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Bitcoin Settles at $29K After Massive $3K Rollercoaster: Market Watch

$260M Liquidated Amid Bitcoin’s Rollercoaster Prompted by Fed’s Rate Hike: Market Watch

Bitcoin experienced significant fluctuations yesterday, rising to $30,000 before suddenly dropping by $3,000. Most altcoins followed a similar pattern of volatility and have now calmed down slightly, trading in the red on a daily scale.

Bitcoin’s Pump and Dump

The price movements of the primary cryptocurrency are rarely stable, as was expected from yesterday’s rollercoaster. Bitcoin had been trading within a narrow range of $27,000 to $28,000 for several consecutive days until the bulls took charge and pushed the asset’s price upward. The price skyrocketed to $30,000 within a day, resulting in the liquidation of over $100 million worth of shorts. However, fake news emerged that wallets connected to the US government and Mt. Gox creditors were disposing of their bitcoin, causing bitcoin to slump by $3,000 to $27,200. When the reports were refuted, bitcoin regained roughly $2,000.

Currently, bitcoin is trading at around $29,000, which is still moderately higher than its price 24 hours ago. Its market cap remains above $560 billion, and its dominance over altcoins is close to 47%, having gained over 1% in the past few days.

BTCUSD. Source: TradingView

Alts in Red Now

As is typically the case when bitcoin experiences extreme volatility, so do alternative coins. The run-up yesterday drove Ethereum from $1,800 to almost $2,000, but the subsequent rejection brought its price back down to the former. At present, the second-largest cryptocurrency is trading at $1,900.

Cardano is the sole larger-cap altcoin trading positively on a daily scale, increasing by 3%. Conversely, Binance Coin, Ripple, Dogecoin, Polygon, Solana, Polkadot, Litecoin, and Shiba Inu are experiencing minor losses.

CRO, yesterday’s top performer following a partnership with Amazon, has retraced by over 5% but still maintains a trading value above $0.07.

The total crypto market cap remains at almost $1.2 trillion, fluctuating up and down by roughly $50 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto