Bitcoin Consolidates, Ethereum Breaks Out, $139 Million Liquidated in Crypto Market: Altcoin Opportunities Emerge?Bitcoin traded sideways near $63,000 yesterday (20th) until it briefly broke through $64,000 after the Bank of Japan announced to maintain interest rates unchanged around 11 am. However, selling pressure quickly emerged, pushing the price back down to around $63,000, retesting the $62,964 support level
Bitcoin Consolidates, Ethereum Breaks Out, $139 Million Liquidated in Crypto Market: Altcoin Opportunities Emerge?
Bitcoin traded sideways near $63,000 yesterday (20th) until it briefly broke through $64,000 after the Bank of Japan announced to maintain interest rates unchanged around 11 am. However, selling pressure quickly emerged, pushing the price back down to around $63,000, retesting the $62,964 support level. As of writing, Bitcoin is trading at $63,040, up 0.33% in the past 24 hours.
In contrast, Ethereum's performance has been much stronger. After the BoJ's interest rate decision, Ethereum broke through $2,500 and reached $2,587.4, approaching the $2,600 mark. As of writing, it is trading at $2,561, up 4.64% in the past 24 hours.
Crypto Market Volatility, Liquidation Wave Sweeps Through
Coinglass data shows that the crypto market has liquidated $139 million in the past 24 hours, with $74.87 million in short liquidations, resulting in over 57,000 liquidations. Notably, while short liquidations dominated for mainstream tokens like BTC, ETH, and SOL, long liquidations were prevalent for niche tokens.
Bull Market Key Stage Has Begun, Altcoin Potential is Huge
$BTC has always followed cyclical fluctuations, and those who can identify the cycles often become winners. In 2017 and 2020, I found multiple tokens that saw 200x gains using the right strategies. I still use the same approach today to find the next 100x opportunity.
The market usually follows four stages: accumulation, ascent, distribution, and descent. Each stage is influenced by factors such as investor sentiment, regulations, global adoption, and geopolitical events. The fourth quarter has always been a golden period for cryptocurrencies, and this year may be no exception. Now may be the best time to accumulate potential altcoins, aiming for a 100x opportunity in 2024-2025.
Dogecoin Rises Strongly, Whale Trading Volume Surges
DOGE Dogecoin has performed strongly recently, rising 8% in two weeks, with technical indicators signaling bullish momentum, suggesting continued price gains. In particular, the significant increase in whale trading volume indicates strong interest in Dogecoin from large investors.
Fundamentally, Dogecoin's support is also firm. The open interest has increased by 5.20% to $506.41 million, reflecting more active traders in the market. Although the total trading volume has slightly decreased, the rise in open interest suggests that traders may be waiting for more bullish signals to confirm before entering. Additionally, recent whale transactions approaching 1,000 transactions indicate that large investors remain optimistic about Dogecoin's prospects, further supporting its bullish trend.
Kaspa: An Innovative Proof-of-Work Blockchain
KASKaspa (KAS) is a Proof-of-Work cryptocurrency that utilizes the GHOSTDAG protocol. Unlike traditional blockchains, Kaspa's blockDAG allows multiple blocks to exist in parallel, avoiding orphan blocks through consensus sorting. This innovation significantly enhances the network's scalability and transaction confirmation speed. Currently, Kaspa can process one block per second, with further optimization plans in place. With the market anticipating the next altcoin season, Kaspa could be a potential project.
ONDO: Short-Term Dip, but Long-Term Prospects Remain Bright
ONDOndo (ONDO) has recently experienced a downward trend, currently fluctuating between $0.54 and $0.69. Key resistance levels are $0.79 and $0.95, while support levels are $0.49 and $0.33. The price has fallen over 19% in a week and 25% in a month. However, it still boasts a 16% gain within the last six months. Its 10-day and 100-day moving averages are $0.59 and $0.64 respectively, with RSI at 44.38, indicating neither overbought nor oversold conditions. MACD signal is weak, suggesting a strong rebound is unlikely in the short term. If it falls below the $0.49 support level, further declines may occur.
IO.NET: Disrupting Cloud Computing, an Innovative Project Combining AI and DeFi
IOIO.NET is a distributed GPU system based on Solana, Render, Ray, and Filecoin, designed to address computational challenges in the AI and machine learning fields. By aggregating underutilized GPU resources, it provides engineers with abundant and cost-effective computing power, meeting the powerful computational demands brought about by the rapid development of AI and machine learning technologies. It has the potential to become an industry leader. IO coin has a maximum supply of 800 million, implementing a deflationary plan to maintain scarcity. Network revenue will be used for buybacks and burn, further reducing the circulating supply. As an innovative cloud computing project, IO.NET combines the advantages of AI and DeFi, attracting a large user base and investors by balancing the needs of GPU renters and owners. The value of IO coin may significantly increase in the future.
Opportunities and Risks Coexist, Invest Cautiously
This is the end of today's article. We are currently in a bull market, and the situation is dynamic. We share insights every day. Remember, investing in cryptocurrencies carries risks. Please invest carefully and manage risks effectively.
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