Most altcoins have plummeted by more than 30% over the past week, with Bitcoin trading at $62,000.
It's been a tough week for global markets, with rising tensions between Israel and Iran dominating the headlines.
Bitcoin is down 2% today and more than 10% in the past seven days, currently trading at $62,000. The world's most valuable cryptocurrency is testing the bottom of the trading range that has contained it for the past six weeks.
Meanwhile, most altcoins have wiped out more than 30% as Bitcoin dominance (BTC's share of total crypto market capitalization) surpassed 57% on Saturday, its highest level since April 2021. Ether and Solana are down 15% and 25%, respectively. , from April 9th.
Most of the top 100 digital assets have taken a hit, with major decentralized exchange Uniswap being the biggest loser this week, down 38%. The situation for his other major DeFi tokens is not much better, with AAVE, DYDX, and RUNE falling over 30% of his time.
Memecoin was not spared either, as its value fell by a third over the weekend due to the sharp decline in popular tokens such as BONK, WIF, and PEPE.
purchase opportunity
Although sentiment on crypto Twitter overall has turned significantly bearish, some, like well-known trader GiganticRebirth, are believe The ongoing carnage represents a good buying opportunity for sidelined capital.
“Someone once said that liquidation is a forced transfer of wealth from leveraged traders to wealthy spot buyers. “We don't want to see our brothers thrown away when it's still bright,” they wrote to X.
Lucas Kiely, chief investment officer at digital wealth platform Yield App, said the permanent funding rate was reset after more than $1 billion in leveraged positions were liquidated over the weekend, creating a favorable environment for buyers. .
“A lot of leverage is gone, funding is much cheaper, and there is a relative balance between long and short. Recognize the lack of market support early on and buy on reversals to capture the rebound.” That's the main strategy that's paying off for investors right now,” he told The Defiant.
