The last 24 hours was a complete rollercoaster ride in the entire cryptocurrency market and was filled with action.
Bitcoin’s price rose to over $26,000, only to fall below $25,000 later in the day, while many altcoins posted massive double-digit gains. Let’s dive in.
Bitcoin’s price roller coaster
First of all, it is important to note that yesterday the Bureau of Labor Statistics released the Consumer Price Index numbers 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 easing.
Immediately, Bitcoin’s price skyrocketed.
As can be seen in the chart above, the cryptocurrency shot much higher, reaching $26,386 (on Binance). This was the highest price since June 2022. It remained there for hours to come but was unable to sustain the momentum and ultimately fell to where it is currently trading at around $24,500.
Now many expect a lower interest rate hike as the Fed is pressured to prevent further pressure on the US banking system due to the turmoil with SVB, Signature Bank and Silvergate Bank.
Altcoins Printing Profits
Despite the drop, Bitcoin’s price remains well in the green, but some altcoins have managed to significantly outperform it.
As seen in the above heatmap, from the top cryptocurrencies by total market cap, ATOM is doing very well, followed by MATIC, DOGE, UNI, AVAX, LTC, LINK, ETC and others.
However, from the top 100 coins, SingularityNET’s AGIX exploded by a whopping 40% over the past 24 hours, making it the best performing altcoin from this list. It is closely followed by Conflux (CFX), which is up around 35%, and Stacks (STX) – up 32%.
On the other hand, Monero’s XMR and Maker (MKR) failed to capitalize on the recent rally and are charting very small declines of around 2% over the past 24 hours.
In the last day’s wild ride, a total of about $300 million in leveraged positions were liquidated, of which about 60% were short.
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