Crypto Markets Stabilize Following Major Liquidation Event
Last week, the crypto markets experienced a significant long liquidation event, resulting in little buying pressure in recent days. However, over the weekend, major cryptocurrencies traded flat and alternative tokens showed muted price movement as the markets stabilized. Here are the key points:
- Bitcoin (BTC) remained steady at over $26,000
- Ether (ETH) showed little change from Sunday’s $1,670
- Xrp (XRP) lost 2%
- Litecoin (LTC) rose 2%
- Meme coin shiba inu (SHIB) slid 2% and experienced losses of over 21% in the past week
Altcoins optimism (OP) and rollbit coin (RLB) saw gains due to increased user activity, with RLB jumping 18% in the past 24 hours. Despite the market’s recent drop, Bitcoin investors continue to accumulate the asset because they see the current price as discounted relative to fundamentals.
Hot Take: Despite the recent liquidation event, the crypto markets have shown resilience and stability. While some coins experienced losses, others saw gains. Bitcoin remains a favorable asset for long-term investors due to its discounted price. As the market continues to evolve, it will be interesting to see how these trends unfold.
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