The cryptocurrency market has calmed down significantly in the last 24 hours, halting the bear attack and finding a consolidation.

While Bitcoin's price was trading at around $61K on Sunday morning, Ethereum is now below the critical $3K level.

Are Bitcoin bulls rallying again?

As CryptoPotato reported yesterday, Bitcoin's price experienced a sudden correction, dropping below $61K and losing nearly 3.5% in a single day.

This appeared to be related to a representative of the US Federal Reserve saying it might be too early to consider rate cuts.

The market has since calmed down and the worst appears to be behind us.

The bulls even attempted a recovery, but the sellers quickly stopped it near $61.4K and pushed the price to $61K, where it is currently trading.

Despite recent declines, the Fear and Greed index still indicates that the market is in a "greed" state.

Altcoins Consolidate, Ethereum Below $3K

None of the major altcoins in terms of total market cap have recovered from the other day's crash, but they are at least consolidating and posting very small gains.

While it looks like the market is completely painted green, this is just the 24-hour heat map. On a seven-day scale, most cryptocurrencies are trading in the red.

It is important to note that Ethereum has now consolidated below the critical psychological $3K level, and it will be very interesting to see if buyers can take it back soon.

Meanwhile, today's top performers are Immutable (IMX) - up 4.7% and Ribbon Finance (RBN) - up 3.3%.

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