The cryptocurrency market is painted in green today, with most of the coins attempting to recover.
However, it’s too early to tell if the worst is behind us, and the gains for the past 24 hours are rather mild in comparison to the preceding decline. Let’s have a look.
Bitcoin’s Price Solidifies at $64K
As CryptoPotato reported yesterday, BTC dropped to a low of $63,400, marking a 5-week low amid a turbulent and declining crypto market.
It appears, though, that over the past 24 hours, the bulls have managed to regroup and have so far stopped the decrease. BTC is trading flat at around $64K.
Source: TradingViewThat said, the derivatives market has also cooled off. The total liquidations for the past day are around $27 million, which is low compared to previous days.
The long-to-short liquidation ratio is also in equilibrium, indicating that the buyers and the sellers are currently attempting to reestablish their positions.
Altcoins Recover, ADA Soars 4%
The altcoins are also plotting a recovery with most of them trading in the green today, albeit charting rather mild gains.
For example, XRP is up only 0.6%, SHIB – 1.3%, SOL – 0.5%, ETH – 0.86%, and so forth.
Source: Quantify CryptoThere are certain exceptions, of course. Cardano (ADA) increased by as much as 3.7% over the past 24 hours, turning into one of the better performers.
Toncoin (TON) exploded by 6% and is the leading large-cap altcoin. Other more notable gainers from this list include AVAX, which is up 3%, PEPE – up 4.12%, and MATIC – up 3%.
Of the top 100 cryptocurrencies by total market capitalization, the best performer is JASMY, which is up 11%. It is followed by BRETT and Kaspa (KAS), both of which increased by 7.7%.
On the other end of the spectrum, there’s Fetch.AI (FET), which declined by 4.4% and is the poorest performer over the past 24 hours.