After a day of significant volatility, the cryptocurrency market is recovering, with Bitcoin appearing to stabilize around $57,000.

It was finally a positive day for the cryptocurrency markets. Multiple currencies recovered sharply from yesterday’s lows, with the total market capitalization exceeding $2.2 trillion.

The price of Bitcoin appears to be stabilizing, but such calm must be taken with a grain of salt as sentiment remains uncertain.

Bitcoin stabilizes at $57,000

After a day of volatile trading, the Bitcoin price seems to have found some kind of equilibrium at $57,000, which is the level it is currently trading at.


As you can see in the chart above, the price has been on a roller coaster ride over the past 24 hours, surging above $57,000 before dropping below $55,000 before finally rising back above that level and settling around it.

This volatility led to a large amount of liquidation in the derivatives market. About $240 million was liquidated, of which $130 million came from short traders.


Nonetheless, we have to take the current balance with a pinch of salt, as the dominant market sentiment remains fear, according to the popular Fear & Greed Index.

Altcoins finally enter the green sea

The entire large-cap altcoin market is in the black — something we haven’t seen in a long time. Of course, some altcoins are doing better than others, but all altcoins are trading positively over the past 24 hours.

Notably, SOL has gained nearly 8% in the past day, approaching the key $150 level. ADA is also trading up 6%, the same as UNI.

Ethereum managed to reclaim the $3,000 level after rising by nearly 5%, while BNB reclaimed $500.

Today, the best performer among the top 100 coins by total market cap is meme token BONK, which has surged by as much as 25%. On the other hand, ATOM is the only altcoin that has failed to take advantage of this rally, trading essentially flat.

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