3 Heavily Liquidated Altcoins To Sell Now

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As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed firsthand the unpredictability and volatility of this dynamic market. The recent market correction, with over 59,000 traders facing liquidations and a cumulative loss of $170.64 million, has raised concerns among investors like myself.

In the past trading session, traders endured substantial losses, affecting approximately 59,370 individuals, resulting in a total loss of $170.64 million. Notably, Ethereum, Solana, and Binance Coin have undergone considerable market corrections among the altcoins. The largest liquidation order, valued at $4.00M, was executed on OKX for ETH-USD-SWAP. These cryptocurrencies exhibit warning signs of a downturn, posing potential risks for investors.

1. Altcoins To Sell – Ethereum (ETH)

In the realm of Proof-of-Stake blockchains, Ethereum (ETH) distinguishes itself through its advanced smart contract functionality. Unlike Bitcoin and Solana, Ethereum offers capabilities beyond mere digital currency transactions.

Ether plays a crucial role in powering the network’s functions. It facilitates transactions and remunerates nodes responsible for carrying out intricate calculations, highlighting Ethereum’s focus on real-world use cases.

As a researcher studying the blockchain ecosystem, I’ve observed an intriguing development in the decentralized finance (DeFi) sector on Ethereum. The buzz around DeFi protocols has reached new heights, resulting in substantial investments and unprecedented growth. This surge is reflected in the total value locked (TVL) within these protocols, which has hit record levels. These developments underscore Ethereum’s adaptability and reinforce its significance as a cornerstone of digital currencies.

At present, the price of Ethereum is sitting at $3,312, and there have been transactions worth $13 billion in the last 24 hours. Despite a small 3% decrease from the previous day, its market value stays strong at an impressive $398 billion.

3 Heavily Liquidated Altcoins To Sell Now

Ethereum, which ranks second on CoinMarketCap, experienced a 12% drop in value during the last month. Yet, it boasts an impressive 68% growth when compared to the same period the previous year.

As an analyst, I’ve observed notable market activity over the past day. Approximately $44 million in positions were liquidated. Among these, long positions represented around $38 million, while shorts accounted for approximately $5.70 million. This represents a substantial period of liquidations, particularly noticeable within the altcoin sector.

2. Solana (SOL)

As a crypto investor, I’m excited about Solana (SOL), a top-tier blockchain network that’s been making waves with its lightning-fast transaction speeds and solid infrastructure. With a vast community of supporters, this Layer 1 technology boasts a bustling ecosystem teeming with developers building decentralized applications. The innovative features of the platform have greatly boosted my confidence as an investor.

3 Heavily Liquidated Altcoins To Sell Now

As a researcher studying the cryptocurrency market, I’ve observed that despite some recent downturns, Solana’s price has remained relatively stable at around $142, representing a 4% decrease from the previous day. Over the past year, its price has seen a significant surge, rising from an initial value of $20 to its current level, which translates to a striking growth rate of 643%. Solana presently holds the fifth position on CoinMarketCap with a market capitalization of approximately $65 billion.

Over the past day, there has been noteworthy trading action, resulting in approximately $11.1 million in total market liquidations. Long positions accounted for about $8.54 million of these liquidations, while short positions contributed around $2.56 million.

3. Binance Coin (BNB)

Binance Coin (BNB) plays a crucial role in the Binance platform, operating on both the Binance Chain (BEP-2) and Binance Smart Chain (BEP-20). The substantial trading activity on Binance underscores its importance. Furthermore, it facilitates the functioning of the exchange’s two-pronged blockchain infrastructure.

The BNB Chain stands out as the primary blockchain platform, playing host to many leading decentralized applications. Notably, Coinbase has recently extended its asset recovery tool to accommodate both the BNB Chain and Polygon networks. This update comes at an opportune moment, coinciding with Bitcoin’s market value experiencing a notable upward trend.

Binance Coin’s price has been on a slide lately, dipping below the $580 mark to trade at $557 currently. This translates to a more than 3% decrease in value. Over the last week, it has declined by 3%, and over the past month, the loss has amounted to 10%.

3 Heavily Liquidated Altcoins To Sell Now

In the last 24 hours, BNB went through substantial liquidation events amounting to around $1.02 million. Long positions held the larger share at approximately $1.01 million, while short positions accounted for roughly $12,500 based on data from Coingalass. This indicates that BNB is among the altcoins undergoing considerable liquidation, implying a prudent strategy for traders.

Bottom Line

As a market analyst, I would strongly recommend that you reconsider your holdings in Ethereum, Solana, and Binance Coin given the significant liquidations and ongoing market corrections we are currently witnessing. Keeping a close eye on these trends is essential for making informed decisions in this volatile market environment.

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2024-07-03 21:18