Major Cryptocurrencies Show Mixed Performance as Bitcoin Undergoes Correction
Sunday evening saw a mixed performance in major cryptocurrencies, with Bitcoin undergoing a correction while some altcoins experienced significant gains. Despite this, the global crypto market cap reached $1.6 trillion with a 1.34% increase in the last 24 hours. In the past 24 hours, the cryptocurrency market experienced a total liquidation value of $374.41 million.
Bitcoin’s rally experienced a temporary pause on Sunday as it briefly dropped to $41,800. This slight decline indicates that traders may have opted to secure some profits after witnessing the cryptocurrency’s substantial surge from $38,000 just a week ago.
Ethereum also experienced a notable 5% surge, reaching its highest price point since May 2022. Data from CoinGlass shows that in the past 24 hours, the cryptocurrency market experienced a total liquidation value of $374.41 million and 109,015 traders were affected. The largest individual liquidation order occurred on OKX, involving BTC-USDT-SWAP with a value of $8.23 million.
The top gainer over the 24-hour period was Helium, which saw a 14.06% increase, reaching $5.06. These fluctuations come amid U.S. stock futures showing a slight increase on Sunday night, as investors eagerly anticipate the final Federal Reserve meeting of 2023. Amid this backdrop, cryptocurrency analyst Michael Van de Poppe notes that the Altcoin market capitalization has recently broken out of an 18-month sideways range.
Eli Taranto, Executive Director at EQI Bank, noted that risks remain that Bitcoin will see lower territory in the coming weeks. Bitcoin gained over the weekend, but retail investors may choose to take profits for the holiday period. Additionally, a pseudonymous crypto analyst suggests that Bitcoin may be following a pattern similar to Amazon’s stock from over a decade ago.
This market volatility comes at a time when the Federal Reserve is anticipated to keep the key fed funds rate unchanged within the range of 5.25% to 5.5% during its upcoming policy meeting on Wednesday.
This news and volatility in the cryptocurrency market underscore the need for investors to stay informed and understand the factors influencing these digital assets. Additionally, historic precedence can serve as an important reference point as the market continues to evolve.
