Markets
Bitcoin Solidifies at $57K as Solana (SOL) Explodes 8% Daily: Market Watch
It was finally a positive day for the cryptocurrency market. Total market capitalization rose above $2.2 trillion as several coins registered substantial recoveries from yesterday’s lows.
Bitcoin’s price appears stable, but it’s important to take this calm with a grain of salt as sentiment remains uncertain.
Bitcoin solidifies at $57K
After a tumultuous day of trading, the price of Bitcoin has seemingly found some equilibrium at $57,000, where it is currently trading.
As you can see from the chart above, the price has been on a rollercoaster ride over the past 24 hours, rising above $57k and falling below $55k before finally climbing back above that level and stabilizing around it.
That volatility caused a considerably high number of liquidated positions in the derivatives market. About $240 million was wiped out, $130 million of which came from short traders.
That said, it is important to approach the current balance with caution as the prevailing market sentiment remains fearful. according to to the popular Fear and Greed index.
Altcoins in a sea of green… Finally
The entire large-cap altcoin market is in the green – a sight we haven’t seen in a while. Sure, some have performed better than others, but all of them are trading positively over the past 24 hours.
Notably, SOL is up nearly 8% over the past day, inching closer to the crucial $150 level. ADA is also trading up 6%, the same as UNI.
Ethereum managed to reclaim the $3,000 level after gaining nearly 5%, while BNB recovered $500.
The best performer today out of the top 100 coins by total market cap is meme coin BONK, which is up a whopping 25%. On the other hand, ATOM is the only altcoin that failed to capitalize on the rally and is trading virtually flat.
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Cryptocurrency Charts by TradingView.