The crash of Bitcoin (BTC) on September 7 resulted in the liquidation of over-leveraged positions, with around $3.68 billion worth of long positions liquidated in the Bitcoin options market in the last 24 hours.
Crypto Market Dump
On Thursday, things are looking positive for Bitcoin and altcoins, but breakdown is still possible. Bitcoin’s purchasing and selling prices are 2.8 percent higher. BTC is currently standing at $46,139.00 with the change of 0.02%. The market cap of the coin is $867,914,698,304 along with the trading volume of $44,921,767,022 in the last 24 hours.
The circulating, maximum and total supply is 18,810,868.00 BTC, 21,000,000 and 18,810,956, respectively. Bitcoin volatility is ready for a comeback, with many predicting a “rapid” run towards $50,000. While BTC/USD has remained relatively unchanged overnight, all of the top 10 cryptocurrencies by market capitalization have gained at least 4%.
Meanwhile Ethereum is trading at $3,484.41 with market cap of $406,988,192,295. The failure of Ether to rise and hold over $4,000 may have prompted aggressive profit-taking by short-term traders.
After the price fell below the immediate support level of $3,705.05., the selling became more intense. On the order hand there is a little increase in the value of DOGE which is currently traded at the value of $0.2537 along with zero maximum supply. Solana (SOL) is currently trading above $200, up 32% in just 24 hours.
Performance improvement among key cryptocurrencies, is giving encouragement to Bitcoin’s positive short-term argument. Bitcoin is expected to hit $100,000 in late 2021 or early 2022, and $175,000 in the long run, according to a cryptocurrency research team.
Every bull market includes corrections in which the weak hands are shook out and the strong hands strengthen their holdings. As a result, if investors believe in the long-term thesis, the pullbacks should not bother them.
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Author: Tabassum Naiz