Bitcoin $95,447.5 price It recently hit a daily bottom at $92,500 and was above $94,000 at press time. At the time of writing, there was only a short time left until the Fed minutes were announced. So which altcoins entered the buy zone today? Let’s examine the bill of the recent crypto crash and other important details.
The Bill of Cryptocurrency Fall
BTC With its decline, long positions worth $567 million were liquidated in the cryptocurrency markets in 24 hours. Nearly 250 thousand investors were liquidated, and the largest liquidation happened to the investor holding an ETH long position of $ 17.74 million.
Altcoins represented the largest group in liquidations. ETHLEFT, DOGE And XRP Coin The total liquidation amount of many other altcoins is over $160 million. This shows that investors’ risk appetite has decreased significantly.
While open positions decreased by nearly 5 percent, liquidations increased by nearly 60 percent compared to yesterday. Short positions were dominant at the time of writing.
Which Altcoins to Buy?
Alright cryptocurrency Which altcoins reached buying levels with the decline? For this, we need to take a look at the RSI data. It is easy to see the altcoins that were most affected by the recent decline in the 4-hour period. BTCD increased significantly. Most of the major cryptocurrencies, except ARK, GAS and POWR and STEEM, have fallen to attractive levels for buying.
In the chart above you see the RSI status of major cryptocurrencies. ETHMany popular cryptocurrencies such as , TIA, DYDX, STRK, ZEC fell to the oversold level in the four-hour period. This shows that their decline may now be over. The average RSI for popular altcoins is below 30. This once again reveals the extent of the destruction.
LSK, XRP, FARTCOIN Cryptocurrencies such as are among the altcoins that resisted the decline and remained relatively strong.
If BTC can continue its current comeback attempt and we do not see new hawkish comments in the Fed minutes, altcoin purchases may be profitable in the coming hours. By the time this article is published, the impact of the Fed minutes on the market will have begun to take hold.
Investors, who have good reason to be more bullish on cryptocurrencies in the long term, do not care much about short-term fluctuations. As a matter of fact, in November 2022, BTC was below 20 thousand dollars and has fallen from only 108 thousand dollars to 92,500 dollars these days.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
