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XRP, APT, ADA Tumble Another 15%; Investors May Be Paring Longs Ahead of CPI Data
Bitcoin is again outperforming, sliding just 3% back to $95,000.
Dec 10, 2024, 5:20 p.m.
What to know:
- Cryptocurrencies are bleeding lower Tuesday following yesterday's brutal shakeout.
- XRP, Polkadot (DOT), Litecoin (LTC), Aptos (APT) and Cardano (ADA) shed 15% over the past 24 hours. The broad-market CoinDesk 20 Index was nearly 10% lower.
- The risk-off move could be in anticipation of inflation data coming on Wednesday, Youholder Chief of Markets Ruslan Lienkha noted.
Cryptocurrencies continued to this week's decline on Tuesday, with altcoins in near-freefall as bitcoin slid further from the $100,000 level.
Among the worst-hit cryptos were XRP, Polkadot (DOT), , Aptos (APT) and , down 15%-18% over the past 24 hours, extending Monday declines. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding memecoins, stablecoins and exchange coins — tumbled almost 10% Most cryptos in the index plunged by double-digit percentage amount at the minimum, though Ethereum's ether and Solana's SOL fell just 8% and 9%, respectively.
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Bitcoin, in comparison, held up relatively well compared to the rest of the market, dipping to $95,000 and down nearly 3% over the past 24 hours.
Cryptocurrencies had already plunged on Monday, triggering one of the largest leverage flushes in years liquidating over $1.5 billion of bullish derivatives positions. Tuesday's fall so far forced $450 million in liquidations across all digital assets, mostly bullish bets, CoinGlass data shows. Open interest for bitcoin futures remains at record high at almost $58 billion, though it has decreased 6.8% from Sunday.
This week's sell-off followed a month-long breakneck rally in crypto prices after Donald Trump's election victory in early November. Some altcoin majors doubled or more in price, while bitcoin crossed the $100,000 threshold for time ever.
Bitcoin's market cap dominance, which shows BTC's share of the total cryptocurrency market, spiked to 57.9% on Tuesday, its strongest reading since late November, underscoring the general risk-off move from altcoins towards BTC.
The market moves could be in anticipation of inflation data coming on Wednesday, according to Youholder Chief of Markets Ruslan Lienkha. "The market anticipates a slight uptick in inflation," he told CoinDesk in an email. "However, if CPI reveals figures higher than expected, it could intensify the ongoing correction across financial markets. In such a scenario, the timing and likelihood of Federal Reserve rate cuts will become a critical focus heading into the new year."
Stocks, though, haven't suffered the same way crypto has. After modest declines on Monday, the major U.S. average are flat today.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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