The color green has made a comeback in the market as the global cryptocurrency market cap rose 4.26% to $ 2.37 trillion at the time of publication.

What happened: The apex cryptocurrency, Bitcoin (CRYPTO: BTC), rose 3.41% to $ 50,684.63 on a 24-hour basis. For the week, it was down 11.85%.

Ethereum (CRYPTO: ETH) traded 4.33% higher over 24 hours at $ 4,336.46. Over the past seven days, it has fallen 3.27%.

Cryptocurrency meme, Dogecoin (CRYPTO: DOGE) rose 5.23% to $ 0.18 on a 24-hour basis. For the week, it has plunged 18%.

DOGE rival Shiba Inu rose 6.36% on a 24-hour basis to $ 0.00003763. Over the past seven days, it has fallen 15.09%.

The token tied to the peer-to-peer file-sharing network BitTorrent was the top 24-hour winner, according to data from CoinMarketCap. It climbed 33.41% to $ 0.003261 over 24 hours. For the week, it is up 1.64%.

Other notable 24-hour winners were Bitcoin SV, Loopring, Polygon, and Avalanche. Bitcoin SV rose 23.04% to $ 146.81, Loopring gained 22.64% to $ 2.43, Polygon rose 15.14% to $ 2.26 and Avalanche rose 11.17% at $ 93.53 during the period.

See also: How to buy Bitcoin (BTC)

Why is this important: Monday, CryptoQuant CEO Ki Young Ju shared a graph showing the whale exchange rate (72 hour moving average). According to CryptoQuant, in a bull market the ratio often remains below 85%, while in a bear market or false bull market it remains above 85%.

I’ll just leave this table here https://t.co/FuXnSFWMMl https://t.co/InxHaic3w8 pic.twitter.com/kcLd6xECvt

– Ki Young Ju (@ki_young_ju) December 6, 2021

Ki previously pointed out that the whale exchange rate was 91% and said whales deposit BTC in the exchanges.

In a “post mortem” of “Flash Crash” from last week, Digital delphi attributed the events to “a total collapse of the microstructure of the market”.

“The bid-ask spread for a $ 5 million order in the perp markets ranges from 0.1% to 0.5% (on bad days). On this occasion, the spreads for an order of $ 5 million momentarily reached 2% on Binance, 4.2% on FTX, 4% on BitMEX and 11% on Deribit.

Sudden Collapse Liquidity Tracking Chart – Courtesy of Delphi Digital

The independent research store also singled out “a few entities” for the crash.

“For once this calamity was catalyzed in the spot markets, where a few market entities sold a large amount of BTC over a very short period of time. Essentially, these big sell orders have broken through the buy walls. “

This in turn caused reluctance on the part of market makers to extend liquidity for a brief period until BTC bounced off the $ 42,000 level and that is when normalcy is. returned.

“Sadly, this was a short-lived liquidity crisis that intensified bearish overtones,” Delphi Digital wrote in an emailed note.

Craig erlam, senior analyst at OANDA, noted that whatever the cause of the crash, BTC could still remain “vulnerable” for the foreseeable future as it struggles to keep up with other risky instruments higher in the day. Notably, his comments were made when BTC was trading below $ 50,000.

The analyst noted that “the bad news on Omicron could really put [Bitcoin] under pressure.”

During this time, Simon dedic, the managing partner of Moonrock capital, a London-based blockchain advisory and investment partnership firm tweeted that the fundamentals of BTC and ETH have not changed.

The fundamentals on $ BTC, $ ETH and the alts haven’t changed.

They just got cheaper.

Bullish.

– Simon Dedic (@scoinaldo) December 6, 2021

Read more : Bitcoin Reigns Supreme, still accounts for 46% of the total value of the crypto markets: survey