Bitcoin Rebounds after the Recent Crypto Market Correction

Bitcoin, the world’s most valuable digital asset, saw a strong price recovery in the last 12 hours as the total market capitalization of BTC reached $640 billion, which is a jump of approximately $100 billion from the recent lows. Yesterday, Bitcoin crashed below $29,000 for the first time since January 2021.

According to the data posted by Coinmarketcap, BTC is up by more than 15% in the last 12 hours. The latest price recovery has caused a significant jump in the total market dominance of Bitcoin which currently stands at around 47%, which is the highest level since May 2021.

“Bitcoin was temporarily below half of its all-time high value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Those who have stayed strong in Bitcoin on the crypto downswing have been relatively rewarded compared to high-risk altcoin traders. BTC has fallen just -4.5% the past 3 days through the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term, while DOGE (-26.1%) & other altcoins have dropped hard,” crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term platform, Santiment mentioned on Twitter.

Bitcoin Liquidations

The latest market volatility triggered massive liquidations across the crypto market. Bybt.com highlighted the liquidation of more than 200,000 trading positions in the last 24 hours. The analytics firm added that the recent correction liquidated more than $600 million worth of Bitcoin positions.

Ethereum, the world’s second-largest cryptocurrency, came at the second spot with liquidations worth $184 million within a single day. Overall, more than $1 billion worth of liquidations were seen in the last 24 hours. Earlier this week, Glassnode, a leading on-chain market analysis firm, highlighted a significant drop in the network activity of Bitcoin. The company mentioned that the total number of active Bitcoin addresses has dropped by nearly 25% in the last few weeks. Additionally, the total daily USD value settled on the Bitcoin network reached the level of nearly $18 billion in June 2021, which is a sharp decrease of approximately 63% from the recent highs of May 2021.