The past week saw somewhat of a rollercoaster in terms of price action as Bitcoin’s decline sent ripples across the entire market.

Now, however, the primary cryptocurrency is attempting a recovery, which has also treated altcoins well, many of which chart increases in the past 24 hours.

Bitcoin Price Shoots to $42K

At the time of this writing, Bitcoin’s price is trading at around $41.5K, charting an increase of 3.4% in the past 24 hours.

This came after a sudden upward move that happened yesterday afternoon, where BTC was able to gain over $1,000 in less than a couple of hours. The positive momentum carried the cryptocurrency all the way to $42K, where the bears made a stand and prevented it from going any further.

The move caused turmoil in the derivatives market, resulting in liquidations of upwards of $110 million, most of which were short positions.

Screenshot 2024-01-27 at 11.22.40
Source: CoinGecko

Industry participants are now watching Grayscale outflows and whether investors will be selling off their BTC that was stuck in the fund for years now that the spot ETF is finally a fact.

Altcoins Also Well in Green

While Bitcoin’s price was increasing, the majority of the large-cap altcoins were also able to capitalize – some better than others.

Screenshot 2024-01-27 at 11.25.34
Source: Quantify Crypto

In fact, as you can see in the heatmap above, with the exception of Toncoin (TON), every other major altcoin is trading in the green.

Notably, Solana and Avalanche recovered better, but Ethereum, Binance Coin, and Ripple are also well in the green.

Manta Network (MANTA), as well as SATS (Ordinals), are the best-performing coins in the past 24 hours, up 21% and 18.4%, respectively.

On the other hand, Chiliz (CHZ) and Klaytn (KLAY) declined by about 4% each.

Cryptocurrency charts by TradingView.