The cryptocurrency market has calmed down considerably over the past 24 hours, halting the bearish attack and finding some consolidation in the process.
bitcoin price is trading around $61,000 on Sunday morning, while ethereum is now firmly below the pivotal $3,000 level.
Are bitcoin Bulls Regrouping?
As CryptoPotato As reported yesterday, the price of bitcoin experienced a sudden correction, falling below $61,000 and losing around 3.5% in a single day.
This apparently had to do with a statement from a representative of the US Federal Reserve, who said that it may be too early to think about rate cuts.
The market has calmed down since then and it seems that the worst is behind us.
The bulls even attempted a rally but it was quickly stopped around $61,400 when sellers stepped in and pushed the price to $61,000, where it is currently trading.
It is worth noting that despite the recent declines, the Fear and Greed index remains crypto/fear-and-greed-index/” data-wpel-link=”external” target=”_blank”>pointing out that the market is in a state of “greed”.
Altcoins consolidate, ethereum below $3K
None of the top altcoins by total market capitalization have recovered from the other day's drop, but they are at least consolidating and posting very slight gains, as seen in the heat map below.
Although the market appears to be completely painted green, that is just the 24-hour heat map. On a seven-day scale, most cryptocurrencies are trading in the red.
It is worth noting that ethereum is now consolidating below the critical psychological level of $3K, and it is very interesting to see if buyers will be able to recover it soon.
Meanwhile, today's top performers are Immutable (IMX), up 4.7%, and Ribbon Finance (RBN), up 3.3%.
On the other hand, the cryptocurrencies that performed the worst were the Zebec Protocol (ZBC), with a drop of 7.8%, and Kaspa (KAS), with a drop of 4.8%.
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Cryptocurrency charts by TradingView.
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