The past 24 hours were a complete rollercoaster throughout the cryptocurrency market and were packed with action.
Bitcoin’s price soared above $26K only to retrace below $25K later in the day, while many altcoins pained massive double-digit gains. Let’s dive in.
First things first, it’s important to note that yesterday the Bureau of Labor Statistics published the numbers for the Consumer Price Index for February. The CPI for all urban consumers clocked in at 6%, which was interpreted by market participants as an indication that inflation in the country is slowing down.
Immediately, Bitcoin’s price took for the skies.
As seen in the chart above, the cryptocurrency pushed a lot higher, and it reached $26,386 (on Binance). This was the highest price since June 2022. It stayed there for hours to come but was unable to sustain the momentum and ultimately declined to where it’s currently trading at around $24,500.
Now, many are expecting a lower interest hike because the Fed is being pressured to prevent any additional strain on the US banking system, given the turmoil with SVB, Signature Bank, and Silvergate Bank.
Despite the decline, Bitcoin’s price remains well in the green, but some altcoins have managed to considerably outperform it.
As seen in the above heatmap, from the top cryptocurrencies by means of total market cap, ATOM is performing very well, followed by the likes of MATIC, DOGE, UNI, AVAX, LTC, LINK, ETC, and others.
However, from the top 100 coins, SingularityNET’s AGIX exploded by a whopping 40% in the past 24 hours, making it the best-performing altcoin from that list. It’s followed closely by Conflux (CFX), which is up about 35%, and Stacks (STX) – up 32%.
On the other hand, Monero’s XMR and Maker (MKR) failed to capitalize on the latest surge and are charting very slight declines of around 2% in the past day.
The wild ride of the past day saw a total of around $300 million in leveraged positions being liquidated, with roughly 60% of them being short.
The post Bitcoin Retraces Below $25K, AGIX Soars 40% Daily (Market Watch) appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
