Bitcoin Stops Decline as Altcoin Market Shows Modest Gains

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Amidst recent market declines, Bitcoin has steadied its value in the past 24 hours. Today, the cryptocurrency ecosystem is largely positive, with most assets attempting to recover. However, it remains uncertain whether the worst has passed, and the recent gains are relatively modest compared to the earlier downturn.

Bitcoin's Recent Developments

Yesterday, Bitcoin faced significant volatility, falling to a five-week low of $63,400 as the overall crypto market struggled. However, it appears that buyers have regained some ground in the past 24 hours, halting the decline. At the time of writing, Bitcoin is trading horizontally around $64,000.

Meanwhile, the futures market has also seen a decline in activity. Liquidations over the last day have remained relatively low at approximately $27 million compared to previous days. The balanced long/short liquidation ratio suggests that both buyers and sellers are currently attempting to re-establish their positions.

Altcoin Market Updates

Altcoin projects are exhibiting signs of recovery, with most trading in the green today, albeit with modest gains. For instance, XRP has seen a slight increase of 0.6%, SHIB has gained 1.3%, SOL has risen by 0.5%, and ETH has climbed by 0.86%.

However, some exceptions exist. Cardano (ADA) has outperformed other altcoins with a 3.7% increase in the past 24 hours. Toncoin (TON) has experienced a more substantial rise of 6%, becoming the best performing major altcoin. Other notable gainers include AVAX (3%), PEPE (4.12%), and MATIC (3%).

Among the top 100 cryptocurrencies by market capitalization, JASMY has emerged as the star performer with an impressive 11% increase. BRETT follows with a 7.7% gain, along with Kaspa (KAS). On the downside, Fetch.AI (FET) has declined by 4.4%, marking it the worst performer of the past 24 hours.