Bitcoin "plummeted $6,000 overnight" narrowly avoiding $93,000, Ethereum rebounds quickly, funds flow into altcoins
Bitcoin continued to decline after approaching $99,000 yesterday evening, hitting a low of around $92,601 around 6 AM this morning, a drop of $6,000 overnight, marking the most significant decline in nearly three months.
In the midst of Bitcoin's volatile downward trend, according to Coinglass data, the total amount of liquidations across the cryptocurrency network in the past 24 hours reached $529 million, with long positions liquidating $386 million predominantly, and short positions liquidating $142 million, affecting over 162,000 people.
As for Ethereum, despite significant volatility, the overall rebound has been much stronger, even breaking through $3,500 last night. As of the time of writing, it is reported at $3,446, up 3.64% in nearly 24 hours; other recently strong altcoins are also showing signs of resistance to declines.
Analysts from Wintermute stated earlier that funds are shifting from BTC to ETH. Over the weekend, Ethereum's open contracts surged, while implied volatility also rose, and the demand for call options has clearly increased, indicating a growing confidence among derivative traders.
If you also like, or think that Elon Musk-related coins have potential, then you might consider #Marvin , which is Musk's first and favorite pet dog. Last year, it was even featured on Tesla to celebrate his birthday, indicating a high chance of Marvin's appearance, and currently, its market value is less than ten million. If compared to Elon’s other pet dog Floki, it still has a hundredfold growth potential!
