Bitcoin Rollercoaster Continues, CRO Recovers 12% Overnight (Market Watch)


The cryptocurrency market is more or less where it was 24 hours ago, but a lot has happened in the meantime. BTC’s price went on a rollercoaster, and so did most of the altcoins.

The total market capitalization remains firm at around $890 billion, adding $10B during the day. Bitcoin’s dominance dropped very slightly and is currently sitting at 36.6%.

Bitcoin’s Rollercoaster

As Crypto Potato reported yesterday, BTC’s price shot up suddenly following the tweets of Elon Musk and Binance’s CZ. The latter announced an industry recovery fund aimed at helping solid but distressed crypto projects following the FTX fallout.

The price increased to an intraday high of $17,190 on Binance but was met with steep resistance, and the bears were able to push it back to a low of $16,191 later in the day.

btc_price_chart_151101
Source: Binance via TradingView

As seen in the chart above, the price has managed to recover and is currently found at around $16,800.

CryptoCom’s CRO Recovers 12% Overnight

Altcoins also went on a wild ride throughout the past 24 hours. Some of them managed to pull ahead, while others are stagnating behind. For example, Ethereum is more or less where it was yesterday, while BNB and MATIC are charting slight losses.

heatmap_crypto_151101
Source: Quantify Crypto

On the other hand, Ripple’s XRP managed to recover by a considerable 10% overnight. The same is true for CryptoCom’s CRO. The platform’s native cryptocurrency is up by more than 12%, recovering from the crash it had experienced earlier. This comes as the company’s CEO, Kris Marszalek, dismissed the recent criticism regarding the exchange’s solvency and said that its balance sheet remains strong despite the uptick in withdrawals.

Meanwhile, the market sentiment remains in a state of extreme fear, according to the Cryptocurrency Fear and Greed Index.

The total liquidations over the past 24 hours sit at $88 million, highlighting the decreasing volume in the derivatives market, despite the tumultuous Bitcoin price.

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Cryptocurrency charts by TradingView.



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