As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. Today’s green market is a welcome sight, but I remain cautious as the gains are not as significant as those we’ve seen in the past.
The cryptocurrency market is painted in green today, with most of the coins attempting to recover.
Although we’ve seen some improvement over the last day, it’s important to note that it may be too soon to determine if the worst of this downturn has passed. The progress made so far is relatively small when compared to the previous losses. Let’s examine the situation further.
Bitcoin’s Price Solidifies at $64K
Yesterday, according to CryptoPotato’s report, I observed Bitcoin (BTC) plummeting to a five-week low of $63,400, reflecting the volatile and downward trending cryptocurrency market.
Over the last 24 hours, it seems that the bulls have rallied and halted the downtrend. Currently, Bitcoin is hovering near $64,000 with minimal price movement.
“Despite this, it’s worth noting that the derivatives market has shown signs of slowing down recently. In fact, approximately $27 million in liquidations occurred yesterday, which is significantly less than what we’ve seen in previous days.”
In simpler terms, the balance between buyers and sellers in the market for short-term assets is currently being restored as they try to adjust their positions.
Altcoins Recover, ADA Soars 4%
Many altcoins are showing signs of improvement today, with most of them experiencing upticks in trading. However, their price increases have been relatively modest compared to more dramatic recoveries.
For example, XRP is up only 0.6%, SHIB – 1.3%, SOL – 0.5%, ETH – 0.86%, and so forth.
In contrast to some other cryptocurrencies, Cardano (ADA) experienced a notable growth of approximately 3.7% in the last 24 hours, making it stand out as a top gainer.
As a crypto investor, I’m thrilled to see Toncoin (TON) surging by an impressive 6% today, making it the top gainer among large-cap altcoins. Notably, AVAX is also climbing steadily with a gain of 3%, while PEPE experiences a more robust growth of 4.12%. Lastly, MATIC is advancing by 3%.
Among the top 100 cryptocurrencies in terms of market capitalization, JASMY stands out as the top gainer with a growth of 11%. Following closely are BRETT and Kaspa (KAS), each recording an increase of 7.7%.
At the opposite end of the performance scale during the last 24 hours, we have Fetch.AI (FET), experiencing a decrease of 4.4%.
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2024-06-23 11:34