Volatility has increased in the last 24 hours in the cryptocurrency market. Bitcoin price is currently swaying with the coveted level of $20K that the bulls have so far been able to defend. The total cryptocurrency market cap is still over $1 trillion.
Bitcoin price flirts with 20 thousand dollars
As somewhat expected, the $20K level is proving to be a battleground where buyers and sellers struggle for control. So far, the bulls have managed to defend it, but the volatility is increasing.
As seen in the chart below, the price retested the lows of the previous day but managed to bounce back, and is currently trading above $20,000.
It should also be noted that the increased volatility has pushed the total liquidation over the past 24 hours to approximately $250 million. The largest single liquidation order was made on OKEx, with a face value of $2 million – BTC-USDT swap.
Altcoins will follow suit
As almost always, altcoins have followed a similar path. For example, Ethereum has fallen below $1.5K just to recover and is trading around $1.6K, as of this writing. Unfortunately, most of the markets failed to benefit from yesterday’s positive start and are currently trading flat or in the red.
For the second day in a row, LDO is the most significant gainer, up 7.6% in the past 24 hours. NEXO is also up about 6% on news that the company will resume buybacks for another $50 million.
On the other hand, the SNX is down 7.5% over the past day, reversing yesterday’s gains.
Meanwhile, market sentiment slipped back into a state of “extreme fear” after recovering yesterday.
After the daily volatility spike with Bitcoin battles for $20K (Market Watch) debuted on CryptoPotato.