Bitcoin remains bullish following a strong day on Wednesday. Ethereum also managed to hold strong above $1,800 as altcoins took a hit on a day crammed with volatility.
Bitcoin had a volatile day on Wednesday as the cryptocurrency saw its biggest volatile day in a while. Bitcoin gained on a solid week of bullish price action. Rising nearly 2% early on the day, BTC tapped $59,800 before a $2,000 flash crash saw Bitcoin descend to $56,700. The 5% drop had a dramatic effect on the market, causing mass liquidations on long positions. However, bears had very little time to celebrate as BTC quickly recovered back over $59,000. Liquidating any traders who had flipped to a bearish bias.
Ethereum Follows Bitcoin
Following in the footsteps of Bitcoin, Ethereum had a very similar price action on Wednesday. Following a 4% decline in price early in the day, Ethereum managed to bounce back with a 5.6% gain in price. Ethereum finally looks like it will break $2,000 in the course of the week if market sentiment continues. Ethereum bullish sentiment continues as traders desperately wait for Ethereum to outpace Bitcoin and finally push for a new all-time high.
Top 100 Biggest Gainers and Losers
Wednesday saw some of the biggest gainers during the last few days. These coins saw corrections after large upward moves. Holo (HOT) which was the biggest gainer on Tuesday saw a correction that dropped the project by 5% in value. However, it still remains up by 111% over the last week. DENT, which has featured for the past week as it broke into the top 100 finally features on the opposite end. The biggest loser dropped nearly 10% on the day.
While altcoins remain mostly bullish, a new crop of top gainers featured on Wednesday. Filecoin (FIL) climbed a dramatic 26% to feature just out of the top 10 altcoins. TRX also reclaimed its place in the top 20 as it jumped nearly 30%. Justin Sun’s second project, BitTorrent (BTT), climbed 19.4% on the day too.
However, the biggest gainer on Wednesday saw Nervos Network (CKB) climb 32% on the day, moving the project into the top 100. The debut move means the project is now up nearly 100% in the last week.
Overall, Wednesday was a strong day for the market as Bitcoin and Ethereum recovered from early corrections. The volatility on BTC once again reminded the market how careful users need to be while using leverage in trading. A total of $1.04 billion in liquidations was seen on Wednesday. With a majority of those coming during the $2,000 drop and recovery on Bitcoin.
The rest of the week looks bright for the market as the total market cap hovers around $1.82 trillion, just below the all-time high. The next few days could trigger new highs across the board if bitcoin behaves.
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