The last 24 hours have been a complete roller coaster ride in the entire cryptocurrency market and filled with action.
Bitcoin’s price surged above $26,000 only to fall back below $25,000 later in the day, while many altcoins saw massive double-digit gains. Let’s dive in.
Bitcoin price rollercoaster
First off, it’s important to note that the Bureau of Labor Statistics released February CPI numbers yesterday. The CPI for all urban consumers was 6%, which was interpreted by market participants as an indication that inflation in the country is slowing.
Immediately, the price of bitcoin skyrocketed.
Source: TradingView
As seen in the chart above, the cryptocurrency surged much higher, reaching $26,386 (on Binance). This was the highest price since June 2022. It stayed there for the coming hours but failed to maintain the momentum and eventually dropped to its current level of around $24,500.
Now many are expecting a lower rate hike as the Fed comes under pressure to avoid putting additional strain on the US banking system amid turmoil at SVB, Signature Bank and Silvergate Bank.
Altcoin print profits
Despite the decline, Bitcoin’s price remains well in the green, but some altcoins have managed to significantly outperform it.
Source: Quantify Crypto
As can be seen in the heatmap above, among the top cryptocurrencies by total market cap, ATOM performs very well, followed by MATIC, DOGE, UNI, AVAX, LTC, LINK, ETC and others.
However, among the top 100 coins, SingularityNET’s AGIX has exploded by a whopping 40% in the last 24 hours, making it the best-performing altcoin from this list. Closely followed by Conflux (CFX) up around 35% and Stacks (STX) up 32%.
On the other hand, Monero’s XMR and Maker (MKR) failed to capitalize on the recent surge, seeing a very slight decline of around 2% over the past day.
In the past day’s wild ride, a total of about $300 million in leveraged positions were liquidated, about 60% of which were short.
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Cryptocurrency charts from TradingView.
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