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Key Takeaways: While headlines in the U.S. were dominated by the Federal Reserve’s decision to hold interest rates steady on May 7, the true market-shaking event came quietly from across the Pacific, sparking a surge in Ethereum and altcoins. The People’s Bank of China unexpectedly cut its benchmark lending rate to a historic low of […]
Signs are pointing to gains for the altcoin market as the CNH/USD bottom is marked by analyst Michaël van de Poppe.
Litecoin is on the way to its positive trajectory after a long time of market volatility; it is experiencing a surge in its price. The recent increment in the BTC price has surged the altcoin prices, including Litecoin. As of now, the market has turned from bearish to bullish due to the recent surge. Litecoin […]
Cryptocurrency analyst, Michael van de Poppe has alerted the broader cryptocurrency community about an upcoming altcoin rally. The analyst has cited the recent upward trend experienced by Bitcoin as a positive signal for this prediction. Get Ready For Major Altcoin Run In a recent X (formerly Twitter) post, Poppe suggested that altcoins are poised to become the next in line for the 2024 bullish momentum. Citing Bitcoins recent upward surge to over $60,000, the crypto analyst has disclosed that this substantial price increase is a clear signal for a potential altcoin rally in the market. Related Reading: Bitcoin Profitability Reaches 97% For The First Time In Over 2 Years He predicts that during this potential altcoin run, major cryptocurrencies may experience substantial surges that could potentially push their prices far above their previous all-time highs. In light of this, the crypto analyst has advised the broader cryptocurrency community to remain vigilant and make necessary preparations for this anticipated bullish event. Lately, market sentiment has been indicating a shift from Bitcoin investments to meme coins and other major altcoins. Just last week, a Solana-based memecoin, Dogwifhat (WIF) experienced a massive surge, propelling its price to $1 and boasting a year-to-year gain of over 90%. Furthermore, popular altcoins like Solana and Cardano have witnessed significant price increases and growth in their respective markets. On March 1, Solanas price surged to two-year highs, skyrocketing above $136. Conversely, Cardano recorded a boost in its adoption rate, with the total number of Cardano wallets in the ecosystem approaching 4.6 million. These subtle developments are indicating a potential shift in the market dynamics of altcoins, as an increasing number of cryptocurrencies are beginning to mirror Bitcoins bullish momentum. Altcoins Gearing To Pump A crypto analyst, identified as Dami Defi on X has disclosed that recent market trends are signaling that altcoins are getting ready to pump. Dami Defis predictions are anchored in the diminishing dominance of Bitcoin in the cryptocurrency market. He explained that when the market capitalization of the entire crypto market is on the rise and simultaneously, Bitcoins dominance decreases, it often signals a healthy and widespread bull market in the crypto space. Related Reading: Crypto Exchange Says Cardano Price Can Reach $165, Heres When According to the analyst, this scenario implies that the markets growth is not solely focused on Bitcoin but would also potentially be distributed across various altcoins. He has revealed that despite Bitcoins recent price rally, the cryptocurrency has been experiencing notable outflows, with a substantial portion of these funds moving into altcoins. If we continue to see BTC dominance go down and total 3 resistance gets broken, all hell will break lose and altcoins will pump crazy, Dami Defi stated. Altcoins market cap at $1.08 trillion | Source: Crypto Total Marekt Cap Exclusing BTC Featured image from Coinpedia, chart from Tradingview.com
Data shows the cryptocurrency market has witnessed massive liquidations during the past day following the recovery Bitcoin and the altcoins have made. Bitcoin & Altcoins Have Jumped Back Following Trump’s Announcement Bitcoin and the rest of the cryptocurrency sector ended February on a very bearish note, as the market went through a deep drawdown that took BTC to as low as $78,000. In a flash, however, the digital assets have seen their fates flip during the past day. Related Reading: Solana Now Retesting Realized Price: Will Shift To Bear Market Happen? The impetus behind the recovery move has been Donald Trump’s announcement of a Crypto Strategic Reserve that includes Bitcoin, Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). The announcement came through the president’s official Truth Social handle. In the initial post, Trump only mentioned the altcoins XRP, SOL, and ADA, but in a follow-up post, he also confirmed BTC and ETH, saying they will be “the heart of the Reserve.” Since the US elections, the Crypto Reserve has been something much-anticipated in cryptocurrency circles, so it’s not surprising that the news has been able to have a drastic effect on trader mood. From the graph, it’s visible that Bitcoin approached the $95,000 level during the surge, but its price has since witnessed a small pullback to $92,800. Ethereum has displayed a similar pattern, although its retrace from $2,550 to $2,360 has been notably larger than BTC’s. Overall, the top two cryptocurrencies are up 8% and 6% during the last 24 hours, respectively. Interestingly, XRP, SOL, and ADA, the three coins initially announced, have shown much stronger rallies of 17%, 13%, and 48%, respectively. The bullish momentum hasn’t been restricted to just these five included in the Reserve, as coins across the space have observed some degree of rise. A consequence of all this volatility has been that liquidations have piled up on derivatives platforms. Crypto Derivatives Market Has Just Seen $971 Million In Liquidations According to data from CoinGlass, a total of $971 million in cryptocurrency derivatives contracts have found liquidation in the past day. “Liquidation” here refers to the forceful closure any open contract undergoes after it has amassed losses of a certain degree. Below is a table that breaks down the relevant numbers related to the latest mass liquidation event. As is visible above, around $558 million of these liquidations involved the short investors, representing over 57% of the total. These traders making up for the majority of the event is naturally expected, as the market has gone up inside this window. Though, despite the bullish action, around $412 million in long holders still got liquidated as a result of the pullback. Related Reading: Bitcoin Whales Buying The Dip: $1.28 Billion Added Below $90,000 In terms of the individual symbols, Bitcoin and Ethereum have predictably come out on top with $353 million and $182 million in liquidations, respectively. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
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