The cryptocurrency market has calmed down in the past 24 hours. Its total capitalization is around $2.29 trillion, which is more or less where it was yesterday.
Bitcoin, as well as the majority of large-cap altcoins, saw relatively low volatility and are consolidating. This is expected price action during weekends when volumes are traditionally lower.
Bitcoin Price Calms Down at $63,000
As we reported yesterday, the market achieved a considerable recovery, with Bitcoin’s price increasing to more than $63,000 despite its previous dip below $59,000. It appears that the rally has somewhat run out of steam.
The price has been unable to continue higher and is currently consolidating around the $63K mark.
From a technical standpoint, the 200-day moving average is currently located around the $63.4K mark. This means that the current consolidation might be in preparation for another run-up.
On the other hand, if the sellers return in force, the first level of support for BTC is at $61,000, where the 100-day moving average is located.
Nonetheless, the lack of volatility throughout the past 24 hours is also reflected in the number of total liquidations in the derivatives market. Around $76 million worth of leveraged positions were wiped off.
Aptos (APT) Leads Altcoin Gains
The broader altcoin market is also consolidating, having somewhat recovered from the drops during the previous week.
Most of the large-caps are trading flat on the day, but there are some obvious exceptions, of course.
Namely, this is Aptos (APT). It’s up by more than 20% in the past 24 hours, making it the best performer from the top 100 cryptocurrencies by market cap. Sui (SUI) is also up by more than 10%, which is impressive.
Read the full article here