Bitcoin's Wild Fluctuation: Surpassing $71,000 in Just 24 Hours
Bitcoin's price has seen drastic changes, recently topping $71,000 shortly after falling below $60,000, while altcoins like XRP also gained significantly.
What a wild time it has been in the cryptocurrency world! As of the latest updates, Bitcoin (BTC) has surged past $71,000, a remarkable comeback just 24 hours after hitting a low of around $60,000.
All major altcoins are currently thriving, experiencing substantial daily increases. As a result, the overall cryptocurrency market cap has gained approximately $200 billion since its recent low.
BTC Chart
BTCUSD Feb 6. Source: TradingView
Bitcoin’s recent volatility saw it drop by $30,000 over just one week, with significant emotional selling contributing to this decline rather than fundamental issues. However, the tides have turned, with BTC experiencing a notable rebound.
Altcoins are enjoying even more impressive advancements, particularly XRP, which has increased by 19% in daily trading to surpass the $1.50 mark, while Ethereum (ETH) has returned to the psychological threshold of $2,000.
Liquidation Data
Liquidation Data on CoinGlass Feb 6.
Although the total daily value of liquidated positions exceeds $2 billion, most of these losses come from long positions, while shorts have also suffered in today’s recovery.
