The weekend brought volatility to the cryptocurrency market, resulting in a sharp decline in the price of Bitcoin (BTC), dragging down the entire sector. 📊
What happened?
On Sunday, the price of Bitcoin dropped from $98,500 to $95,500, leading to a 2.4% decline in the overall market. XRP and Dogecoin (DOGE) were the main underperformers, losing more than 5%. Solana (SOL), Ethereum (ETH), Cardano (ADA), and BNB also decreased by 2%-5%, but partially recovered at the beginning of Monday.
Mass liquidations 🧹
The volatility caused liquidations of futures worth over $500 million:
• $366 million was attributed to long positions.
• $127 million — for shorts.
Altcoins and mid-cap futures were particularly hard hit, indicating a high level of risk among traders.
What do analysts say? 🤔
Despite the pullback, market sentiment remains optimistic:
• Jeff May, the COO of BTSE, believes that Bitcoin could reach $100,000 as early as next week, thanks to demand for ETFs from institutional investors.
• Ethereum and Solana are also expected to attract institutional attention after the approval of relevant ETFs.
Why is this important? 🚀
The growing interest of institutional investors and favorable economic conditions support traders' optimism. Even after sharp pullbacks, experts are confident in the long-term resilience of the cryptocurrency market.
So, despite the current fluctuations, the market is still ready for new heights! 🌟$BTC
