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The cryptocurrency market has calmed down in the past 24 hours. Its total capitalization is around $2.29 trillion, which is more or less where it was yesterday.
Bitcoin, as well as the majority of large-cap altcoins, saw relatively low volatility and are consolidating. This is expected price action during weekends when volumes are traditionally lower.
Bitcoin Price Calms Down at $63,000
As we reported yesterday, the market achieved a considerable recovery, with Bitcoin’s price increasing to more than $63,000 despite its previous dip below $59,000. It appears that the rally has somewhat run out of steam.
The price has been unable to continue higher and is currently consolidating around the $63K mark.
From a technical standpoint, the 200-day moving average is currently located around the $63.4K mark. This means that the current consolidation might be in preparation for another run-up.
On the other hand, if the sellers return in force, the first level of support for BTC is at $61,000, where the 100-day moving average is located.
Nonetheless, the lack of volatility throughout the past 24 hours is also reflected in the number of total liquidations in the derivatives market. Around $76 million worth of leveraged positions were wiped off.
Aptos ($APT) Leads Altcoin Gains
The broader altcoin market is also consolidating, having somewhat recovered from the drops during the previous week.
Most of the large-caps are trading flat on the day, but there are some obvious exceptions, of course.
Namely, this is Aptos ($APT). It’s up by more than 20% in the past 24 hours, making it the best performer from the top 100 cryptocurrencies by market cap. Sui (SUI) is also up by more than 10%, which is impressive.
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