Bitcoin (BTC) crash on September 7th resulted in the liquidation of over-indebted positions, with long positions valued at around $ 3.68 billion in the Bitcoin options market liquidated in the past 24 hours.
Crypto market dump
Things look positive for Bitcoin and Altcoins on Thursday, but a breakdown is still possible. Bitcoin’s buying and selling prices are 2.8 percent higher. BTC currently stands at $ 46,139.00, up 0.02%. The market capitalization of the coin is $ 867,914,698,304 along with the trading volume of $ 44,921,767,022 in the last 24 hours.
The circulation, maximum and total offer is 18,810,868.00 BTC, 21,000,000 and 18,810,956 BTC, respectively. Bitcoin’s volatility is poised for a comeback, with many predicting a “rapid” spike towards $ 50,000. While BTC / USD stayed 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 a market cap of $ 406,988,192,295. Ether’s failure to climb and hold above $ 4,000 may have resulted in aggressive profit-taking from short-term traders.
Selling intensified after the price fell below the immediate support level of $ 3,705.05. On the order side, there is a slight spike in the value of DOGE, which is currently trading at a value of $ 0.2537 along with a maximum offer of zero. Solana (SOL) is currently trading over $ 200, up 32% in just 24 hours.
The improvement in performance in major cryptocurrencies encourages Bitcoin’s positive short-term argument. Bitcoin is projected 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 involves corrections where the weak hands are shaken out and the strong hands strengthen their positions. So if investors believe in the long-term thesis, the pullbacks shouldn’t bother them.