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Fiery Crypto Market: Cardano and XRP Lead Major Losses, Over 300 Million USD Liquidated
The cryptocurrency market has just experienced a sharp decline with many large coins suffering heavy losses. The CoinDesk 20 index (#CD20 ), which tracks the 20 largest tokens by market capitalization, dropped 3.6%. This slide has led to over 300 million USD in long positions being liquidated, particularly with smaller altcoins and meme coins.
Key Developments
• Bitcoin (BTC): Down 2% from the historical mark of 100,000 USD, dragging down major coins like $XRP , $DOGE , and $SOL by up to 5.5%. Cardano (ADA) suffered the heaviest loss, 7%, partly due to the Cardano Foundation's X (Twitter) account being hacked.
• Major Liquidation: The largest liquidation was a DOGE futures trade worth 5.53 million USD on Binance. Futures contracts for altcoins and meme coins recorded heavier losses than BTC and ETH.
• Midcaps Not Escaping: Mid-cap coins fell by up to 10%, according to data from Coingecko.
Expert Opinions
• QCP Capital predicts the market will trade sideways until 2025, with a stronger upward trend after the Halving period.
• Alex Kuptsikevich (FxPro): Bitcoin struggles to hold above the 100,000 USD mark, affecting buying sentiment. However, he expects prices to recover to the 120,000 USD area based on Fibonacci analysis.
Market Sentiment
BTC's inability to maintain upward momentum above 100,000 USD has left investors concerned. However, this could also be a necessary correction phase for the market to regain stability and prepare for a new bullish cycle.
👉 Advice: Investors should exercise caution with futures contracts and closely monitor market developments to optimize profits!
The cryptocurrency market has just experienced a sharp decline with many large coins suffering heavy losses. The CoinDesk 20 index (#CD20 ), which tracks the 20 largest tokens by market capitalization, dropped 3.6%. This slide has led to over 300 million USD in long positions being liquidated, particularly with smaller altcoins and meme coins.
Key Developments
• Bitcoin (BTC): Down 2% from the historical mark of 100,000 USD, dragging down major coins like $XRP , $DOGE , and $SOL by up to 5.5%. Cardano (ADA) suffered the heaviest loss, 7%, partly due to the Cardano Foundation's X (Twitter) account being hacked.
• Major Liquidation: The largest liquidation was a DOGE futures trade worth 5.53 million USD on Binance. Futures contracts for altcoins and meme coins recorded heavier losses than BTC and ETH.
• Midcaps Not Escaping: Mid-cap coins fell by up to 10%, according to data from Coingecko.
Expert Opinions
• QCP Capital predicts the market will trade sideways until 2025, with a stronger upward trend after the Halving period.
• Alex Kuptsikevich (FxPro): Bitcoin struggles to hold above the 100,000 USD mark, affecting buying sentiment. However, he expects prices to recover to the 120,000 USD area based on Fibonacci analysis.
Market Sentiment
BTC's inability to maintain upward momentum above 100,000 USD has left investors concerned. However, this could also be a necessary correction phase for the market to regain stability and prepare for a new bullish cycle.
👉 Advice: Investors should exercise caution with futures contracts and closely monitor market developments to optimize profits!
SOL (Solana) Takes the Lead in the Cryptocurrency Market
In the ever-changing world of cryptocurrencies, this week's standout performer is Solana (SOL). According to an analysis by CoinDesk, between May 17 at 4:00 PM and May 20 at 9:00 AM, SOL grew by 5.4%, making it the top gainer among the top 20 cryptocurrencies.
Weekly Performance Review
Based on the CoinDesk 20 (CD20) index, the second-largest gainer after SOL was Bitcoin Cash (BCH), which saw a 4.3% increase. Chainlink (LINK) and Uniswap (UNI) followed with growth rates of 2.0% and 1.9%, respectively.
Overall, eight of the cryptocurrencies in the CD20 index showed positive growth. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC) registered small increases of 0.1% each.
#solana #chainlik #uniswap #coindesk #cd20 $SOL $BCH $LINK
Weekly Performance Review
Based on the CoinDesk 20 (CD20) index, the second-largest gainer after SOL was Bitcoin Cash (BCH), which saw a 4.3% increase. Chainlink (LINK) and Uniswap (UNI) followed with growth rates of 2.0% and 1.9%, respectively.
Overall, eight of the cryptocurrencies in the CD20 index showed positive growth. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC) registered small increases of 0.1% each.
#solana #chainlik #uniswap #coindesk #cd20 $SOL $BCH $LINK
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