The cryptocurrency market went through quite a rollercoaster in the past 24 hours, but it appears that bulls are getting the better of it.
At the time of this writing, the total capitalization sits at $2.087 trillion (per CoinGecko), and most of it is painted well in green.
The bears attempted to take control of the crypto market in the past day but were unable to do so. Bitcoin’s price dipped to an intraday low below $51K, but the bulls were quick to react and pushed it back to where it currently trades at $52K.
As seen in the chart below, it wasn’t exactly smooth sailing, as the volatility is more than evident:
This has also caused quite a stir in derivatives markets. The day saw around $40 million worth of liquidated BTC positions, while the total number for all cryptocurrencies stands at almost $200 million. Data from CoinGlass reveals that Ethereum is actually leading in terms of liquidations, with over $44 million in 24 hours.
ETH’s price also went through substantial volatility, but the bulls took the upper hand and pushed it above $3,000. At the time of this writing, Ethereum is trading at $3,020, up almost 3% in the past 24 hours.
There are many reasons to believe that the rally will continue in the near future. These include:
All in all, the market remains mostly in green despite the volatility of the past 24 hours, as it can be seen in the heatmap below:
The best performers of the day are SingularityNET (AGIX) – up 33.8%; Worldcoin (WLD) – up 21.2%; and Render (RNDR) – up 19.3%.
The worst performers of the day are Stacks (STX) – down 5.5%; Hedera (HBAR) – down 5.1%; and LEO Token (LEO) – down 4.2%.
