The cryptocurrency market bounced back earlier this week, with a total market capitalization of more than $2.3 trillion thanks to gains in most cryptocurrencies.
On what seemed to be a very optimistic Monday, the price of BTC managed to recover almost all of the losses suffered earlier this month. At the time of writing, the cryptocurrency is trading at $63,000, having hit a local high just below $64,000 previously.
Based on the latest market movements it marks the completion of the recovery from the decline on October 1, so maybe this could be an opportunity for 'Uptober' to happen.
However, total liquidity in the derivatives market increased by nearly 150% in the past 24 hours, reaching around $130 million today. Almost $100 million of that is a short position. Bitcoin leads the way with nearly $30 million in liquidity.
Market sentiment has also improved. It is now in neutral, better than last week's worrying situation.
Today's market is mostly trading at a loss, although some altcoins are showing significant gains.
For example, ETH, BNB, SOL, AVAX, DOT, BCH, XRP, and LINK managed to register a strengthening of around 2-3%.
That's right, meme tokens are in the spotlight. The entire category managed to post a gain of around 10%, but some individual performances were more impressive.
For example, Dogwifhat (WIF) is up 20% at the time of this writing, about the same as POPCAT and MOG.
However, Neiro, a relatively new meme token that has jumped to the 125th position on the list of the largest cryptocurrencies, is up 50% today.
