Following BTC’s return to positive territory, the crypto market has resumed its upward trend over the past 24 hours. Here’s a look at the key performers.
The crypto market is rebounding, following BTC’s rise
Over the past 24 hours, the price of BTC has rebounded, climbing back above $93,000 per coin after a 6.5% increase.
For now, no clear news seems to justify the move, other than a brief respite typical of those that follow significant declines. Currently, the asset remains down just over 26% from its all-time high (ATH) of $126,000 on October 6:
BTC price (daily data)
Among the top 10 cryptocurrencies, a few stand out in particular, such as ETH, which has regained the $3,000 mark after an 8.7% increase; SOL, up 10.3% over 24 hours to a price of $142; and ADA, at $0.43 with a 10.4% increase.
When expanding the search to the top 100 cryptocurrencies, some stand out in particular, such as SUI or LINK:
Top gainers among the top 100 cryptocurrencies
Regarding these outperformances, we can notably highlight the launch of Grayscale’s GLNK spot ETF for LINK, or Coinbase’s acquisition of a “Virtual Currency Business Activity” license in New York State, allowing it to offer SUI trading to investors in that state.
As for liquidations, these are not significant, totaling $484.4 million over the past 24 hours, with over 84% of the amount involving short positions.
As BTC wrapped up its worst November since 2018, the 17.67% decline also marks the steepest monthly drop since June 2022. In the coming days, we will see whether this resurgence in the crypto market translates into a lasting momentum or turns out to be a “Dead Cat Bounce.”
