Uncategorized

Ethereum Price Analysis: ETH Reclaims $4K Post Crash, Reaching 3.5-Year High Against BTC

The bad news is that following the crypto market collapse, ETH crashed to $3,470 on Bitstamp on Saturday early morning UTC. However, the good news is that ETH showed strength and managed to recover most of the drop, reclaiming the critical support level at $4K.

Key Support levels: $4,000

Key Resistance levels: $4,284, $4,500, $4,868 (ATH)

Despite the market crash on Saturday morning, which saw significant liquidations of over-exposed leveraged traders, Ethereum managed to recover almost entirely, as of writing these lines.

This is an important signal to the market that ETH is firmly holding against Bitcoin, which appears much weaker following this weekend crash. While ETH managed to recover fast and reclaim the $4K milestone, the same cannot be said about Bitcoin.

For this reason, on the ETH/BTC chart, ETH just made a higher high at 0.085 BTC, which is the highest level since May 2018. The all-time high versus Bitcoin lies around 0.15 BTC, and Ethereum appears well on its way towards that target after breaking above the key resistance at 0.080 BTC, along with a horizontal triangle pattern (as shown on the following chart)

Against the USD, ETH has to remain above the key support at $4,000 to maintain the bullish price action and then likely to face resistance levels at $4,284, $4,500, and $4,868 (ATH).

ETH/BTC Chart by TradingView

Technical Indicators

Trading Volume: During the crash, the volume peaked. However, the recovery candle saw a lot fewer amounts of volume. Best to be cautious because of this, particularly once the price reaches the first resistance at $4,284. In other words, the volume is not in favor of the bulls right now.

RSI: The daily RSI made a higher low, despite the crash. This is a sign of strength and gives hope for a speedy recovery.

MACD: The MACD was bullish before the crash, but this quickly rolled over due to the collapse, as the moving averages flipped back down and the histogram went into the negative territory. If ETH stays above $4,000, the MACD will likely revert back to the bullish territory.

Chart by TradingView

Bias

The bias for ETH is neutral. It is too early to turn bullish and traders should be cautious as any significant rejection at the resistance levels may lead to an over-reaction from the market due to the recent crypto market crash.

Short-Term Price Prediction for ETH

Ethereum’s fast recovery back above the psychological level at $4,000 is a key win for the bulls and if they can sustain it, then confidence in ETH will return and build up momentum for a rally. ETH must not close a daily candle below $4,000. As long as this is so, ETH is well-positioned for higher targets.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Bloodbath: Bitcoin Crashed to $42K, Altcoins See Double-Digit Slumps (Market Watch)

Bitcoin went through one of its worst crashes as it dumped by $16,000 in a matter of hours to a two-month low of $42,000. Most altcoins are deep in red with double-digit price losses, and the market cap went down by $600 billion at one point.

Bitcoin Dumps to $42K

A lot can change in the cryptocurrency market in a day. Just until 24 hours ago, the most bearish case that was made for bitcoin was that it couldn’t breach $59,000 decisively, despite the three attempts in a week.

However, as the asset was preparing for another leg up towards that particular line, the bears came to play big time. The primary cryptocurrency started dumping in value hard. Firstly, it plummeted to $51,000, which was an $8,000 daily price drop, but that was not the worst.

Hours later, BTC found itself dipping to $42,000 (on Bitstamp), which became the lowest price point since late September.

After this massive $16,000 crash in a day, BTC has reclaimed some ground, but it’s still 17% down on the day as it sits around $47,000.

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Its market capitalization, which was near $1.1 trillion yesterday, is now down to well below $900 billion.
Somewhat expectedly, the 24-hour liquidations have skyrocketed to $2.5 billion following this enhanced volatility, with 400,000 traders liquidated.

BTCUSD_2021-12-04_10-09-08
BTC/USD, Bitstamp. Source: TradingView

Altcoins See Nothing but Red

As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.

The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.

Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).

With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it’s around $2.2 trillion, which still means a $400 billion decline in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Price Analysis Dec-3: Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.

Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.

The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.

Chart by TradingView

Binance Coin (BNB)

After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.

As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.

Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.

Chart by TradingView

Cardano (ADA)

Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.

For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.

Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.

Chart by TradingView

Solana (SOL)

SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.

The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.

The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.

Chart by TradingView

Luna

The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.

With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.

Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.

Chart by TradingView
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Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: ETH Got 1% From New ATH, BTC Struggles to Break $58K

Bitcoin continues to struggle below $58,000 as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which came just inches away from a new ATH.

ETH’s ATH Push and Alts on the Rise

The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, the landscape around it has changed dramatically since then, and ETH now stands over $4,700.

Moreover, ETH touched $4,800 hours ago, which means that it came less than $80 away from painting a new all-time high.

Most other larger-cap alts are also in the green now. Binance Coin is nearly 5% up on the day and has increased to $640. Solana is among the best performers as a 9% surge has driven SOL to $220.

Cardano (2%), Ripple (3%), Polkadot (5%), Avalanche (6.5%), Terra (5%), CRO (7%), Litecoin (6%), Polygon (13%), and Chainlink (6%) have all marked substantial daily gains.

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In contrast, the two largest memecoins are in red. Dogecoin is down by 1.2%, while Shiba Inu, which skyrocketed following a listing on Kraken yesterday, is down by 8% now.

Further gains come from Voyager Token (33%), Stacks (27%), Curve DAO Token (19%), KuCoin Token (11%), and Nexo (11%).

The crypto market cap is up by $80 billion in a day and is close to $2.8 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Failed at $58K

While most alts charted impressive gains, bitcoin couldn’t do the same. The cryptocurrency had dipped below $54,000 during the weekend but surged by over $4,000 on Monday.

It continued in the following hours upwards and even touched $59,000. After a brief retracement, BTC did it again and exceeded $59,000 yesterday once again.

However, it failed to keep rising, and the subsequent rejection drove it south by $2,000. Following a few more fluctuations, BTC has now stalled around $57,000.

As bitcoin’s market cap has remained beneath $1.1 trillion, the dominance over the alts continues to fade away. The metric was above 44% just a few weeks ago, but it’s down beneath 41% now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: ETH Surges 8% Daily, Eyes All-Time High

Key Support levels: $4,350

Key Resistance levels: $4,868 (ATH)

ETH has finally moved above 0.08 BTC on the ETH/BTC chart. With this breakout, the cryptocurrency signals that it is ready to make significant gains against Bitcoin and lead the altcoin market to new heights. This breakout is essential because it represents a resistance line going back to the 2017 top when one ETH was 0.15 BTC.

Ethereum rallied on the USD pair as well and it is less than 3% from the all-time high at $4,868. As such, the current support is found at $4,350, and the resistance is represented by ATH. Considering the major breakout versus BTC, ETH seems likely to continue its rally and the only significant resistance left now is the all-time high on the USD chart.

Chart by TradingView

Technical Indicators

Trading Volume: The volume increased as the price moved higher which is bullish and a show of strength. It’s important to monitor the volume closely, especially as ETH approaches the key resistance.

RSI: The daily RSI is curving up and has plenty of space to go higher until it reaches the overbought area (>70) considering it is at 59 at the time of this post.

MACD: The MACD completed a bullish cross yesterday, which is very significant and highlights the start of a new rally for ETH. The last time this happened was on October 1st when ETH rallied 64% until November 10, which is also the date of the current all-time high.

Chart by TradingView

Bias

The bias for ETH is bullish. It is important for ETH to maintain this momentum and break above the key resistance.

Short-Term Price Prediction for ETH

Ethereum’s breakout on the Bitcoin chart and the fact that it is less than 3% from the current all-time high at $4,868 shows that Ethereum is likely ready for a new rally.  If it can break above the all-time high, then it will enter price discovery which could lead to a fast price increase.

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Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

After another unsuccessful attempt to overcome $59,000, bitcoin slumped by a few thousand dollars to $56,000. Most alts have stalled on a daily scale, aside from Shiba Inu, which has surged by double-digits following a listing on Kraken.

Bitcoin Rejected at $59K

During the weekend, bitcoin kept suffering as it had failed to conquer $55,000. The bears had complete control over the market and pushed the asset to a low of $53,500.

However, the situation changed rapidly on Monday morning when the cryptocurrency surged by over $4,000 and exceeded $58,000 briefly. A few hours later, it initiated another leg up, this time resulting in touching $59,000.

As it happened in the past few attempts to challenge that particular level, though, BTC failed, and the subsequent rejection drove it south to an intraday low of $56,000.

BTC’s market cap has remained beneath $1.1 trillion while the dominance over the altcoins is well below 42%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: SHIB Explodes

Most altcoins have remained relatively calm on a daily scale. Ethereum is less than 2% up in a day, but it stands above $4,400. Just a few days ago, ETH had dipped below $4,000.

Binance Coin, Solana, Cardano, Ripple, and Polkadot have marked minor losses. CRO has dumped the most in a day. An 8% decline has driven the recent high-flyer to below $0.70.

In contrast, Dogecoin (5%), Avalanche (5%), and Terra (9%) are well in the green. Nevertheless, Shiba Inu has skyrocketed the most (24%) in a day. This comes following news that the veteran crypto exchange Kraken has decided to list the popular memecoin.

More fluctuations come from Stacks (15%), Tezos (11%), and OMG Network (8%), while Gala (-11%), The Sandbox (-10%), and Siacoin (-9%) have lost the most value in a day.

The cryptocurrency market cap stands above $2.7 trillion, but it’s still a long way away from the record of over $3 trillion charted a few weeks ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Markets Gain $130B in a Day as Bitcoin Reclaimed $57K (Market Watch)

Following a few consecutive days of price slides, bitcoin finally bounced off by adding $4,000 of value. Most alternative coins are well in the green as well, with impressive daily increases from Ethereum, Solana, Polkadot, Terra, The Sandbox, and more.

Bitcoin Touched $58K

Ever since last Friday, when news broke about a new variant of the COVID-19 virus, the price of the primary cryptocurrency has been suffering. It went from a daily high of over $59,000 to a low of $53,500 in a matter of hours, resulting in nearly $1 billion in liquidations on a daily scale for leveraged traders.

The weekend saw a brief recovery attempt, in which BTC exceeded $55,000, but it was short-lived as the bears intercepted the move. As a result, they pushed bitcoin south again, and the asset found itself around $53,500 once more just hours ago.

However, this is where the landscape changed. Instead of going further south, BTC started to reclaim ground and jumped by more than $4,000. Consequently, it touched $58,000, but it has retraced slightly now to just over $57,000.

Its market capitalization, which was close to breaking below $1 trillion yesterday, is now up to almost $1.1 trillion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The altcoins also went down hard as bitcoin was dumping. Ethereum dipped below $4,000, and even though it tried to surpass $4,100 during the weekend, it stayed below it for the most time. Now, though, a 7% daily increase has driven the second-largest cryptocurrency well above $4,300.

Binance Coin has reclaimed $610 after a 5% daily surge. Solana (8.5%), Cardano (6%), Ripple (6%), Polkadot (8.5%), Dogecoin (3.5%), Avalanche (4.5%), Shiba Inu (4.5%), and Terra (6.5%) are all well in the green as well.

More gains come from The Sandbox (22%), Zilliqa (17%), Gala (17%), Stacks (14%), KuCoin Token (14%), WAX (14%), PancakeSwap (13%), Enjin Coin (12%), and more.

The cryptocurrency market cap is up by more than $130 billion in a day and has exceeded $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: ETH Resistance at $4350 Intact, Will Bulls Step Back In Soon?

Key Support levels: $4,000

Key Resistance levels: $4,350, $4868 (ATH)

ETH failed to chart any meaningful gains throughout the week as bears intercepted all attempts at a rally and managed to bring the price back towards the $4,000 support on a few occasions.

This price action shows that bulls don’t appear ready to push above the $4,350 resistance, and bears are seemingly in control of the momentum, at least for the short term. Until $4,350 is flipped into support, bulls need to be very careful of potential downward movements.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, perhaps in anticipation of a major breakout. The previous attempts to break the key resistance level were on low volume, which is the reason why the bears were also successful to reject such attempts.

RSI: The daily RSI is making higher lows. This is somewhat bullish, but it is too early to get excited since the price can go either way.

MACD: The MACD is bearish on the daily timeframe, and the histogram and moving averages continue to fall. There’s o potential for a reversal in sight as of yet. On lower timeframes, the MACD is flat, suggesting a consolidation period before the next big move.

Chart by TradingView

Bias

The bias for ETH is neutral. So long as the price stays above $4,000, the bulls have a good chance to regain control. If they lose this key level, then they will be at a big disadvantage.

Short-Term Price Prediction for ETH

Ethereum’s consolidation can continue, which will keep the price around $4,000. The low volume, flat trend, and the failure to move the price beyond the key resistance level show that bulls do not yet have the strength to push ETH higher. The coming weekdays may lead to increased volatility, and it’s important to remain careful.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: Bitcoin Concludes Its Worst Day Since September

The last day was particularly tumultuous throughout the entire cryptocurrency market and bears clearly had the upper hand. While an argument can be made that this is a correction that (so far) failed to damage the long-term market structure, it’s a fact that BTC’s price saw its worst day of trading since September 7th.

Bitcoin Price Tumbled Below $54K

Yesterday, bears took full control over the market, and this resulted in the worst daily candle Bitcoin’s had since September 7th when the price dropped from $52K all the way down to $42K.

This time the damage wasn’t as serious, but still, BTC opened at around $59K and closed below $54K, charting a considerable loss. Analysts speculate of the exact reasons for the drop, though many seem to believe that it was the overleveraged long position that cascaded into a spree of liquidations.

In fact, at one point, the liquidations amounted to over $300 million in just an hour. In any case, the market has since recovered a bit, and bitcoin’s price currently rests above $55,000, while its dominance over the remaining cryptocurrencies hovers slightly below 42%.

img1_btcchart
Chart by TradingView

Altcoins in Recovery

While on a 24-hour log, most of the altcoins are currently painted green, if we extend that to 30 hours, the situation would be completely different. Ethereum’s price plunged below $4K, while BNB, Solana, and especially Cardano (ADA) all charted notable declines.

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However, since the dump, they are all now recovering, and this morning, the confidence seems to be resuming in the market.

img_alts
Chart by Coin360

At the time of this writing, the biggest gainers from the 24-hour fiasco (of the top 100 coins) are ENS with 23% and CRO with 14.6%, even though the latter’s price was just below $1 about three days from now.

On the other hand, those who lost the most were BAT with 7.3% and OHM with 7.1% declines.

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Cryptocurrency charts by TradingView.


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