Crypto Market in Flux
The past 24 hours have been a rollercoaster ride for crypto traders, with a massive $106.88 million in liquidations. Sadly, 1inch took the biggest hit, losing almost 16% of its value against the USD. But it’s not all bad news, as some coins managed to weather the storm and even make gains. Bitdao saw an increase of over 2%, while Chainlink gained 4.65%.
- Terra classic and Solana suffered sharp declines, with losses of over 6%.
- Bitdao and Chainlink were among the few coins that saw gains.
- SUI, Apecoin, and XDC Network were the top performers on Tuesday.
- Bitcoin, XRP, BCH, and ETH had the most liquidated positions.
- The Bitfinex Alpha Report suggests that Bitcoin investors are becoming more bullish.
The report reveals a shift in supply from long-term holders to short-term holders, a trend often seen in bullish markets. This indicates the entry of new players looking for quick profits and long-term holders cashing in on favorable prices. As this trend continues, we may be entering the early stages of a bull market.
Hot Take
The crypto market may be in flux right now, but there are still opportunities to profit. Keep an eye on coins like Bitdao and Chainlink that have shown resilience in the face of the downturn. And remember, volatility can be your friend if you approach it with caution and a well-informed strategy.
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