In the past 24 hours, the cryptocurrency market has experienced notable volatility, with the market capitalization nearly reaching the $2.11 trillion mark, showing a slight decrease of 0.2%. This period has been characterized by an intense battle between Bitcoin buyers and sellers, keeping the market in constant turmoil.
Recently, there has been a downturn in the overall cryptocurrency market, with Bitcoin hitting an intraday low of around $54,500. However, a recent surge by the bulls has reversed this trend, pushing the price up to around $57,000. Currently, that is the price at which Bitcoin is trading.
The market volatility is not only reflected in prices but also in the volume of liquidations, which exceeded $300 million in the last day. This movement shows a balance between short and long positions, highlighting the intense struggle between investor groups.
Cryptocurrency market today
Meanwhile, altcoins have also had their ups and downs. At the start of the day, losses ranged from 3% to 10%. However, in the past few hours, there has been a significant turnaround. Ethereum (ETH), for example, has recovered and is currently trading above $3,000, indicating a 1% increase in the last 24 hours. Other cryptocurrencies such as BNB, SOL, DOT, BCH, UNI, MATIC, and SHIB have also followed this positive trend, offsetting some of the previous declines.
This period suggests that the cryptocurrency market may face further fluctuations in the coming days, potentially influenced by external factors. Important events are scheduled, such as the release of CPI numbers in the United States, which may provide new insights into inflation in the country. Additionally, the Federal Reserve chairman is scheduled to testify before Congress, with expectations that the focus will be on monetary policy.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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