Bitcoin rises above $69,000, plunges 10%On Tuesday, Bitcoin surpassed its previous high and surged to $69,324. Almost immediately, however, Binance order books showed huge sell orders. BTC price levels immediately fell as a large number of traders lined up to take profits, with an order to sell 300 Bitcoins (valued at $20 million) at $69,000, and an order to sell 500 Bitcoins at $70,000. to less than $60,000.Once Bitcoin broke above $69,000 and reached $69,324, there was massive selling pressure that caused Bitcoin to fall below $1,000 within a minute. The ensuing wave of selling pushed the price lower, hitting a low of $59,700.Despite the volatility, Bitcoin managed to rebound to $62,800. The pullback resulted in a 7% drop over the past 24 hours.Additionally, the volatility resulted in $1.1 billion worth of derivatives trading positions across various digital assets being liquidated within 24 hours. Of the total liquidations, $870 million was attributed to long positions, highlighting the impact of the sudden market downturn on leveraged traders.Altcoins bide their timeAs Bitcoin undergoes a frequent rollercoaster ride, analysts have turned their attention to the altcoin market, which surged 50% last month to $1.2 trillion. While we’ve seen significant gains in Meme coins, major altcoins like Ethereum, Cardano, and Polygon (MATIC) have yet to fully join the rally.Matthew Seigel, head of digital assets at VanEck, is optimistic about a promising year for altcoins, especially Ethereum, in 2024. Seigel highlighted Ethereum's performance relative to Bitcoin, which is up 56%, while Bitcoin is up 50% since the start of the year. He expects ETH to continue this trend, especially with the upcoming block reward halving.While meme coins have already demonstrated their capabilities with soaring profits, investors may turn their attention to other altcoins, including Ethereum and Solana. As observed with the altcoin profit rotation phenomenon, this profit rotation within the altcoin ecosystem could trigger a broader rally in various cryptocurrencies.Market crash affected by BitcoinThe collapse of Bitcoin further caused the price collapse of meme coins such as Dogecoin and Shiba Inu, raising concerns about the speculative nature of these assets. Trader @Cryptomanran advises: “Memes are an amazing trade, but remember, kids, take profits and put them into a protocol that will make a difference in 5 years!”On the other hand, quality altcoins with strong fundamentals like Ethereum and Solana have shown resilience. Ethereum’s upcoming Dencun upgrade and Solana’s competitive gas fees make them survivors of the bloody Bitcoin crash that affected altcoins and meme coins. Still the same, bull market spot, don’t know what’s lurking, just click on the beginning and follow me like
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