Crypto market faces volatility as traders seek new opportunities
The cryptocurrency market is experiencing significant volatility as price fluctuations in Bitcoin (CRYPTO:BTC) and altcoins raise concerns among traders, while also pushing them to look for new investment opportunities.
Bitcoin, which began the week at around $97,000, has been subject to erratic price movements.
Leading altcoins such as Ethereum (CRYPTO:ETH), XRP (CRYPTO:XRP), and Solana (CRYPTO:SOL) mirrored Bitcoin’s performance, with Ethereum declining by 2%, XRP down by 4%, and Solana also facing losses.
Meme coins like Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB) also experienced declines.
However, Litecoin (CRYPTO:LTC) emerged as a standout performer, gaining 5% and attracting renewed investor interest.
This surge has prompted traders to adjust their short-term strategies.
Despite a decrease in total market capitalisation, trading volume has surged, reflecting a rise in market activity.
This uptick in activity signals that traders are adjusting to the current conditions and closely monitoring market movements.
Among the notable gainers, Litecoin and Monero (CRYPTO:XMR) saw increases of 5% and 3%, respectively.
The Artificial Superintelligence Alliance (CRYPTO:FET) also gained 2%, offering some optimism for investors.
Conversely, Onyxcoin (CRYPTO:XCN), Virtuals Protocol (CRYPTO:VIRTUAL), and Raydium (CRYPTO:RAY) experienced losses of 10-11%, underscoring the volatile nature of the market and highlighting the importance of reassessing short-term strategies, especially with key economic data expected from the U.S.
Market expert Michaël van de Poppe believes the market could soon enter a recovery phase.
He suggests that, despite the current volatility, a positive trajectory may follow in the wake of short-term price fluctuations, offering hope for a potential rebound in the near future.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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