Altcoins
Bitcoin and altcoins: an unexpected recovery!
11.39pm ▪ 3 minute read ▪ by Mikaia A.
Traders, brace yourselves: Bitcoin just played an unexpected trick by halting its decline, while altcoins show modest gains. This turn of events could reignite enthusiasm in the cryptocurrency markets. As Bitcoin stabilizes its fall, what is really happening in the cryptocurrency market? Here is a captivating overview to understand this dynamic and the performance of altcoins.
Bitcoin: a pause in the free fall
Bitcoin flirted dangerously yesterday its lowest level in five weeks, reaching $63,400. However, the bulls managed to regain control and within 24 hours the situation stabilized.
Currently, Bitcoin is around $64,000, giving investors respite despite the 0.3% drop recorded in 24 hours. The futures market, also turbulent, recorded liquidations of $27 million, a modest amount compared to previous days, reports CoinTurk.
The long/short settlement ratio remains balancedindicating that buyers and sellers are trying to readjust their positions.
This unexpected pause in Bitcoin could be a sign a period of stabilizationbut caution is still advised.
Alternative Cryptocurrencies or “Altcoins”: Modest but Encouraging Gains
As for altcoins, the situation is less spectacular but still positive, notes CoinTurk.
The gains recorded are modest, with XRP up by 0.6%, SHIB by 1.3%, SOL by 0.5% and ETH by 0.86%. However, some projects stand out.
Cardano (ADA) advances by 3.7%, while Toncoin (TON) records an impressive increase of 6%, confirming itself as the leader of the altcoins.
Other noteworthy performances include AVAX (+3%), PEPE (+4.12%) and MATIC (+3%). Among the top 100 cryptocurrencies, JASMY stood out with an increase of 11%, followed by BRETT (+7.7%) and Kaspa (KAS).
In contrast, Fetch.AI (FET) disappointed with a decline of 4.4%, highlighting disparities in altcoin performance.
At the time of writing these cryptocurrencies have all turned red, with the exception of Toncoin and Cardano.
The future of Bitcoin and altcoins remains uncertain, rising crucial questions on the stability and future direction of the cryptocurrency market.
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Mikaia A.
The blockchain and cryptocurrency revolution is underway! And on the day when the impacts are strong and the most vulnerable economy in the world is affected, against all hope, you will say that I was for what I chose
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.