In the early morning of February 16, Bitcoin (BTC) continued the upward movement, returning to the $24,000 milestone.
Accordingly, BTC has risen again since the evening of February 15, continuously inching up in the following hours, and then actually recorded soaring candles in the morning.
The world’s biggest cryptocurrency in just half an hour jumped to $500 in value, temporarily recording a 24-hour high at $24,300, up 8.5% from the previous day. Compared to the low of $21,351 on February 13, BTC has recovered by 13.8%.
This is also a new high for Bitcoin in 2023, surpassing the $24,255 mark of February 2. $24,300 is the highest value that Bitcoin has reached since August 2022, which is 6 months ago.
It seems like Bitcoin has made a spectacular bounceback after a 10-day decline because of much negative market news.
However, as things calm down, BTC has regained, confirming the coin’s rally from early January to now is not over.
Bitcoin’s hashrate on February 15 also set a new ATH, surpassing 300 TH/s for the first time in history.
Ethereum (ETH) as usual benefited from Bitcoin’s rally as it rallied 8% to $1,680. Even so, ETH has yet to make a new high in 2023 as it is still far away from Feb. 2’s 1,714 target.
Other major altcoins have also rallied, although they have only recorded gains of 5-7%.
In the last 12 hours, the number of derivative orders liquidated in the crypto market was nearly $150 million, with a short order ratio accounting for more than 94%.