Bitcoin Solidifies at $57K While Solana (SOL) Explodes 8% Daily: Market Watch

09.07.2024 / Payment system news

It’s finally been a day of positivity within the cryptocurrency market. The total capitalization increased above $2.2 trillion on the back of multiple coins charting substantial recoveries from yesterday’s lows.

Bitcoin’s price seems stable, but it’s important to take this calmness with a grain of salt as the sentiment remains uncertain.

Bitcoin Solidifies at $57K

After a tumultuous day of trading, the Bitcoin price has seemingly found some equilibrium at $57K, where it’s currently trading.

Source: TradingView

As you can see in the chart above, the price went through a rollercoaster throughout the past 24 hours, soaring above $57K and dropping below $55K before finally pushing back above that level and stabilizing around it.

This volatility has caused a considerably high number of liquidated positions within the derivatives market. Around $240 million was wiped off, $130 million of which came from short traders.

That said, it’s important to take the current equilibrium with a grain of salt as the predominant market sentiment remains fearful, according to the popular Fear and Greed index.

Altcoins in a Sea of Green… Finally

The entirety of the large-cap altcoins market is in the green – a sight that we haven’t seen for quite a while. Of course, there are some who performed better than others but all of them are trading positively in the past 24 hours.

Source: Quantify Crypto

Notably, SOL is up almost 8% in the past day, approaching the pivotal $150 level. ADA is also trading at a 6% increase, same as UNI.

Ethereum managed to reclaim the $3K level after gaining almost 5%, while BNB reclaimed $500.

The best performer today, from the top 100 coins by means of total market capitalization, is the meme coin BONK, which is up a whopping 25%. On the other hand, ATOM is the only altcoin that failed to capitalize on the uptick and is trading mostly flat.

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