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    Home » Market Updates » Daily Volatility Surges as Bitcoin Fights for $20K (Market Watch)

    Daily Volatility Surges as Bitcoin Fights for $20K (Market Watch)

    Author: George Georgiev

    Last Updated Sep 1, 2022 @ 08:37

    The volatility in the cryptocurrency market increased over the past 24 hours as both Bitcoin and Ethereum are fighting around important levels.

    The volatility over the past 24 hours in the cryptocurrency market increased. Bitcoin’s price is currently flirting with the coveted $20K level, and the bulls have so far managed to defend it. The total crypto market capitalization remains above $1 trillion.

    Bitcoin Price Flirting With $20K

    Somewhat expectedly, the $20K level is proving to be a battleground where buyers and sellers are fighting to establish control. So far, the bulls have managed to defend it, but the volatility is mounting up.

    As seen in the chart below, the price retested the lows of the previous day but managed to bounce, and it’s currently trading above $20,000.

    img1_btcchart
    Source: Binance via TradingView

    It’s also worth noting that the increased volatility caused the total liquidations over the past 24 hours to increase to around $250 million. The largest single liquidation order took place on OKEx, and it had a face value of $2M – a BTC-USDT swap.

    Altcoins Follow Suit

    As it’s almost always the case, altcoins followed a similar path. Ethereum, for example, dropped below $1.5K only to recover and trade around $1.6K, at the time of this writing. Unfortunately, most of the market failed to capitalize on yesterday’s positive start and is currently trading flat or in the red.

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    img1_heatmap
    Source: Quantify Crypto

    For the second day in a row, the most considerable gainer is LDO, up 7.6% in the past 24 hours. NEXO is also up around 6% on the back of news that the company will resume buy-back efforts with another $50 million.

    On the other spectrum is SNX, down 7.5% in the past day, erasing the gains from yesterday.

    Meanwhile, the market sentiment once again dropped to a state of “extreme fear” after having recovered yesterday.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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