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Market Watch: Bitcoin Fails to Push $24,000 as Market Cap Loses $15B
In the last 24 hours, the cryptocurrency's total market cap lost a total of around $15 billion. This was due to slight declines in major cryptocurrencies such as Bitcoin, Ethereum and others. It will be interesting to see whether this development indicates that the bulls are running out of steam or are simply preparing for further upward movement. Bitcoin Price Fails to Push $24,000 Yesterday, the price of BTC on Binance reached an intraday high of exactly $24,000, as seen in the chart below. However, the level was fiercely defended by sellers, and as soon as they entered, the cryptocurrency began…
Market Watch: Bitcoin Fails to Push $24,000 as Market Cap Loses $15B
In the last 24 hours, the cryptocurrency's total market cap lost a total of around $15 billion. This was due to slight declines in major cryptocurrencies such as Bitcoin, Ethereum and others.
It will be interesting to see whether this development indicates that the bulls are running out of steam or are simply preparing for further upward movement.
Bitcoin price fails to push $24,000
Yesterday, the price of BTC on Binance reached an intraday high of exactly $24,000, as seen in the chart below.
However, the level was fiercely defended by sellers and as soon as they entered, the cryptocurrency began to decline. It crashed to around $23,200, but buyers stepped in and pushed it down to just under $23,500.
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The increased volatility also led to around $60 million worth of liquidated positions in the past 24 hours, according to data from Coinglass. Total trading volume remains relatively low at around $60 billion.
It will be interesting to see how the market performs in the coming days as we enter March - a month that has historically been bearish based on median performance.
Altcoins cannot progress either
As mentioned above, the cryptocurrency's total market cap fell by around $15 billion following yesterday's push rejection, and the heatmap below shows a clear picture of the reasons.
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All major altcoins are currently trading in the red, albeit with slight declines. MATIC is down 2.8%, which is more or less the same as SHIB - both cryptocurrencies are the worst performers among the largest coins by market cap.
Among the top 100 coins, Terra Luna Classic (LUNC) and Mina Protocol (MINA) are the best performers – 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, down around 8.2% in the last 24 hours.
However, it is interesting to note that overall sentiment appears to have improved over the last 24 hours, rising 1 point to 51 and currently standing at neutral.
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