Altcoin
Here’s Why Bitcoin, ETH, SOL, XRP, DOGE Falling Suddenly
The crypto market witnessed a sharp selloff on Monday as $90 million in positions were liquidated within an hour. Bitcoin price slipped more than 1%, whereas Ethereum price dropped nearly 2% due to profit-booking by investors.
Top altcoins such as Solana (SOL), BNB, XRP, Cardano (ADA) also tumbled 2-3% after a massive price rally in the last 24 hours. Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) plunged 6% in an hour.
While the crypto market seems extremely bullish after pro-Bitcoin Donald Trump’s win in the US presidential elections, some data signals a crash.
Will Crypto Market and Bitcoin Crash Soon?
Coinglass data indicates the crypto market recorded $90 million in liquidation in 4 hours and $650 million in the last 24 hours. Notably, $75 million in long positions and $15 million in short positions were liquidated in a few hours, triggering a selloff in the market.
Over 217K traders were liquidated, with the largest single liquidation order happened on crypto exchange OKX, with a BTC-USDT swap trade valued at $15.56 million.
Bernstein analysts gave a Bitcoin price target of $90,000 by year-end. BTC price made a new all-time high of $81,858 today, indicating a bullish rally in the top crypto. However, the derivatives market data signals concerns of a massive selloff that could trigger a crypto market crash.
BTC implied volatility (IV) in all terms is falling sharply, especially BTC ATM-7 IV. Bitcoin At-the-money (ATM) implied volatility is a market’s forecast of a likely movement in price for BTC. Thus, options traders don’t see Bitcoin price rallying further currently.
As a result, major crypto such as Ethereum, Solana, XRP, and Dogecoin prices dropped and triggered a broader crypto market selloff.
Moreover, Mt. Gox moved over 30,371 BTCs worth $2.44 billion to two wallets on Monday, as per Arkham data. This has raised some concerns among investors as these typically imply that an exchange plans to sell tokens soon.
Weakness in Bitcoin, ETH, XRP, DOGE Due to Macro Factors
China’s latest stimulus measures of 10 trillion yuan debt package has disappointed investors, leading to a shift in sentiment. The markets are bracing for initial volatility as the Donald Trump administration is anticipated to make major policy changes.
The looming US CPI and PPI inflation, along with jobless claims and Fed Chair Jerome Powell speech this week are impacting the crypto market. Economists forecast the inflation data to come in higher and could impact market amid political shift in the United States.
However, popular analysts are bullish on Bitcoin price for long term. Veteran trader Peter Brandt predicted a complex continuation inverted head-and-shoulder pattern formation sets BTC price target to almost $125K by year-end and $300K in the longer term.
It is important to note that despite skepticism for this pattern, notable analysts such as Richard W. Schabacker, Robert Edwards, and John Magee have accepted this pattern.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amid a highly bullish DOGE market witnessed recently, Dogecoin whales’ action to heavily accumulate the token has garnered significant attention among traders and investors globally. On-chain data indicates over 500 million coins were bought from crypto exchanges, signaling increased market confidence in the asset’s long-term prospects. In the wake of this market statistic amid a bull market, crypto watchers anticipate a staggering 9000% gain in the dog-themed coin’s price ahead.
Dogecoin Whale Accumulation Spikes As Over 500M Coins Bought Recently
As per an X post by the renowned crypto market analyst Ali Martinez on November 21, Dogecoin whales bagged over 550 million tokens, worth $214.5 million, from crypto exchanges over the past week. This massive purchase has put significant buying pressure on the asset, pointing out the potential for considerable upside movement ahead.
Notably, the leading dog-themed meme crypto already surfs bullish tides, primarily attributable to the broader market events. Mainly, with Elon Musk’s taking the D.O.G.E. (Department of Government Efficiency) role under Donald Trump’s cabinet, market sentiments surrounding the meme coin have turned highly bullish.
Aligning with this endeavor, a recent CoinGape Media report reveals that D.O.G.E leads Elon Musk and Vivek Ramaswamy further outlined a strategy to reduce the federal workforce under Trump’s presidency. This saga garnered significant attention to the meme coin which is also much touted by Musk. It’s noteworthy that Elon and Vivek are also starting a podcast named “dogecast.” These chronicles, in turn, bring substantial attention to Dogecoin.
Simultaneously, in light of these broader events and the massive buying pressure brought by whales, market watchers foresee a phenomenal rally ahead.
DOGE To Soar 9000% Ahead?
At press time, DOGE price gained slightly by 0.5% intraday and is resting at $0.387, amid a surge in Dogecoin whale activity. The coin’s 24-hour low and high were $0.3666 and $0.3956, respectively. Notably, the monthly chart for the meme coin showcases gains worth 173%. This bullish movement has sparked further investor curiosity despite the recent turbulent performance.
Notably, leading crypto analyst Ali Martinez further spotlights that for DOGE to finally witness a 9,000% parabolic rally, 40% to 50% corrections are sure to be expected. This bullish projection rides the back of historical trends, as the meme coin witnessed a 9,470% pump in 2017 with two major corrections of 40% and another at 84%. In addition, recent on-chain data also indicates a potential rally for top meme coins like DOGE, SHIB, and others, in the coming days.
Subsequently, the coin skyrocketed 30,700% in 2021, seeing two key pullbacks of 46% and 53%. These statements indicate substantial potential for Dogecoin to pump ahead in the light of a broader bull meme coin market, further accompanied by massive whale accumulations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Decentralized Layer-1 blockchain Sui Network faced a major downtime with no blocks produced in the last few hours. The data from Suivision showed that the network faced a “major outage” as some validators faced problems with approving transactions. SUI price tumbled 10% but recovered as the network started processing transactions again.
Sui Network Faced Major Outage
The Sui Network has been down for more than two hours, according to reports from Suivision. The blockchain didn’t produced any blocks since 09:15 UTC today.
The Sui community members have reported issues with some validators, and the team is currently investigating the cause of the disruption. The official handle on the X platform has acknowledged this downtime:
“The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”
Dubbed the Solana-killer, this is the first time that the Sui Network has been facing such an outage. Referring to the past outages for Solana, the crypto community members have been taking jabs at Sui. Some wrote “No wonder Sui is the next Sol” while others called it a “Solana moment. Bullish”. It has also triggered a meme frenzy with “first time?” tags on the X platform.
Solana folks to Sui folks right now: pic.twitter.com/jJFY6i2vju
— juzy (@juzybits) November 21, 2024
According to SanXz, the Sui Network is actually not down. The analyst added that the Sui team is actively investigating an RPC issue related to validators, which has caused disruptions.
However, one user ‘reisen’ responded to this analysis by saying: “Having nodes/validators operational is useless when no blocks are produced – So not producing blocks for 1:50h is equivalent to being down”.
The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators.
The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved. https://t.co/TJh2zwvQcD
— Sui (@SuiNetwork) November 21, 2024
Price Tumbled 10% During Downtime?
While the SUI price might see some volatility as the network resumes transactions, the community hasn’t turned bearish yet. One X platform handle Bullishify.sui wrote:
“Sui pulling a Solana? Remember when $SOL went down in Dec 2020, then ripped 1000% right after? $SUI like, ‘Yeah, we’re following the script too.’ Buckle up, fam!”
The SUI price recovered after dropping 10% over the last 24 hours, and currently trading at $3.63. As per CoinGape analysis, SUI price can rally to $18 with 750% gains on the monthly timeline and more than 500% gains on the yearly timeline.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana meme coin SLERF price has advanced 55% today, emerging as the talk of the crypto town on Thursday. Notably, the coin surfs bullish tides across the crypto landscape as the leading crypto exchange, Binance, unveiled a new listing for it. For context, traders also reacted positively to the listing announcement as the token’s intraday trading volume soared over 200%.
Binance Unveils SLERF Perpetual Contract Igniting Market Bullishness
In an official Binance announcement dated November 21, the crypto exchange revealed that it is launching SLERFUSDT (USD-Margined) perpetual contract today at 11:30 UTC. Intriguingly, the platform’s colossal user base remains poised to enjoy up to 75x leverage trading the asset. This has sparked a SLERF price rally recently, indicating the growing market confidence.
Further, the leading crypto exchange set the capped funding rate for the token at +2.00% / -2.00%. Also, the tick size for the crypto was 0.0001, per the announcement. Notably, the underlying asset remains the abovementioned Solana meme coin, SLERF.
On the other hand, Binance also revealed that it is launching Secret (SCRT) (USD-Margined) perpetual contract at the same date and time. This perpetual contract launch also boasts maximum leverage of 75x in an effort to magnetize investors. Overall, these enhanced offerings have set off optimistic waves for the tokens across the broader market, offering enhanced liquidity and investment opportunities to market participants.
SLERF Price Rallies
At the time of reporting, SLERF price witnessed gains worth 55% and is currently trading at $0.4373. Its intraday low and high were $0.2547 and $0.4266, respectively. The coin’s 24-hour trading volume surged 219% to $271.18 million. Notably, this rising movement falls in line with the abovementioned listing.
Further, investors anticipate more gains in the Solana meme coin’s price against the backdrop of another bullish on-chain metric. A recent CoinGape Media report revealed that SLERF whale accumulation soared remarkably, underscoring significant buying pressure for the asset.
Meanwhile, it’s also noteworthy that SCRT price witnessed gains worth 2% intraday in the wake of the listing and is trading at $0.3393. The coin’s 24-hour low and high were $0.302 and $0.3791, respectively.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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