Yesterday, the domestic situation in the US was once very tense, and the Bitcoin price on the Simida exchange fell more than 30%. These are only short-term impacts from the news and will not significantly affect Bitcoin's long-term price trends.
Last night many people asked if there would be another black swan event. Currently, the possibility seems low. The major fund buyers of Bitcoin are in the US, and as the current world hegemonic power, it is unlikely for there to be a collapse in the short term, so it's just the small investors worrying unnecessarily.
I have also emphasized the market conditions in recent days. As long as altcoins dare to drop, we will jump in, and those who got in last night have already made a profit.
Simida cryptocurrency market fluctuations:
The US imposed martial law last night, causing local cryptocurrency exchanges to be hit hard, leading to an overall decline in the crypto market. The Simida crypto and traditional financial markets faced severe blows during this period, and after the ban was just announced, FUD sentiment exploded instantly. Specifically, it includes:
1- Bitcoin major spike: At the Simida exchange Upbit, Bitcoin's price directly dropped 30% in a short time, falling to around 62,000 USD. XRP's drop was even heavier, spiking down 60% from 2.9 USD to 1.16 USD;
2- Upbit trading volume too large leading to service interruption: Due to a short-term surge in the number of traders, Upbit also issued a notice indicating that the Upbit application experienced delays and interruptions due to excessive traffic;
However, after half an hour, it basically all bounced back. It is said that during the sharp drop at the Simida exchange, over 100 million USD rushed in to buy the dip, and with Bitcoin below 70,000, it is indeed attractive.
At the first moment of the sharp drop at the Simida exchange, inscriptions began to activate, with Audi, SATS, RATS, PIZZA, etc., all showing gains of several points.
It has now pulled back. The reason for the pullback is partly related to the surge of tokens associated with Sun's brother today.
Lastly, I want to reiterate: these are only short-term impacts from the news and will not significantly affect Bitcoin's long-term price trends. The current bull market is still dominated by the US's crypto-friendly policies.
So, what are the most worthwhile cryptocurrencies to invest in right now? Let's take a look.
1. MKR
Maker is gaining market attention, soaring to 2,229 USD, rising 24.71% in the past 24 hours. The trading volume for this token during the same period was 397 million USD, with a market cap of 1.96 billion USD, accounting for 0.06% of the entire cryptocurrency market. Its trading price is above the 200-day simple moving average (SMA) of 1,822.44 USD, with a premium of 22.28%.
Market sentiment towards MKR seems optimistic. The Fear and Greed Index, which measures investor sentiment, scores 76, indicating extreme greed. The liquidity of MKR is also high, with a 24-hour trading volume to market cap ratio of 0.3803, and 15 positive trading days last month.
Additionally, the annual inflation rate of this token is -3.60%, indicating that the supply is decreasing. Technical indicators show a neutral stance, with a 14-day Relative Strength Index (RSI) of 67.39, suggesting that there may be a sideways trend in the short term.
Predictions for MKR indicate that by the end of this year, its trading price may range between 2,152.58 USD and 3,449.00 USD. If the average price in December reaches 3,005.95 USD, this will be a 35.60% increase from the current level, and if the prediction holds, investors could see a potential return of 55.58%.
2.XLM
XLM is another steadily developing token in the cryptocurrency market, primarily used in the field of cross-border payments. The Stellar ecosystem is continuously expanding, especially in providing cross-border payment solutions for banks and financial institutions, showing great application prospects. The current price of XLM is 0.527 USD, with a market cap of 15.42 billion USD, and Stellar's market performance remains relatively stable as trading volume increases.
XLM's support levels are 0.50 USD and 0.48 USD, while resistance levels are 0.54 USD and 0.56 USD. In the coming months, XLM may see further price growth. It is expected that by mid-2024, XLM's price may break through 0.65 USD, becoming a stable star in the cryptocurrency market.
3.SOL
Solana has been integrated into the cryptocurrency Life platform, which can be used for payments from 90 million merchants worldwide. The Solana platform announced this development on its X account. This integration emphasizes that Solana's fast transaction processing, low operational costs, and continuously expanding decentralized finance ecosystem are key reasons for this move.
In addition, the platform has also integrated with Uquid, introducing native USDT trading on Solana, allowing users to purchase various products. This development aligns with Solana's growing adoption rate and enhanced infrastructure.
Solana's market performance shows a bullish trend. The current trading price is 224.15 USD, down 1.26% in the past 24 hours, but up 37.67% in the past 30 days. This token is 35.12% above the 200-day simple moving average (166.07 USD), indicating strong upward momentum. Analysts also emphasize its high liquidity relative to market cap.
The Fear and Greed Index further supports blockchain sentiment, with the current 'extreme greed' index at 76, reflecting strong positive sentiment among investors.
