Here’s Why Crypto Prices Are Consolidating in Recovery Mode
Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency market is cooling off from a major rally during the past few days that saw the global market capitalization blowing off the roof and breaking past $1 trillion for the first time in weeks. However, the market seems to be getting ready to consolidate again. Crypto prices are consolidating In recent weeks, the volatility across the cryptocurrency market has been significantly low, with Bitcoin trading in a manner that nearly reflected a stablecoin. The volatility of Bitcoin was even lower than some fiat currencies. However, an unexpected spike in volatility was seen earlier this week, with $1 billion in short positions recorded. While the bullish rally made it appear that most cryptocurrencies would rally to monthly highs, it now seems like the market could consolidate again. During the past 24 hours, Bitcoin has dropped by around 2% to $20,166. During the period, the largest cryptocurren...