Crypto Markets Today: Bitcoin Reclaims $93K as Altcoins Stage Rebound
The crypto market experienced a much-needed bounce on Wednesday, with bitcoin posting a 6.6% gain over 24 hours to $93,000 while ether ticked back above $3,050.
The CoinDesk 20 index (CD20) added 8% as many altcoins began to outperform bitcoin.
One exception: Zcash , the token that was consistently the plat du jour over the past few months is now down by more than 38% in the past seven days as traders begin to capitalize on heavily overbought conditions.
Trading volume across perpetual exchanges rose by more than 5% to $44 billion in the past 24 hours, suggesting that the latest move is backed by a mixture of spot buying and leverage trading.
Derivatives positioning
- Demand for leveraged product looks to…
