Paul gives the best explanation of his passage, Hebrews 9:19-28.
Related Commentaries of Exodus 24:6
Exodus 24:6-8
6 And Moses took half of the blood, and put it in basons; and half of the blood he sprinkled on the altar.
7 And he took the book of the covenant, and read in the audience of the people: and they said, All that the LORD hath said will we do, and be obedient.
8 And Moses took the blood, and sprinkled it on the people, and said, Behold the blood of the covenant, which the LORD hath made with you concerning all these words.