Over the past 24 hours, the world of cryptocurrency has seen significant volatility, as the market capitalization nearly reached $2.11 trillion, experiencing a slight decrease of 0.2%. This period has been marked by a fierce battle between buyers and sellers of Bitcoin, causing constant turmoil in the market.
Recently, there has been a decline in the overall cryptocurrency market, with Bitcoin dropping to an intraday low of around $54,500. However, a recent surge by bullish investors has reversed this trend, pushing the price back up to approximately $57,000. Currently, this is the prevailing price of Bitcoin.
The market volatility is not only evident in the price fluctuations but also in the volume of transactions, which exceeded $300 million in the last day. This movement indicates a balance between short and long positions, highlighting the intense struggle between different groups of investors.
Meanwhile, altcoins have also experienced their fair share of ups and downs. Earlier in the day, losses ranged from 3% to 10%. However, in the past few hours, there has been a significant turnaround. Ethereum (ETH), for instance, has made a recovery and is currently trading above $3,000, reflecting a 1% increase in the last 24 hours. Other cryptocurrencies such as BNB, SOL, DOT, BCH, UNI, MATIC, and SHIB have also followed this positive trend, offsetting some of the previous declines.
This period suggests that the cryptocurrency market may face further fluctuations in the days to come, potentially influenced by external factors. Important events, such as the release of CPI numbers in the United States, are scheduled, which could provide new insights into the country’s inflation. Additionally, the Federal Reserve chairman is set to testify before Congress, with expectations that the focus will be on monetary policy.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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