The cryptocurrency market is showing signs of recovery today, with most coins in the green. However, it is still uncertain whether this marks the end of the recent decline, as the gains are relatively modest compared to the losses seen in the previous days.
Bitcoin, the leading cryptocurrency, dropped to a low of $63,400 yesterday, hitting a 5-week low. Despite this, it has managed to stabilize around $64K in the past 24 hours, indicating that the bulls are attempting to regroup and prevent further decline.
The derivatives market has also calmed down, with liquidations totaling around $27 million, a lower figure compared to previous days. The long-to-short liquidation ratio is balanced, suggesting that buyers and sellers are trying to find their footing.
Altcoins are also experiencing a recovery, with most of them trading in the green today. While gains are relatively modest, some coins have shown notable performances. Cardano (ADA) jumped by 3.7%, while Toncoin (TON) surged by 6%, making it the top large-cap altcoin gainer.
Among the top 100 cryptocurrencies, JASMY is the best performer with an 11% increase, followed by BRETT and Kaspa (KAS) with 7.7% gains. On the flip side, Fetch.AI (FET) saw a decline of 4.4%, making it the worst performer in the past 24 hours.
Overall, the cryptocurrency market is showing signs of recovery, but it is still too early to determine if the worst is over. Bitcoin has stabilized around $64K, and altcoins are also bouncing back, with some showing impressive gains. Traders and investors are closely monitoring the market to see if the current trend continues or if there will be further volatility in the coming days.
