As a seasoned cryptocurrency market analyst with several years of experience under my belt, I’ve grown accustomed to the ebb and flow of this notoriously volatile market. However, even for someone like me, the past 24 hours have been a rollercoaster ride.
In the past 24 hours, the entire cryptocurrency market experienced heightened price fluctuations, with a total value of around $2.18 trillion. This represents a decrease of 0.6% compared to the previous period.
The struggle between Bitcoin buyers and sellers continues fiercely, resulting in the volatile price swings we’re currently seeing.
Bitcoin Price Volatility
According to a recent report by CryptoPotato, the overall cryptocurrency market experienced a downward trend over the last 24 hours, reaching a low point for Bitcoin at approximately $54,300.
Over the past few hours, I have observed the bulls regaining dominance, propelling the price upward to reach a current trading level of $57,000.
The instability is evident in the large-scale closing out of positions, exceeding $300 million within the last 24 hours. This balance appears to be well-maintained between opposing groups of short and long investors, signaling an intense and persistent struggle between them.
Altcoins Also Bounce
This afternoon, a significant drop of around 3-10% was observed in the majority of altcoins.
Right now, following the bounce from the last couple of hours, the situation has changed.
Ether (ETH) has bounced back above $3,000 and is now aiming for $3,100, marking a 1% increase in value over the last 24 hours. Several other cryptocurrencies, including Binance Coin (BNB), Solana (SOL), Polkadot (DOT), Bitcoin Cash (BCH), Uniswap (UNI), Matic Network (MATIC), and Shiba Inu (SHIB), have also turned a profit in the current trading session, recouping some of their earlier losses.
In summary, the coming days are expected to bring several developments that could influence the overall cryptocurrency market’s performance.
As an analyst, I’m looking forward to the release of the US Consumer Price Index (CPI) figures due out on Wednesday. These numbers provide valuable insight into the current inflation trends within the country. Additionally, tomorrow, I’ll be closely monitoring the testimony of the Federal Reserve Chairman before Congress. Anticipating a significant focus on monetary policy during this session.
In other words, brace for potential volatility.
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2024-07-08 12:06