Two days ago, social media platform Twitter was filled with comments from traders urging some crypto assets to stop ranging and “do something.” Events that have taken place over the past 24 hours seem like answers to these requests as these assets “did something.”
During the past intraday session, the global cryptocurrency market cap started a downtrend that extended for hours and left the industry at $1.79 trillion as of the time of writing. The valuation dipped as low as $1.77 trillion but as slightly improved.
As per reports from Coinglass, more than $800 million got liquidated during this period with a little above 84% of the REKT capitals from long positions. The market is seeing little stability as of the time of writing as most cryptocurrencies have returned to the consolidation phase.
The above image suggests that most digital assets are down by more than 10%. The top loser according to cryptocurrenciestowatch, the top loser over the last 24 is SCRT as has lost more than 22%.
Is It Over?
Many traders believe that the current bearish dominance will come to an end as soon the Bitcoin hits $38,000. One of these bulls is Johnwick.HODL who said that failure to purchase BTC at $38k is a waste of a good opportunity.
If you don’t buy #Bitcoin here at $38000, trust me you wouldn’t have bought it at $3800 in March 2020 as well.Johnwick.HODL (@RajHodl) January 21 2022