Shaving day
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 26th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
After Bruising 24 Hours, BTC Bobs Back Toward $92,000; Conditions Could Stay Quite Bumpy
Bitcoin was in jeopardy of slipping below $91,000 as of 6:55 a.m. (EST). Total crypto assets had fallen nearly 9% in 24 hours to $3.27 trillion as of then.
Among the biggest, most glaring one-day declines is the 14% loss endured by Dogecoin (DOGE) which is 37 cents after reaching as high as 47 cents yesterday.
CNBC flagged the size of the chunk (about $200B) of the crypto market cap that got wiped out over the past day. Forbes referenced a "sudden panic" having set in.
A BTC correction to as low as even $80K from the peak (near $100K) is mere “natural phenomenon,” CryptoQuant said.
BTC remains in a bull market, analysts say, looking at the big picture. But, as CoinDesk noted, traders should brace for choppy conditions.
The entire Top 100 didn't bleed red on Tuesday. Not one, not two but three coins (FTM, SEI and TAO) were in the green.
And hey, there's always a pump on somewhere. We noticed a coin called Big Dog Fink (FINK) has surged 140% to reach $0.003 and crack the Top 200, although it appears an outsized pile of these coins takes up lodging in a few unknown wallets (Rugcheck).
Additionally, it's worth noting that BTC, as of 7:55 a.m. (EST), was inching back up toward $92,000. The largest crypto remains up 30% since the Nov. 5 U.S. presidential election.
What's down
Shake-Out Suspicions Surface
Four days after peaking within a whisker of $100K, BTC has seen 7.6% get shaved off its spot price. Checking BTC at 8:06 a.m. (EST), we saw it was $91,994, per CoinGecko.
Turning to Monday's liquidation totals, ouch, long-leaning traders got torched to the tune of $400M. Well, corrections happen. They're healthy. Nothing to fear, analysts say.
In fact, market makers may be intentionally driving prices down to trigger a leveraged-long flush-out event (Decrypt).
What's next
Searching For Rebound Signals
The Monday-into-Tuesday market tumult owed in part to too much leverage in the futures market. Okay, now what?
Kingly crypto figure Michael "Novo" Novogratz, a former Wall Street titan and the founder of Galaxy, says, in a rhetorical hedge, that $80K Bitcoin could be in the cards before staging a big reversal from there.
Such pullback/reload periods can be expected when new all-time highs are attained.
"Typically, there's a period of consolidation before further moves up,” BitGo’s Brett Reeves told CNBC.
Record inflows of stablecoins into platforms like Binance is an indication that the bull market is in more of a midway phase as opposed to being on its last legs.
Probably this whole time, post post-election, BTC's price was bound to recoil before potentially springing back toward the psychologically potent $100K mark. Latching on to ultra-wonky, on-chain metrics, such as MVRV, NUPL and Puell Multiple, we experience some degree of brain cramping but there are encouraging signals waiting to be spotted.
One metric used to identify major accumulation periods during corrections is dubbed the Short-Term Output Profit Ratio, or what is often called the "short-term SOPR" but which we like to call the "soaper," as it scrubs the activity of knee-jerk reactors versus the steadier, long-term "hodlrs," so as to produce a pattern.
“Historically, when short-term investors sell BTC at a loss, it often leads to a rebound,” MAC_D said.
