.6% and is still trading above $ 1,500.
As seen in the heat map above, most of the cryptocurrency market is painted green. Some of the most notable gains include Cardano (ADA) – up 10.7% on the day, as well as FLOW – up 11% on the day.
On the other hand, Ethereum Classic appears to have lost the most as it has dropped by around 2% in the past 24 hours.
Meanwhile, the cryptocurrency’s fear and greed index shows that the market is currently in a state of fear, an improvement from the previous “extreme fear” phase. In fact, the last time market sentiment was this high was on April 10th.
