As an experienced analyst, I have closely monitored the cryptocurrency market for quite some time now. The recent turbulence in the market, with Bitcoin’s sudden correction below $61K and Ethereum falling below $3K, has been a cause of concern for many investors. However, based on current trends, it seems that the bulls may be regrouping.
In the last 24 hours, the turbulence in the cryptocurrency market has noticeably decreased, putting a halt to the recent downtrend and allowing for some stability.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin‘s value hovers around $61,000 in the early hours of Sunday, whereas Ethereum has slipped beneath the crucial $3,000 threshold.
Are the Bitcoin Bulls Regrouping?
Yesterday, according to CryptoPotato’s report, Bitcoin underwent an unexpected decline, dipping beneath $61,000 and shedding approximately 3.5% of its value within a 24-hour span.
It appears that a representative from the US Federal Reserve expressed the viewpoint that considering rate cuts at this time might be premature.
The market has calmed down since then, and it seems that the worst is behind us.
The bulls made an attempt to bounce back, but this effort was short-lived. Sellers regained control, driving the price down from approximately $61.4K to its current level at around $61K.
Despite the recent market downturns, the Fear and Greed index indicates that investors’ sentiment remains “greedy.”
Altcoins Consolidate, Ethereum Below $3K
As a market analyst, I’ve observed that none of the significant altcoins have bounced back following the recent market downturn. However, there are faint signs of recovery, with some coins gradually inching upwards as depicted in the heatmap below.
Although the market appears entirely green on the 24-hour chart, this perspective may be misleading. On a longer timescale, such as a week, many cryptocurrencies have been trading in the red.
As a researcher studying the cryptocurrency market, I find it noteworthy that Ethereum has retreated below the significant threshold of $3,000. It will be intriguing to observe whether the buyers manage to regain control and push the price back up to this level.
Currently, two top-performing cryptocurrencies are experiencing notable gains. IMmutable (IMX) has risen by 4.7%, while Ribbon Finance (RBN) has seen a 3.3% increase in value.
In contrast, Zebec Protocol (ZBC) experienced a decline of 7.8%, while Kaspa (KAS) saw a decrease of 4.8%.
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2024-05-12 08:18