The past 24 hours saw the total cryptocurrency market capitalization lose about $15 billion in total. This is due to a slight decline in major cryptocurrencies such as Bitcoin, Ethereum and others.
It will be interesting to see if this development indicates that the bullish momentum has started to fade or is it just a temporary dip to jump higher?
Yesterday, the price of BTC hit a daily high of exactly $24,000 on the Binance exchange. However, that level could not be sustained as sellers started selling until the price of the cryptocurrency began to decline. It plunged to about $23,200 before trading at a trading level of $23,362.97 at the time of writing.
The increased volatility also led to roughly $60 million worth of liquidated positions in the past 24 hours, based on data from Coinglass. Overall turnover remained low at around $60 billion.
It will be interesting to see how the market will shape up in the coming days in March specifically. Based on last March's data, it is synonymous with downward presets based on median performance.
Total cryptocurrency market cap slumped around $15B after yesterday's pushback. All major altcoins are currently trading in the red, with slight declines. MATIC is down 2.8%, which is about the same as SHIB. Both cryptocurrencies are the worst performers of the largest cryptos by market capitalization.
Of the top 100 cryptos, the best performers were Terra Luna Classic (LUNC) and Mina Protocol (MINA) – up 5.4% and 4.4% respectively. On the other hand, Rocket Pool (RPL) and ImmutableX (IMX) were the worst performing cryptocurrencies, down 9.3% and 9% respectively. Stack (STX) is next, having dropped around 8.2% in the last 24 hours.
However, it is interesting to note that the overall sentiment seems to have improved over the past 24 hours, rising 1 point to 51 and now standing at neutral.
