Markets
Enhanced Bitcoin Price Volatility and Altcoin Rollercoaster: Market Watch
Over the past 24 hours, there has been increased volatility across the cryptocurrency market, whose total capitalization is currently nearly $2.2 trillion, down 0.6% in that period.
It appears the battle between Bitcoin buyers and sellers continues in full force as the price remains in turmoil.
Bitcoin Price Volatility
As CryptoPotato reported earlier today, the overall cryptocurrency market has been falling over the past 24 hours, with BTC hitting an intraday low of around $54,300.
However, in the last few hours, the bulls took control and pushed the price to $57,000, where it was trading at the time of writing.
The volatility is also reflected in the total number of liquidations, which has surpassed $300 million in the past 24 hours and appears to be in complete balance between short and long positions, indicating the fierce battle underway between the two groups.
Altcoins also jump
Earlier today, most altcoins were seeing considerable declines in the range of 3% to 10%.
Now, after the recovery of the last few hours, the situation has changed.
ETH managed to recover above $3,000 and is currently inching towards $3.1K, up 1% in the last 24 hours. Other coins like BNB, SOL, DOT, BCH, UNI, MATIC, and SHIB managed to turn the trading session into green territory, erasing some of the previous losses.
Overall, a lot is going to happen in the next few days that could impact the performance of the cryptocurrency market in general.
US CPI figures are expected on Wednesday – an indication of inflation in the country. The chairman of the US Federal Reserve will also testify before Congress tomorrow and much of the focus is expected to be on monetary policy.
In other words, prepare for potential volatility.
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