Outside Source
The past 24 hours saw the broader cryptocurrency market go on a rollercoaster, plunging toward monthly lows, recovering, and then declining again. The volatility has resulted in considerable liquidations across the derivatives market and has also pushed the total capitalization of the industry below $2.1 trillion.
First things first, let’s begin with Bitcoin.
Bitcoin Bulls Unable to Stage a Recovery
As we reported yesterday, the price tumbled below $56,000, charting a monthly low and prompting the entire crypto market to lose over $100 billion of its capitalization.
That said, Bitcoin bulls attempted to stage a recovery during yesterday evening, pushing the price back above $58,00 and, essentially, erasing most of the losses recorded through the day.
Unfortunately, they were unable to sustain the momentum or better yet – produce a larger rally. Sellers intercepted the move and caused another decline toward $57,000 – roughly where BTC is currently trading at.
This tumultuous price action has also resulted in liquidations to the tune of $100 million across the derivatives market. Needless to say, BTC is leading the way with about $31 million positions being “rekt,” followed by ETH with about $17.25M.
Some Altcoins Defy Market Trend
As you can see in the heatmap below, the majority of the altcoin market, at least amid those with larger market capitalization, has produced somewhat mixed results.
XRP, TRX, LINK, UNI, BNB, ETH, and MATIC are charting mild declines, mostly spanning in the range between 0.1% and 1% in the red.
On the other hand, SOL, ADA, AVAX, SHIB, DOGE, etc., these have managed to produce slight gains, trading between 0.1% and 2% in the green.
However, two cryptocurrencies have stood out in the past 24 hours. Namely, these are Helium (HNT) and Injective (INJ) – up 11.7% and 7.2%, respectively.
