Market Watch:Bitcoin Unable to Push For $24K as Market Cap Sheds $15B
The past 24 hours saw the total cryptocurrency market capitalization lose around $15 billion in total. This came on the back of slight declines in the major cryptocurrencies such as Bitcoin, Ethereum, and others.
It’s interesting to see if this development suggests that the bulls are running out of steam or if they are simply preparing for another leg up.
Bitcoin Price Unable to Push $24K
Yesterday, BTC’s price reached an intraday high of exactly $24,000 on Binance, as seen in the chart below.
However, the level was fiercely defended by the sellers, and as soon as they stepped in, the cryptocurrency started declining. It plunged to about $23,200, but the buyers stepped in and pushed it to where it currently lies at slightly below $23,500.
The increased volatility also led to around $60 million worth of liquidated positions in the past 24 hours, according to data from Coinglass. The overall trading volume remains relatively low at about $60 billion.
It’s interesting to see how the market will shape up in the coming days as we enter into March – a month that has been historically bearish based on median performance.
Altcoins Also Unable to Progress
As mentioned above, the total cryptocurrency market cap declined by around $15B after the rejection of yesterday’s push, and the following heatmap presents a clear picture of the reasons.
All of the major altcoins are currently trading in the red, albeit charting slight declines. MATIC is down 2.8%, which is more or less the same as SHIB – both cryptocurrencies are the worst performers from the biggest coins by market capitalization.
From the top 100 coins, the best performers are Terra Luna Classic (LUNC) and Mina Protocol (MINA) – up 5.4% and 4.4%, respectively.
On the other hand, Rocket Pool (RPL) and ImmutableX (IMX) are the worst-performing cryptocurrencies, down 9.3% and 9%, respectively. Stacks (STX) is next, having declined by around 8.2% in the past 24 hours.
That said, it’s interesting to note that the overall sentiment seems to have improved in the past 24 hours, up 1 point to 51 and currently standing at neutral.
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