Bitcoin recently experienced a drop in value, reaching as low as $92,500 before recovering slightly above $94,000. With the upcoming release of Federal Reserve minutes, there is growing interest in which altcoins might be prime for purchase. This report delves into the implications of the recent downturn in the cryptocurrency market.
What Impact Did the Market Decline Have?
The cryptocurrency market faced a significant blow, witnessing $567 million liquidated from long positions within a single day. Approximately 250,000 traders were affected, with the largest liquidation involving a long position worth $17.74 million in Ethereum.
Which Altcoins Are Priced for Potential Gains?
Given the recent market turmoil, many are asking which altcoins are now attractively priced. Analyzing the Relative Strength Index (RSI) can provide valuable insight. The downturn has made several previously popular altcoins prime candidates for purchase, with most major cryptocurrencies, aside from a handful like ARK and GAS, falling to appealing buying levels.
• Bitcoin has shown signs of recovery, crucial for market sentiment.
• Major altcoins like Ethereum and ZEC are in oversold territory, indicating potential price rebounds.
• Cryptocurrencies such as LSK and XRP have remained resilient during the downturn.
• Investors should monitor the Fed’s upcoming remarks for market direction.
If Bitcoin continues its upward trend and the Federal Reserve keeps a neutral stance, the next few hours may present solid opportunities for purchasing altcoins. As the market reacts to the Fed’s minutes, the implications will likely begin to clarify.
