Bitcoin price new: The largest digital assets like Bitcoin (BTC) and Ethereum (ETH) have been on a recovery rally since early 2023. The ongoing price rally has helped the crypto market recover from the terrible collapse of 2022. However, recent data shows that good times for the crypto market could be right around the corner.
CEX collapse fears are falling
According to data provided by IntoTheBlock, Bitcoin and Ethereum exchange flows have now calmed down. This was recorded as the lowest outflow since Sam Bankman-Fried’s horrific FTX crash. This also shows that centralized stock market-related fears have subsided.
However, a report by CryptoQuant states that the total bitcoins moved on the network have hit their 2020 lows. This can be a positive signal for bitcoin traders. 2022 saw some capitulations that led to a huge BTC movement.
The data shows that low activity has taken over the network. A trend reversal and some good up moves in coin trading may prove to be a good indication of an upcoming bull run.
Bitcoin price surges 11%
Bitcoin price is up a whopping 11% in the last 24 hours. BTC continued to reach the crucial $21,000 price level. Bitcoin price recorded a new high on November 8, 2022. BTC is trading at an average price of $20,926 at press time.
Bitcoin 24-hour trading volume is up 20% to $38.6 billion. However, the data shows that more than $215 million has been liquidated from the network in the past 24 hours.
The price of the second largest crypto in the world, Ethereum, is up around 10% in the last 24 hours. The recent surge helped ETH break the vital $1600 price level. Ethereum is trading at an average price of $1,553 at press time.
Ashish believes in decentralization and has a keen interest in advancing blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to create awareness of the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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