Ethereum Surges Past $3K as Bitcoin Recovers Toward $52K (Market Watch)
The cryptocurrency market went through quite a rollercoaster in the past 24 hours, but it appears that bulls are getting the better of it.
At the time of this writing, the total capitalization sits at $2.087 trillion (per CoinGecko), and most of it is painted well in green.
Bitcoin’s Price Recovers Toward $52K
The bears attempted to take control of the crypto market in the past day but were unable to do so. Bitcoin’s price dipped to an intraday low below $51K, but the bulls were quick to react and pushed it back to where it currently trades at $52K.
As seen in the chart below, it wasn’t exactly smooth sailing, as the volatility is more than evident:
This has also caused quite a stir in derivatives markets. The day saw around $40 million worth of liquidated BTC positions, while the total number for all cryptocurrencies stands at almost $200 million. Data from CoinGlass reveals that Ethereum is actually leading in terms of liquidations, with over $44 million in 24 hours.
Ethereum Soars Above $3K
ETH’s price also went through substantial volatility, but the bulls took the upper hand and pushed it above $3,000. At the time of this writing, Ethereum is trading at $3,020, up almost 3% in the past 24 hours.
There are many reasons to believe that the rally will continue in the near future. These include:
The hype associated with the potential approval of a spot ETH ETF in the US.
The upcoming Dencun upgrade.
Positive on-chain metrics indicate a shift toward self-custody.
Bitcoin’s halving in April.
All in all, the market remains mostly in green despite the volatility of the past 24 hours, as it can be seen in the heatmap below:
The best performers of the day are SingularityNET (AGIX) – up 33.8%; Worldcoin (WLD) – up 21.2%; and Render (RNDR) – up 19.3%.
The worst performers of the day are Stacks (STX) – down 5.5%; Hedera (HBAR) – down 5.1%; and LEO Token (LEO) – down 4.2%.
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Filed under: Bitcoin - @ February 22, 2024 9:17 am