Bitcoin’s price finally made a few volatile moves that resulted in dumping to a new two-month low before recovering all losses in hours.
Most altcoins went through something similar, but quite a few of them are still in the red on a daily scale, including ETH, XRP, DOGE, LEON, and many others.
BTC’s Dump and Pump
Bitcoin’s price was quite sluggish for about a week, which it spent trading in a tight range just below $26,000. The only exception came last Friday morning when it pumped to a multi-day high of $26,400. However, that was short-lived, and the bears pushed it south once more to its previous trading ground.
The weekend was expectedly uneventful, but the landscape was prompted to change amid speculations about upcoming sell-offs from FTX. Such a change indeed transpired yesterday evening when BTC slumped by about a grand to a two-month low of just under $25,000.
Nevertheless, the cryptocurrency bounced off rather quickly and neared $26,000 once again minutes ago. As of now, the asset remains inches below that level. Its market cap has reclaimed the $500 billion mark, while its dominance over the alts has soared to 49% as most alts have underperformed.
The enhanced volatility has harmed over-leveraged traders, as the total amount of liquidations has skyrocketed to nearly $200 million on a daily scale, according to CoinGlass.
Alts Still in Red
The alternative coins followed BTC on its way down, and even though they have recovered most of the losses from yesterday’s price slump, some are still in the red.
This is the case for Ethereum, Binance Coin, Ripple, Dogecoin, Solana, Polkadot, Polygon, and Litecoin – all of which are down by about 1-2%. LEO has dumped even more, having lost almost 5% of its value overnight.
Optimism’s native token is among the few exceptions. OP is well in the green, having soared by about 7% in the past 24 hours. As a result, it trades above $1.3.
The total crypto market cap has managed to retrieve most losses and sits at $1.030 trillion on CMC.
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Cryptocurrency charts by TradingView.