As an analyst with over two decades of experience in the financial markets, I’ve witnessed my fair share of market fluctuations and trends. The recent sell-off of Bitcoin, Ethereum, and Solana is nothing new to me – it’s just another day in the life of a cryptocurrency trader!
In the latest trading period, Bitcoin, Ethereum, and Solana experienced significant drops, leading to notable losses. Given the continuous downward trend, traders might want to re-evaluate their decisions to sell these alternative cryptocurrencies
Every digital currency on this list has noticeably adapted due to market fluctuations. This dip mirrors a more general pessimism spreading across the cryptocurrency sector
These 3 Altcoins Suffered Massive Liquidations: Time to Sell?
Bitcoin (BTC)
Initially introduced in a 2008 whitepaper by someone called Satoshi Nakamoto, who could be an individual or a group, Bitcoin – a significant digital currency – was formally launched in January 2009. Lately, its value has experienced a decrease as a result of market adjustments over the past month
This situation has prompted the idea that it might be the most popular altcoin for selling, given its substantial liquidations worth approximately $54.43 million over the last 24 hours. Currently, Bitcoin’s price stands at $56,675, marking a 4% decrease compared to the previous day
The graph displays Bitcoin’s price and social volume metrics, showing marked fluctuations over the last six months. Price trends, shown in green, reveal pronounced volatility with multiple peaks and troughs. These coincide closely with spikes and dips in social media volume, depicted as blue bars. The Santiment data strongly correlates with market prices and social media activity. This pattern highlights the impact of trader sentiment and public discourse on cryptocurrency values.
Ethereum (ETH)
Ethereum functions as an individual blockchain platform that issues its native cryptocurrency, Ether. Additionally, it serves as a base for multiple digital currencies and the execution of self-governing smart contracts
At present, ETH is valued at around $2,397, representing a 4.34% decrease within the last 24 hours. In terms of trading volume, roughly $48.83 million worth of Ether has been liquidated during this timeframe. Over the past month, there’s been a 17% drop in Ether’s value, suggesting a bearish market trend
As reported by Into The Block, the Ethereum (ETH) addresses are categorized based on different profit margins. In the ‘Profitable’ category, approximately 103.26 million ETH are being held, which equates to a significant value of around $248.07 billion. These holders are currently making a profit with the current market prices. The profit range for these addresses is between $605.12 and $1,900.81 per ETH
76.3% of all Ethereum addresses are considered “in the money,” while about 20.06% fall under “out of the money” category. Together, these addresses collectively hold approximately 27.15 million ETH, which amounts to a staggering $11.85 billion in value at current prices. It’s important to note that when we say ‘At the Money’, it represents around 4.93 million ETH. The sum of these categories covers every Ethereum address holding this digital currency
Solana (SOL)
Solana, an open-source project, utilizes the fundamental feature of blockchain being permissionless to provide decentralized financial (DeFi) options. At present, a single Sol (SOL) is priced at around $129, representing a 4% decrease over the past day. This month has seen a 10% decrease in its value, hinting at a declining trend. Right now, total liquidations have amounted to approximately $12.31 million, making Solana the altcoin that seems best to sell
As reported by Coinglass, there has been a notable shift in trading behavior lately. The overall trading volume experienced a substantial increase of approximately 46.61%, reaching an impressive $7.44 billion. On the other hand, the total open interest dipped by 1.98%, amounting to $2.02 billion. These figures suggest fluctuating levels of market involvement and strategic adjustments among investors
Consider carefully your holdings in Bitcoin, Ethereum, and Solana, as these cryptocurrencies exhibit ongoing indicators of market stress, potentially making them high-risk assets to offload. Modify your investment approach to minimize potential losses
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2024-09-04 15:59