The cryptocurrency market led by Bitcoin (BTC) and Ethereum (ETH) has bled profusely in the past 24 hours, with over $323 million liquidated from over 98k traders. According to the latest cryptocurrency price oracles, the total crypto market capitalization has dropped by approximately 7.4 percent to stand at $965 billion on Friday.
The Bitcoin weekly death cross is proving to be a solid psychological resistance despite the new year’s bullish sentiments. With Bitcoin looking to close the third consecutive week on a bearish thesis, the altcoin industry faces more sell pressure in the coming weeks.
As the cryptocurrency market continued to dip during the early London trading session, on-chain analysts have identified increased whale activity in the past 24 hours. According to Lookonchain, a whale dumped about $60 million worth of Bitcoin and Ethereum before the market fell earlier today.
With Bitcoin possibly looking at $17.4k as the next weekly solid support, the bleeding is expected to continue in the crypto market during the weekend or coming weeks.
Are these Altcoins Attempting Recovery?
As the cryptocurrency market continues to correct from the new year’s relief rally, on-chain analytics firm Santiment has identified three altcoins that could recover soon. According to Sentiments analyst Brian Polygon (MATIC), Aavegotchi ($GHST) and Fantom ($FTM) have recorded a sharp uptick in whale activity in the past 24 hours.
For instance, Polygon (MATIC) has recorded a single whale transaction involving 58,885,143 MATIC worth approximately $62.1 million in the past 24 hours. However, Santiment noted that the transaction involved an exchange transfer, which often has little effect on the underlying value.
Similarly, Aavegotchi ($GHST) recorded a single whale transaction of $8.2 million involving centralised exchanges.
Fantom (FTM) has recorded a single whale transfer of about $10.2 million in the past 24 hours.