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.
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.
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.
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.
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.
