It’s finally been a day of positivity within the cryptocurrency market. The total capitalization increased above $2.2 trillion on the back of multiple coins charting substantial recoveries from yesterday’s lows.
Bitcoin’s price seems stable, but it’s important to take this calmness with a grain of salt as the sentiment remains uncertain.
Bitcoin Solidifies at $57K
After a tumultuous day of trading, the Bitcoin price has seemingly found some equilibrium at $57K, where it’s currently trading.
Source: TradingView
As you can see in the chart above, the price went through a rollercoaster throughout the past 24 hours, soaring above $57K and dropping below $55K before finally pushing back above that level and stabilizing around it.
This volatility has caused a considerably high number of liquidated positions within the derivatives market. Around $240 million was wiped off, $130 million of which came from short traders.
That said, it’s important to take the current equilibrium with a grain of salt as the predominant market sentiment remains fearful, according to the popular Fear and Greed index.
Altcoins in a Sea of Green… Finally
The entirety of the large-cap altcoins market is in the green – a sight that we haven’t seen for quite a while. Of course, there are some who performed better than others but all of them are trading positively in the past 24 hours.
Source: Quantify Crypto
Notably, SOL is up almost 8% in the past day, approaching the pivotal $150 level. ADA is also trading at a 6% increase, same as UNI.
Ethereum managed to reclaim the $3K level after gaining almost 5%, while BNB reclaimed $500.
The best performer today, from the top 100 coins by means of total market capitalization, is the meme coin BONK, which is up a whopping 25%. On the other hand, ATOM is the only altcoin that failed to capitalize on the uptick and is trading mostly flat.
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