The cryptocurrency market has calmed down considerably in the past 24 hours, halting the bearish assault and finding some consolidation in the process.

Bitcoins price is trading at around $61K on Sunday morning, while Ethereum is now firmly below the pivotal $3K level.

Are the Bitcoin Bulls Regrouping?

As CryptoPotato reported yesterday, Bitcoins price experienced a sudden correction, dropping below $61K and losing around 3.5% in a single day.

This seemingly had to do with a statement from a representative of the US Federal Reserve, who said that it may be too early to think about rate cuts.

The market has calmed down since then, and it seems that the worst is behind us.

Alicia BakeryCMO - A really good agencyDid you like this market update?

This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours!

Source: CoinGecko The bulls even attempted a recovery, but it was quickly halted at around $61.4K when sellers stepped in and pushed the price to $61K, where it currently trades.

Its worth noting that despite the recent declines, the Fear and Greed index is still pointing out that the market is in a state of greed.

Altcoins Consolidate, Ethereum Below $3K

None of the major altcoins by means of total market capitalization has recovered from the crash the other day, but at least they are consolidating and charting ever so slight gains, as seen in the heatmap below.

Source: Quantify Crypto Even though the market seems to be completely painted in green, thats just the 24-hour heatmap. On a seven-day scale, most of the cryptocurrencies are trading in the red.

Its worth noting that Ethereum is now consolidating below the critical psychological level of $3K, and its very interesting to see if the buyers will be able to reclaim it soon.

Meanwhile, todays best performers are Immutable (IMX) up 4.7%, and Ribbon Finance (RBN) up 3.3%.

On the other hand, the cryptocurrencies that performed the worst are Zebec Protocol (ZBC) down 7.8%, and Kaspa (KAS) down 4.8%.

SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.