Bitcoin (BTC) investors experienced a tumultuous 24 hours as the cryptocurrency faced significant volatility. The week ended with BTC dropping by 2.72% and remaining around $26,500 for most of the weekend.
However, in the last hours of Sunday, Bitcoin staged a recovery and began to rise again, surpassing the $27,000 mark. According to CoinGecko, BTC is currently valued at around $27,700, with a 3.3% increase in the last 24 hours.
This increase suggests that the market may once again test the resistance level of $28,000, which is the main barrier at the moment. Several traders believe that Bitcoin can only target further increases if it can consistently break through this level.
As a result of BTC’s rise, the entire Top 10 opened the day on a positive note. Solana (SOL) experienced the most significant gain, with a 4.7% increase in the last 24 hours. Over the course of seven days, the cryptocurrency gained 2.4%. On the other hand, Ether (ETH) started the day with a 1.8% increase, reaching $1,583, but closed the week with a 4.58% decrease.
The market capitalization of cryptocurrencies reached $1.18 trillion ($5.67 trillion), with a 2.3% increase. Trading volume surged by 152%, totaling $36.5 billion in the last 24 hours. Bitcoin dominance increased to 50.3%, while Ether dominance dropped to 17.7%, accounting for a total market share of 68%.
In the Top 100 cryptocurrencies, most experienced gains at the end of the week. Trust Wallet Token (TWT) and FXS saw increases between 7% and 8%. However, the standout performer was the relatively unknown CryptoPawCoin (CPRC), which saw its price surge by over 2,400% during the weekend.
The reasons for this valuation increase are unknown, but it is likely due to market manipulation of the token. CPRC has a unit value of less than $0.01, making it susceptible to significant volatility.
Among the Top 100 cryptocurrencies, XRD recorded the highest losses, declining by 16.6%, followed by MNT with a 15.5% decrease. AVAX also performed poorly, losing a total value of 9.7%.
Although the increase in Bitcoin’s value was modest, it caused significant movements in the derivatives market. In the futures market, the total volume increased by 135%, reaching $59.6 billion. Binance led the market with $11.4 billion in trading volume, followed by OKX with $5.1 billion.
Liquidity also saw significant growth, with a 104% increase to $78.9 billion in total volume. The majority of liquidations ($62.14 million) affected short positions, while $16.32 million affected long positions. BTC had the most liquidations among short positions, while BIGTIME had the largest liquidation among long positions. In the last 24 hours, a total of 28,080 traders were liquidated.
Overall, the Bitcoin market saw a mix of volatility and recovery over the past 24 hours, with the potential for further gains if it can break through the $28,000 resistance level.