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The past two weeks have taken another turn for almost all crypto assets, especially Bitcoin. While crypto market prices saw some positive moves north in July, most tokens were unable to sustain their growth after that. In addition, there have been other losses in the crypto market recently, which have thrown the entire market out of balance.
A record over $50 billion exited the broader market as the cumulative market cap dropped below the $1 trillion level. It seemed like the bears weren’t done with the downward pull yet. But trading over the past two days has brought some hope to the market.
Several cryptocurrencies have been seen reclaiming some of their lost values. Bitcoin surged above $19,500 and fell as it once again rallied above $1,000.
Other cryptocurrencies also followed the trend. The actual positive progress in the crypto market saw the market cap again reach and surpass the coveted $1 trillion.
Another Downtrend for Bitcoin
Just when it looks like the bulls are on the rise, another negative turn has erupted in the market. The market price report indicates that volatility has increased over the past 24 hours.
The BTC price appears to be hovering below $20,000 as the token has suffered a slight decline in the past 24 hours. But the cumulative market cap of cryptocurrency is still stagnant above $1 trillion.
BTC is fighting to claim the $20,000 as sellers and buyers drag on to supremacy. So far, Bitcoin’s strong forces are keeping the price level despite increasing volatility in the market.
Altcoins are not left out
The altcoins are not locked out in the 24 hours of falling prices. For example, Ethereum plunged 0.3% and is currently trading above the $1,500 region during the press. Other major altcoins are also in the red due to the negative price swing of the crypto market.
SOL fell but then won; DOT lost 0.69%, DOGE also trades sideways, SHIB lost but recovered, AVAX fell 0.37%. There is also a downside to market sentiment as the level has returned to “extreme fear”.
The sudden surge in price volatility has led to spikes in liquidations over the past 24 hours. Its value is currently about $250 million. A record of the most significant single liquidation involved a $2 million BTC-USDT swap that took place on the OKEx crypto exchange.
Featured image from Pixabay, chart from TradingView.com