The cryptocurrency market has calmed down over the past 24 hours. Its total capitalization stands at around $2.29 trillion, more or less what it was yesterday.
Bitcoin, along with the majority of large-cap altcoins, has seen relatively low volatility and is consolidating. This is an expected price movement during weekends, when volumes are traditionally lower.
Bitcoin price calms down to $63,000
As we reported yesterday, the market has seen a considerable recovery, with the price of Bitcoin rising to over $63,000 despite its previous decline below $59,000. It seems that the rally is somewhat out of steam.
The price could not continue to rise and is currently consolidating around the $63,000 mark.
From a technical perspective, the 200-day moving average currently sits around the $63.4K mark. This means that the current consolidation could prepare for a new acceleration.
On the other hand, if the sellers come back in force, the first support level for BTC is at $61,000, where the 100-day moving average is located.
However, the lack of volatility over the past 24 hours is also reflected in the number of total liquidations in the derivatives market. About $76 million in leveraged positions were wiped out.
Aptos (APT) Leads Altcoin Gains
The broader altcoin market is also consolidating, having recovered somewhat from the previous week’s declines.
Most large caps trade flat on this day, but there are of course some obvious exceptions.
Namely, it is Aptos (APT). It is up more than 20% in the last 24 hours, making it the best performing among the top 100 cryptocurrencies by market capitalization. Sui (SUI) is also up over 10%, which is impressive.
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Cryptocurrency charts by TradingView.
