- Over the last 24 hours we have witnessed a decrease in general crypto market.
- BTC prices, ETH rates, and XRP values may further fall on the short-term.
Over the past day, many of the top assets are losing value as the cryptomarket overheats. According to a report, global crypto market capitalization fell by 7% in the same time period. Coingecko’s data.
The global crypto market capitalization was $2.7 trillion at the time this article was written.
Bitcoin: Long-term liquidations
Leading Coin Bitcoin [BTC] In the last 24 hours, its price has dropped by nearly 10%. In the Asian hours on the 15th, the price dropped from $67,000 to $67,000. That’s a drop of almost 7%. After a short rebound, it rose to $68,500.
CoinMarketCap data shows that the top coin was valued at $67,000 as this article is being written, which represents a 8% drop in price over the last 24 hours.
In the meantime, however, coin trading volumes rose 55% over the period. A divergence in price/volume was created. The high level of market activity indicated an increased selling pressure.
When investors are selling their assets, this divergence can occur. This could be due to negative emotions or concern about price movement in the future.
The sharp drop in Bitcoin’s value has led to a surge in long-term liquidations of the cryptocurrency’s futures. According to Coinglass’ In the last twelve hours, data shows that over 90 million dollars in positions long have been cancelled.
It is considered a liquidation when a position is forced to close due to lack of funds. When the price of an asset drops suddenly, traders are forced to liquidate their open positions.
Even though the open interest for futures on this coin declined, it continued to grow. Over the last day, it increased by 2 percent. According to Coinglass, BTC futures’ open interest stood at $37.25 billion as of press time.
As well, the funding rates on crypto exchanges have remained positive. Open interest was up and funding rates were positive, indicating that investors are still confident that Bitcoin will continue to rise despite its current decline.
The bears aim to gain control over the Ethereum market
Its statistically significant correlation with Bitcoin Ethereum [ETH] In the past 24 hours, its value has decreased as well. At the time of publication, this coin sold for $3,708, a 7% drop in price.
A daily graph of ETH price showed a consistent increase in the number of coins sold.
As an example, the Moving Average Convergence Divergence(MACD) indicator of the coin showed its orange signal line crossing above the MACD blue line successfully on 14th march.
It’s usually a sign of bearishness when the MACD line and signal line cross in an upward trend. It’s because the MACD signal line has a 9-day exponential moving average (EMA). This line is used to trigger buy or sell signals. If it crosses the MACD, this indicates that a trend could be shifting towards a more bearish direction.
This bearish crossover is usually interpreted by traders as a sign to sell, or an indication of a possible market downturn.
Relative Strength Index, or RSI, was on a downtrend, indicating ETH’s declining demand from participants in the spot market. It was still above the middle line when it went to press, but its position showed a decrease in ETH.
The on-balance Volume (OBV), a measure of buying and sales pressure for ETH, fell by 0.3% over the last 24 hour. If the OBV of an asset falls, this indicates that selling volume has increased, which could indicate a downward trend in price.
The increase in profits was confirmed by an assessment of ETH exchange activity over the last 24 hours. CryptoQuant reports that the currency’s reserve has increased by 1% over this time period.
As at this time, there are 14 million ETH valued at around $52 billion held on cryptocurrency exchanges.
XRP hints further decline
Ripple’s XRP Its value dropped by 6% over the last 24 hours. CoinMarketCap’s data shows that the six largest cryptocurrency asset in terms of market capitalization was trading at $0.63 as we wrote this.
AMBCrypto assessed the volatility of tokens on a chart of daily data and concluded that the volatile market could lead to a possible further drop.
At press time, for example there was a wider gap between the upper- and lower-bands of XRP’s Bollinger Bands. A widening of the gap usually indicates that prices are getting more volatile.
A negative sentiment weighted at -0.073 indicates that the likelihood of a downward price move is still high.
Here’s a list of realistic and not-so-realistic images. XRP market cap in BTC’s terms
ATR, which is a measure of market volatility that calculates the average price range between highs and lows over a number of specified periods confirms XRP’s highly volatile market.
XRP’s ATR increased 25% over the last 24 hour. The rise of this indicator signals an increase in the volatility in the market.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com