Both Bitcoin and altcoins opened lower this morning, with BTC hovering around $66,000 throughout the day, having breached $67,000 yesterday. However, Bitcoin fell sharply overnight to $63,800. While the specific reason for Bitcoin's decline is unknown, the decline in Ethereum and altcoins appears to be caused by outflows from spot Ethereum ETFs.

Despite the recent launch
ETH ETF, but Ethereum (ETH) is still down 7.6% today to $3,100. Other cryptocurrencies also fell, with Solana (SOL) down
1.7%, Dogecoin (DOGE) fell 5.5%, BNB fell 3.6%, and Avalanche (AVAX) fell 4.8%.

according to
According to SoSoValue, although Grayscale’s ETHE net outflow exceeded $810 million, this outflow was
Another large fund, GBTC, also experienced a large outflow in the first few weeks after the spot Bitcoin ETF was approved. The BTC price has been negative for Grayscale’s BTC during this period.
Outflow overreaction.

Except for the Grayscale ETF, most ETH stocks on Wednesday
ETFs are still in positive territory. BlackRock’s ETHA led with $283.9 million in inflows, followed by Bitwise’s ETHW with $283.9 million in inflows.
Fidelity’s FETH ranked third with inflows of $145.7 million.

These declines have led to the liquidation of many long positions. According to Coinglass, $292 million in leveraged trades were liquidated in the past 24 hours, of which $259 million were long positions and $33 million were short positions.

A total of 73,612 investors were liquidated in the past 24 hours, with the largest single liquidation order occurring on Binance’s BTC/USDT trading pair, valued at $11.78 million.

3 Altcoins That Could Bring Crazy 100x Gains in a Bull Run!

1. THIS

After a brief bout of bearish sentiment that saw a 12.73% correction over the past 30 days, ENA price has resumed its upward momentum. Over the past day, ENA price has increased by 11.01% with a trading volume of $140.25 million, a change of +91.52%.

Currently, the Ethena cryptocurrency is trading at $0.487 with a circulating supply of 1,710,937,500 ENA and a total supply of 15 billion ENA tokens, with a market cap of $846.25 million, which places it at 84th position in the market cap ranking.

The Simple Moving Average (SMA) is about to show a bullish convergence on the daily chart (1D) timeframe, indicating that buying pressure is outweighing selling pressure in the altcoin space. Moreover, the RSI indicator has managed to regain momentum and is showing a sharp rise towards the midpoint, which bodes well for the strong bullish outlook for the ENA token price in the coming period.

If the market regains momentum, Ethena price will be expected to reach its resistance level at $0.60. Moreover, if the bulls continue to dominate the market, ENA price will be ready to test its upper resistance level at $0.825.

2.ORDI

ORDI is a meme coin on the Bitcoin network and the first BRC-20 token created using the Ordinals protocol. Similar to Bitcoin's first-mover advantage, ORDI also benefits from being the first BRC-20 token on the Bitcoin network.

The price of this project starts from
It surged from about $4 in October 2023 to over $87 in March 2024, achieving over $20 billion before the recent market correction.
So if you had invested $1,000 in ORDI in October 2023, you would have gained over $10,000 despite the pullback.

Currently, ORDI is trading around 50% below its recent all-time highs. As a BRC-20 token, ORDI has huge upside potential as long as Bitcoin continues to dominate the market and meme coin sentiment remains bullish.

From a technical perspective, ORDI recently retested a critical support area of ​​around $28. If Bitcoin resumes its uptrend, ORDI could start a new uptrend. Therefore, you may consider adding ORDI to your portfolio if it fits your investment strategy.

3.INJ

INJ
The cryptocurrency has been trading in a range between $22.05 and $28.25 for the past three months, indicating weak price action for altcoins.
The price of INJ has increased by more than 18% in the past 30 days. With a market cap of $2.252 billion, INJ ranks 45th in the global cryptocurrency rankings.

In terms of technical indicators, the MACD shows a continuous decline in the green histogram on the daily chart (1D) timeframe, indicating that buying pressure is greater than selling pressure. In addition, the moving averages show a high probability of a bearish convergence, indicating uncertainty about the future direction of Injective's price.

If the bulls can push the Injective price above the $28.25 resistance, the altcoin will resume its uptrend and be ready to test its overhead resistance at $34.50 in the coming period.