While many projects in the altcoin market are trying to recover, Bitcoin managed to halt the downward pressure in the last 24 hours. The cryptocurrency market is in the green today, with most cryptocurrencies attempting to recover. However, it is still too early to say if the worst is over, and the gains in the last 24 hours are quite moderate compared to the previous decline.
What Is Happening on the Bitcoin Front?
Yesterday was turbulent for Bitcoin, marking a five-week low at $63,400 amid a declining crypto market. However, it seems that bulls managed to recover in the last 24 hours and have so far managed to stop the decline. Bitcoin is trading sideways around $64,000 at the time of writing.
Meanwhile, the futures market has also calmed down. The total liquidations that occurred yesterday remained around $27 million, a relatively low figure compared to previous days. The balanced long/short liquidation ratio indicates that buyers and sellers are currently trying to rebuild their positions.
What Is the Latest in the Altcoin Market?
Altcoin projects are also planning a recovery, with most trading in green today but showing very modest gains. For example, XRP increased by only 0.6%, SHIB by 1.3%, SOL by 0.5%, and ETH by 0.86%.
Of course, there are some exceptions. Cardano (ADA) increased by up to 3.7% in the last 24 hours, becoming one of the best performers. Toncoin (TON) rose by 6%, becoming the leading major altcoin. Other notable gains include AVAX with a 3% increase, PEPE with a 4.12% increase, and MATIC with a 3% increase.
Among the top 100 cryptocurrencies by total market value, the best-performing project was JASMY with an 11% increase. It was followed by BRETT with a 7.7% increase and Kaspa (KAS). On the other end, Fetch.AI (FET) experienced a 4.4% decline, making it the worst performer in the last 24 hours.
