As a seasoned crypto investor with a decade of experience navigating the volatile waters of the digital asset market, I find myself observing the current landscape with cautious optimism. The market’s relative stability over the past 24 hours is reminiscent of a weekend beach holiday, where the waves are calm and the sun is shining brightly – but you always keep one eye on the horizon just in case a rogue wave decides to break through.
Over the last day, the cryptocurrency market seems to have stabilized. Currently, its total value hovers slightly above $2.29 trillion, roughly similar to what it was at this time yesterday.
During weekends, Bitcoin, along with most major alternative coins, tends to exhibit less price volatility and is typically holding steady. This is a typical market behavior due to the lower trading volumes that usually occur over the weekend.
Bitcoin Price Calms Down at $63,000
Yesterday’s update indicated that the market experienced a significant bounce back, pushing Bitcoin’s value over $63,000, even though it had briefly dipped under $59,000 earlier. However, it seems the momentum behind this rally may be slowing down.
The price has been unable to continue higher and is currently consolidating around the $63K mark.
Looking at it technically, the 200-day moving average is approximately at the $63.4K level right now. This could indicate that the present stabilization phase is possibly a prelude to another rise.
Conversely, should the sellers come back strongly, the initial line of defense for Bitcoin could be found around $61,000, as this is where the 100-day moving average lies.
Despite a low level of market volatility over the last 24 hours, this stability can be seen in the total number of liquidated positions within the derivatives market. Approximately $76 million in leveraged positions were terminated as a result.
Aptos (APT) Leads Altcoin Gains
The wider altcoin sector is also showing signs of consolidation, as it has regained some ground following the declines experienced last week.
The majority of large companies’ stocks aren’t showing significant movement today, but as expected, there are a few notable exceptions.
Specifically, we’re referring to Aptos (APT), which has soared over 20% in the last 24 hours, outperforming all other top 100 cryptocurrencies by market capitalization. Sui (SUI) has also experienced a significant increase of more than 10%, an impressive growth indeed.
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2024-10-13 10:52