Enhanced Bitcoin Price Volatility and Altcoins Rollercoaster: Market Watch

08.07.2024 / Payment system news

The past 24 hours saw increased volatility throughout the entire cryptocurrency market, the total capitalization of which currently stands at almost $2.2 trillion, down 0.6% during that period.

It appears that the battle between Bitcoin buyers and sellers is ongoing with full force, as the price remains tumultuous.

Bitcoin Price Volatility

As CryptoPotato reported earlier today, the total crypto market had been declining throughout the past 24 hours, with BTC hitting an intraday low of around $54,300.

However, the past few hours saw the bulls take control and push the price up to $57,000, where it is trading at the time of this writing.

Source: TradingView

The volatility is also reflected in the number of total liquidations, which surpassed $300 million for the past 24 hours and seem to be in complete equilibrium between short and long positions, indicating the vicious ongoing battle between the two cohorts.

Altcoins Also Bounce

Earlier today, most of the altcoins were charting considerable declines in the range between 3% and 10%.

Right now, following the bounce from the last couple of hours, the situation has changed.

Source: Quantify Crypto

ETH managed to recover above $3,000 and is currently pushing toward $3.1K, up 1% in the past 24 hours. Other coins such as BNB, SOL, DOT, BCH, UNI, MATIC, and SHIB have managed to flip the trading session into green territory, erasing some of the losses from earlier.

All in all, there’s a lot that’s going to happen in the next few days, that may impact the performance of the broader cryptocurrency market.

The US CPI numbers are expected on Wednesday – an indication of the inflation in the country. The Chairman of the US Federal Reserve is also going to testify before Congress tomorrow and it’s expected that a lot of the focus will be on the monetary policy.

In other words, brace for potential volatility.

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