Bitcoin Rally Pauses

Cryptocurrencies are trading on a mixed note early on Wednesday, pausing a recent parabolic rally that saw the leading cryptocurrency touch a high of $87,363. Crypto market capitalization is hovering around $2.91 trillion while Bitcoin has slipped a little less than half percent overnight.

A mild short squeeze also helped to create an uptick in cryptocurrency prices. The aggregate liquidations during the 24-hour period stood at $283 million. Liquidation of long positions amounted to $114 million, a tad lower than the liquidation of short positions which amounted to $169 million.

Amidst the weak market sentiment, aggregate crypto market capitalization has decreased 0.28 percent overnight to $2.91 trillion. Simultaneously, trading volumes have also recorded a 14-percent dip. Among the top 100 cryptocurrencies by market capitalization, 40 are trading with overnight gains of more than a percent whereas around 20 are trading with overnight losses of more than a percent.

Bitcoin (BTC), the largest cryptocurrency is currently trading 0.41 percent lower on an overnight basis at $85,706.61, around 32 percent below the all-time high of $126,198.07. The leading cryptocurrency has added almost 13 percent over the course of the past week, reducing year-to-date losses to 3.4 percent. The 24-hour trading ranged between $87,265 and $85,453.