Crypto Rollercoaster: 24-Hour Market Whirlwind

In the last 24 hours, the cryptocurrency market has experienced a tumultuous ride, witnessing numerous digital assets reaching their highest points in several months, followed by subsequent declines.

Bitcoin, in particular, has not been immune to these fluctuations, prompting a closer examination of its recent performance.

Bitcoin's attempt to surpass the $44,000 mark has proven unsuccessful, at least for the time being

The price of Bitcoin displayed a series of mixed signals over the past day. Attempting to surpass the $44K mark on two separate occasions, the cryptocurrency faced defeat in both instances, as illustrated in the chart below.

Source: CoinGecko

It seems that the bullish momentum has temporarily subsided, prompting a pause in their activities.

This development has reverberated across the derivatives market. Coinglass data sheds light on the liquidation of both long and short positions over the past 24 hours, segmented into different time intervals.

Source: Coinglass

Notably, during the last hour, as the price experienced a significant dip, long positions found themselves unprepared, resulting in liquidations totaling close to $14 million.

The question arises: Is this the inception of a more profound correction, or is it merely a transient intra-day downturn?

Altcoins are undergoing a retracement as well

Altcoins are also retracing their steps, as depicted in the attached heatmap, providing a comprehensive overview of the current market correction. The majority of leading altcoins are participating in this retracement, with a few exceptions.

Source: Quantify Crypto

Interestingly, within the top 100 coins by market capitalization, there are standout performers weathering the correction admirably. BitTorrent (BTT) serves as an exemplary case, witnessing a staggering 100% surge yesterday and maintaining a 42% increase over the past 24 hours. Presently, it stands as the top performer among the top 100 coins, closely followed by WEMIX, which has seen a roughly 30% uptick in the same timeframe.

Conversely, on the opposite side of the spectrum, there's PYTH—the native cryptocurrency of the Solana-based Pyth Network. This altcoin experienced a 14.3% loss during the same period.

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