As Bitcoin (BTC) closed the third consecutive week in the price discovery phase, the altcoin space gained significant bullish sentiment. During the past week, the altcoin market - led by Stellar Lumens $XLM Decentraland $MANA and The Sandbox $SAND among others - registered palpable gains.
Consequently, the cryptocurrency market has registered a significant increase in FOMO traders, seeking to capitalize on the ongoing bullish trend.
Heavy Crypto Liquidations
As the crypto sector continues to register heightened cash inflows compared to previous quarters, the overall volatility has remained relatively high. According to market data from Coinglass, more than $494 million was rekt in the leveraged market during the last 24 hours.
The majority of the liquidated trades involved the long traders, which amounted to over $366 million
While Bitcoin and Ethereum led in crypto liquidations during the last 24 hours, the altcoin space registered a significant increase in rekt traders. For instance, Dogecoin (DOGE), XLM, and XRP registered a total liquidation of $34m, $18M, and $30 million respectively in the past 24 hours.
What Next?
The altcoin industry is expected to lead in notable gains ahead as Bitcoin price approaches a major psychological milestone of around $100k. Moreover, Bitcoin’s dominance in the weekly time frame has been forming a potential reversal pattern, after rallying to a major resistance level of around 61 percent.
On-chain data shows whale traders have been aggressively accumulating more altcoins in anticipation of an imminent parabolic rally in the near term. Consequently, the majority of altcoins, led by Ethereum (ETH), have broken out of a multi-month bearish consolidation in preparation for the much-anticipated altseason, potentially peaking in the first half of 2025.
