Bitcoin and Ether Hold Steady as Altcoins Slide
Bitcoin and ether have maintained relatively stable prices over the past 24 hours, while alternative cryptocurrencies like XRP and cardano have experienced losses. Here are the key points:
- XRP and cardano prices fell by as much as 3% as traders moved away from riskier altcoins.
- Cardano had the highest development activity among all networks in the past month, despite its price decline.
- Bnb also fell by 1.2% due to concerns about a major liquidation on the Venus Protocol.
- Broader equity markets and indexes, including Nasdaq futures, continued to show gains.
- Mentions of “buy the dip” on social media decreased, indicating declining optimism among traders.
Professional traders are likely using futures and options strategies to profit from the market’s volatility, according to analysts at Bitfinex.
Hot Take:
While bitcoin and ether remain stable, the recent slide in altcoin prices is a cause for concern. It’s unclear whether this is a temporary dip or a sign of a larger market shift. Traders should exercise caution and consider utilizing options strategies to navigate the current volatility.
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