The crypto.news site reported that the cryptocurrency market today is witnessing a steady recovery wave after a sharp decline over the weekend, with the total market value rising by 1.7% in 24 hours to reach $3.2 trillion.
The major currencies led this wave with the price of Bitcoin #BTC rising by 1.6% to $91,091, Ethereum #ETH rising by 2.3% to $3,124, and the price of #XRP rising by 1.1% to $2.07. Mid-cap cryptocurrencies gained stronger momentum, with $SUI rising by 3%, and Bittensor ($TAO ) rising by 3.7%, while Ethena ($ENA ) jumped by 5.1%.
According to the site, this recovery came after the price of Bitcoin #BTC temporarily slipped below the $90,000 level during the weekend, touching levels below $88,000 as the market absorbed a sudden forced sell-off, and this correction wiped out about $60 billion from the market value at the lowest levels, with alternative currencies (Altcoins) being more affected.
Data from CoinGlass shows that forced liquidations in 24 hours reached $444 million, an increase of 284%, and analysts attribute the severity of the rapid decline to low liquidity during weekends, with some traders relying on extremely high leverage reaching 200x, leading to a series of liquidations when the selling began.
