The Crypto Market Bounces Back: Bitcoin and Ethereum Show Strength
The cryptocurrency market has experienced a turbulent 24 hours, but the bulls are currently in control. The total market capitalization stands at $2.087 trillion, with most assets showing significant gains.
Bitcoin’s Price Recovers Toward $52K
The bears attempted to dominate the market, causing Bitcoin’s price to drop below $51K. However, the bulls quickly responded, pushing it back up to its current level of $52K.
The chart reflects high volatility during this period:
Derivatives markets have also been affected, with approximately $40 million worth of liquidated BTC positions and nearly $200 million for all cryptocurrencies. Ethereum leads in liquidations, with over $44 million within 24 hours according to CoinGlass data.
Ethereum Soars Above $3K
Ethereum experienced substantial volatility but ultimately saw a surge above $3,000. At present, ETH is trading at $3,020, reflecting a 3% increase in the past day.
Several factors suggest that this rally will continue:
- The potential approval of a spot ETH ETF in the US
- The upcoming Dencun upgrade
- Positive on-chain metrics indicating a shift toward self-custody
- Bitcoin’s halving in April
Despite the recent volatility, the overall market shows predominantly green performance, as depicted in the heatmap below:
The top performers of the day include SingularityNET (AGIX) – up 33.8%, Worldcoin (WLD) – up 21.2%, and Render (RNDR) – up 19.3%. On the other hand, Stacks (STX) is down 5.5%, followed by Hedera (HBAR) – down 5.1%, and LEO Token (LEO) – down 4.2%.
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