How did Bitcoin drop below 100,000?
In the article "How did Bitcoin drop below 100,000?", Coinpedia's fintech news first mentioned.
On Thursday, Bitcoin finally broke through the 100,000 mark, but shortly after, it dropped by 10%, almost falling back to 92,000. When checked on Friday morning, the price was still hovering around 97,680 USD, so it seems that the breakthrough of 100,000 was false.
This wave saw Bitcoin dragging the entire crypto market down, with losses exceeding 900 million USD in 24 hours. Long traders suffered the most, losing 498 million, of which 421 million was theirs.
Why did Bitcoin suddenly drop?
Leverage trading has cooled down.
Bitcoin's open positions surged to 129 billion USD within 24 hours, and trading volume skyrocketed to 466 billion USD, as everyone wanted to buy. However, Tether printed 1 billion USD on Ethereum, and the trading volume still wasn't enough to match the hype on social media, so Bitcoin had to drop.
To continue Bitcoin's bull market, more buyers need to be found to support the 100,000 price level.
Big players and retail investors have different thoughts.
The mystery of Bitcoin dropping 10% in 43 seconds was solved; it turned out that big players were selling while retail investors were hurriedly buying. Meitu, a Chinese company that used to support Bitcoin, sold all 948 of their Bitcoins within these 24 hours.
As Bitcoin dropped, some big players hurriedly bought back, thinking a new bull market was coming.
Altcoins are hot.
When Bitcoin fell below 100,000, altcoins surged. Aside from Bitcoin, the combined market cap of other coins rose by 3%, now reaching 1.57 trillion USD.
Bitcoin's market share also dropped by 1 percentage point, now only about 55%, indicating that people now prefer altcoins. Additionally, Ethereum's price also broke through 3,800 USD, not far from its historical high.
As for the upcoming layout direction, I will guide everyone to aim for the high-profit opportunities in altcoins, especially those with great potential, expecting a space of over 10 times is not a problem. If you want to make big money in the bull market, like + comment, and I will take you through the entire bull market!