Markets
Bitcoin Solidifies at $57,000 While Solana (SOL) Explodes 8% Daily: Market Watch
It’s finally a positive day in the cryptocurrency market. Total capitalization has surpassed $2.2 trillion thanks to several cryptocurrencies that have recorded substantial recoveries from yesterday’s lows.
Bitcoin price appears stable, but it’s important to take this calm with a grain of salt as sentiment remains uncertain.
Bitcoin solidifies at $57,000
After a tumultuous day of trading, Bitcoin price appears to have found some balance at $57,000, where it is currently trading.
As you can see in the chart above, the price has been on a roller coaster ride over the past 24 hours, breaking above $57,000 and dropping below $55,000 before finally breaking back above that level and stabilizing around it.
This volatility led to the liquidation of a significant number of positions in the derivatives market. Approximately $240 million was lost, including $130 million from short traders.
That said, it is important to take the current balance with a grain of salt as the prevailing market sentiment remains fearful, according to to the popular index of fear and greed.
Altcoins in a sea of green… Finally
The entire large-cap altcoin market is in the green, a sight we haven’t seen in quite some time. Sure, some have performed better than others, but all are trading positively over the last 24 hours.
It is worth noting that SOL is up nearly 8% over the past day, approaching the $150 pivot level. ADA is also trading up 6%, as is UNI.
Ethereum managed to reclaim the $3,000 level after gaining nearly 5%, while BNB recovered $500.
The best performer today, among the top 100 cryptocurrencies by total market cap, is the BONK cryptocurrency, which is up 25%. On the other hand, ATOM is the only altcoin that has failed to capitalize on the rise and is trading essentially flat.
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Cryptocurrency Charts by TradingView.