Markets
Bitcoin Consolidates at $57K as Solana (SOL) Surges 8% for the Day: Market Watch
It was finally a positive day in the cryptocurrency market. Total market cap increased above $2.2 trillion as several coins posted substantial recoveries from yesterday’s lows.
Bitcoin price seems stable, but it is important to take this calm with a grain of salt, as sentiment remains uncertain.
Bitcoin consolidates at $57K
After a tumultuous day of trading, the price of Bitcoin appears to have found some equilibrium at $57,000, where it currently sits.
As can be seen in the chart above, the price has been going through a roller coaster period over the past 24 hours, rising above $57,000 and dropping below $55,000, before climbing back above that level and settling around it.
This volatility caused a significantly large number of liquidations in the derivatives market. About $240 million was wiped out, of which $130 million came from short traders.
That said, it is important to take the current balance with a grain of salt as the prevailing market sentiment remains fearful, second to the popular Fear and Greed index.
Altcoins in a sea of green… Finally
The entire large-cap altcoin market is in the green, a sight we haven’t seen in a while. Of course, there are some that have performed better than others, but all have been in the green over the past 24 hours.
In particular, SOL is up nearly 8% over the past day, approaching the key $150 level. ADA is also trading up 6%, like UNI.
Ethereum managed to reclaim the $3,000 level after gaining nearly 5%, while BNB recovered $500.
The best performer today among the top 100 coins by total market cap is meme coin BONK, which is up a whopping 25%. On the other hand, ATOM is the only altcoin that has failed to capitalize on the surge and is trading mostly flat.
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