In the wake of BTC’s return to the green, the crypto market has been on the rise again over the last 24 hours. Here’s a look back at the main performances.
The crypto market is recovering, following the rise of BTC
Over the last 24 hours, the price of BTC has recovered, rising above $93,000 per unit after a 6.5% increase.
For the time being, there seems to be no clear news to justify the movement, other than a breath of fresh air typical of those that occur after significant declines. Currently, the asset remains down by just over 26% from its all-time high (ATH) of $126,000 on October 6:
In the top 10 cryptocurrencies, a few stand out in particular, such as ETH, which is back above $3,000 after an 8.7% increase, SOL, up 10.3% over 24 hours to $142, and ADA, at $0.43 and up 10.4%.
Expanding the search to the top 100 cryptocurrencies, some stand out in particular, such as SUI and LINK:
Regarding these outperformance figures, we can highlight the arrival of Grayscale’s GLNK spot ETF for LINK, and Coinbase obtaining 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, with $484.4 million over the last 24 hours, more than 84% of which relates to short positions.
While BTC ended its worst November since 2018, the 17.67% decline also represents the worst monthly drop since June 2022. In the coming days, we will see whether this renewed strength in the crypto market translates into a lasting momentum, or whether it turns out to be a “Dead Cat Bounce.”
