Markets
Bitcoin Price Volatility Rises, Altcoin Rollercoaster: Market Watch
The last 24 hours have seen increased volatility across the entire cryptocurrency market, whose total market capitalization currently stands at nearly $2.2 trillion, down 0.6% over the same period.
It seems that the battle between Bitcoin buyers and sellers is in full swing as the price remains tumultuous.
Bitcoin Price Volatility
As CryptoPotato reported today, the overall cryptocurrency market has been declining over the past 24 hours, with BTC hitting a daily low of around $54,300.
However, in the last few hours the bulls have taken control and pushed the price up to $57,000, where it stands at the time of writing.
The volatility is also reflected in the number of total liquidations, which have exceeded $300 million in the last 24 hours and appear to be completely balanced between short and long positions, indicating the fierce battle going on between the two cohorts.
Altcoins also bounce back
In the morning, most altcoins saw significant declines, ranging between 3% and 10%.
At the moment, after the recovery of the last two hours, the situation has changed.
ETH managed to recover above $3,000 and is currently pushing towards $3.1K, up 1% in the last 24 hours. Other coins such as BNB, SOL, DOT, BCH, UNI, MATIC, and SHIB managed to spin the trading session into the green, erasing some of their earlier losses.
All in all, there is a lot that will happen in the coming days that could impact the performance of the broader cryptocurrency market.
The US Consumer Price Index (CPI) numbers are due on Wednesday, an indication of inflation in the country. The US Federal Reserve chairman will also be witness will be presented to Congress tomorrow and much of the attention is expected to be on monetary policy.
In other words, prepare for potential volatility.
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