Bitcoin rallied to more than $24,000 in less than 24 hours after breaking through the $23,000 resistance. Bitcoin, which was trading at $23,800 at the time of publication, led a broader rebound that saw the global crypto market regain $1 trillion in market capitalization.
While breaking through the $24,000 mark represents only a 5% increase in the last 24 hours, zooming out shows Bitcoin has increased by more than 32% in the last month.
Percentages appear to have little influence on how the market perceives Bitcoin’s price, as breaking through psychological barriers with strong resistance appears to be the main trigger for upward price action.
As previously reported by CryptoSlate, Bitcoin appears to be riding a wave of risk-on sentiment that has emerged across global markets.
In the last week, major European and American indices have posted significant gains, fueling a bullish sentiment that has only been fueled by an exhausted dollar index (DXY).
The news of a 75bp rate hike and the United States entering a technical recession has had no effect on Bitcoin’s rally. As Bitcoin struggled to hold the $24,000 level on July 20, it appears to be a strong level of resistance.
While the world’s attention is focused on Bitcoin, Ethereum is regaining value at a much faster rate. Since falling to a two-year low of just over $900 on June 18, Ethereum’s price has risen by more than 95 percent and is currently trading at just over $1,700 at press time.
The Ethereum Foundation projected that the network will transition to proof-of-stake (PoS) in mid-September, which accounts for the majority of the cryptocurrency’s strength.
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