Bitcoin Explodes to $24K as Ethereum Consolidates Above $1,500 (Market Watch)

Bitcoin prices have been behind in the last few days compared to Ethereum and some other altcoins, but have caught up in the last 24 hours. BTC has exploded by more than 7.6% to reach $ 24,000.

Bitcoin soars towards $ 24K

In the last 24 hours, BTC has finally caught up with Ethereum and its ecosystem, soaring by more than 7.6%. This brought the price to nearly $ 24,000 before returning to where it is currently trading at $ 23,500.

As you can see in the chart above, Bitcoin is about to go beyond the previously established range. To do so, it must be integrated and remain above $ 22,500. If successful, this could potentially pave the way for over $ 27,000.

In any case, the cryptocurrency was able to close 7 out of 8 candles daily in the green. If it remains positive, it will be the eighth candle today.

Increased volatility has also triggered many clearing positions in the last 24 hours. In total, it was just under $ 300 million, of which $ 160 million was in BTC positions. The largest single clearing order was placed on FTX and was also a BTC perpetual contract with a par value of $ 3.24 million.

Ethereum integrated for over $ 1,500

On the other hand, the ETH rally I saw last week seems to be cold. This is expected given that cryptocurrencies have increased by 50% in 7 days. Over the last 24 hours, ETH has risen 1.6% and is still trading above $ 1,500.

As you can see in the heatmap above, most of the cryptocurrency market is painted green. Notable factors for price increases include Cardano (ADA) (up 10.7% on the day) and Flow (up 11% on the day).

Ethereum Classic, on the other hand, seems to have lost the most, with a decrease of about 2% in the last 24 hours.

Meanwhile, cryptocurrency horror and greed indexes show that the market is currently in horror. This is an improvement over the previous “extreme fear” phase. In fact, market sentiment was so high on April 10th.