The last 24 hours were a complete roller coaster across the entire cryptocurrency market and they were action packed.
Bitcoin price soared above $26,000 only to pull back below $25,000 later that day, while many altcoins saw massive double-digit gains. let’s dive in
The Bitcoin price rollercoaster
First things first, it is important to note that yesterday the Bureau of Labor Statistics released the Consumer Price Index figures for February. The CPI for all urban consumers registered 6%, which was interpreted by market participants as an indication that inflation in the country is slowing down.
Immediately, the price of Bitcoin skyrocketed.
As seen in the chart above, the cryptocurrency rose much higher and reached $26,386 (on Binance). This was the highest price since June 2022. It stayed there for the next few hours but was unable to maintain momentum and eventually declined to where it is currently trading at around $24,500.
Now, many are expecting a lower rate hike as the Fed is under pressure to avoid any further stress on the US banking system, given the turmoil with SVB, Signature Bank and Silvergate Bank.
Altcoin printing earnings
Despite the drop, the Bitcoin price remains in the green, but some altcoins have managed to outperform it considerably.
As seen in the heat map above, of the top cryptocurrencies by total market cap, ATOM is performing very well, followed by MATIC, DOGE, UNI, AVAX, LTC, LINK, ETC, and others.
However, out of the top 100 coins, SingularityNET’s AGIX exploded by 40% in the last 24 hours, making it the best performing altcoin on that list. It is closely followed by Conflux (CFX), which is up 35%, and Stacks (STX), up 32%.
On the other hand, Monero’s XMR and Maker (MKR) failed to capitalize on the latest rise and are posting very slight declines of around 2% in the past day.
Last day’s wild ride saw the liquidation of a total of around $300 million in leveraged positions, with roughly 60% of them being short.
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cryptocurrency charts by TradingView.
