With the market hitting a key liquidation zone, he said it was game over as stop-losses were triggered in a chain reaction. The overheated market saw funding fees surge, with Open Interest (OI) also soaring as traders took new positions.
After this scary sell-off, strong buying pressure reemerged on Ethereum. Traders saw ETH as a safe bet as the coin has a rather smaller drawdown when compared to Bitcoin. The price of XRP dropped by over 12% to as low as $2.06 in the broad-based sell-off.
The analyst said XRP still has thin liquidity, thus impacting its spike potential. Amid the sell-off, Cardano (ADA), USDC and FDUSD recorded an insane boost in volume.
According to Ash Crypto, the liquidation must have wiped out “weak hands” and allowed smart money to buy the dip at a discount. Ultimately, he projected that the coin’s price is bound to “snap back quickly.”
The market still has the right anchors that helped it grow over the past few weeks. MicroStrategy made a big $2.1 billion Bitcoin purchase this week, proof of strong institutional presence on the market.
Experts are predicting a swift recovery for the market, with Robert Kiyosaki advocating that people should buy Bitcoin now.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
