Bitcoin Price Can’t Recover, But These Two Altcoins Are Rising Today (Market Watch)

The past 24 hours saw the broader cryptocurrency market go on a rollercoaster ride, falling to monthly lows, recovering, and then declining again. The volatility has led to considerable liquidation in the derivatives market and has also pushed the industry’s total capitalization below $2.1 trillion.

First of all, let’s start with Bitcoin.

Bitcoin Bulls Can’t Make a Recovery

As we reported yesterday, the price fell below $56,000, marking a monthly low and causing the entire crypto market to lose more than $100 billion of its capitalization.

That said, Bitcoin bulls attempted a recovery late last night, pushing the price back above $58.00 and essentially erasing most of the losses recorded during the day.

Unfortunately, they couldn’t sustain the momentum or better yet: produce a bigger rally. Sellers intercepted the move and caused another drop towards $57,000, roughly where BTC is currently trading.

Source: TradingView

This tumultuous price action has also resulted in $100 million worth of liquidations in the derivatives market. Needless to say, BTC leads the way with positions of about $31 million “rekt”, followed by ETH with about $17.25 million.

Some Altcoins defy the market trend

As you can see from the heat map below, the majority of the altcoin market, at least among those with larger market caps, has produced somewhat mixed results.

XRP, TRX, LINK, UNI, BNB, ETH, and MATIC are all seeing slight declines, mostly 0.1% to 1% in the red.

On the other hand, SOL, ADA, AVAX, SHIB, DOGE, etc., have managed to produce slight gains, trading between 0.1% and 2% in the green.

Source: Quantify Crypto

However, two cryptocurrencies have stood out in the last 24 hours. In other words, it is helium (HNT) and injectable (INJ), 11.7% and 7.2%, respectively.

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