The recent trading session concluded with notable losses for Bitcoin, Ethereum, and Solana, all of which suffered substantial sell-offs. Traders are now advised to reconsider these altcoins to sell as they navigate a persistently bearish trend.
Each of these cryptocurrencies has adjusted significantly in response to market conditions. The downturn reflects broader negative sentiment affecting the crypto market.
These 3 Altcoins Suffered Massive Liquidations: Time to Sell?
Bitcoin (BTC)
Bitcoin, a leading digital currency, was first outlined in a 2008 whitepaper by an individual or group known as Satoshi Nakamoto and officially started in January 2009. Bitcoin’s value has recently slowed due to market corrections over the past month.
This has led to the suggestion of making it the top altcoin to sell that has experienced significant liquidations. In the last 24 hours, the total liquidation amount reached $54.43 million. As of today, the BTC price is $56,675, a decrease of 4% in the past 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, an independent blockchain network, supports its cryptocurrency, Ether. It also acts as a foundation for numerous other digital currencies and the operation of autonomous smart contracts.
Currently, the ETH price stands at $2,397, marking a decline of 4.34% in the last day. In terms of trading activity, there’s been a liquidation of approximately $48.83 million over the same period. Over the past month, Ether’s value has dropped by 17%, signaling a downward trend in the market.
According to Into The Block, Ethereum (ETH) addresses are analyzed in varying profit ranges. In the ‘In the Money’ category, 103.26 million ETH are held. This represents a substantial $248.07 billion. Holders in this segment are profiting at current prices. The range includes ETH bought between $605.12 and $1,900.81.
In total, 76.30% of addresses are in the money. In contrast, 20.06% of addresses are out of the money. These addresses hold a total of 27.15 million ETH. At current prices, 4.93 million ETH fall under ‘At the Money’. This ETH totals $11.85 billion in value. All categories combined cover 100.00% of addresses holding ETH.
Solana (SOL)
Solana, an open-source initiative, leverages blockchain’s inherent permissionless properties to offer decentralized financial (DeFi) solutions. The SOL price stands at $129, marking a 4% decline over the last 24 hours. This month has witnessed a 10% drop in its value, suggesting a downward trend. Currently, total liquidations have reached $12.31 million, making it the altcoin to sell.
According to Coinglass, trading activity has seen significant changes recently. The total trading volume surged by 46.61% to reach $7.44 billion. In contrast, overall open interest fell by 1.98%, totaling $2.02 billion. These statistics highlight dynamic shifts in market engagement and investor strategies.
Investors should evaluate their positions in Bitcoin, Ethereum, and Solana as the market shows continued signs of strain making them top altcoin to sell. Adjust strategies to mitigate risks.
Frequently Asked Questions (FAQs)
High liquidation volumes and declining prices indicate potential for further losses.
It signals a potential need for investors to reassess their holdings and risk exposure.
76.30% of addresses are ‘in the money,’ potentially influencing decisions to hold or sell.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/3-heavily-liquidated-altcoins-to-sell-now-2/
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