Polkadot and Solana are the biggest losers in the crypto market. Solana has dropped by 12% in a day and Polkadot has plunged by 14%.
Polkadot and Solana are the biggest losers:
The Crypto market is in total chaos after a month of consolidation. The last 24 hours have been very crucial for the whole market. The flagship currency, BTC, took a nosedive and reached to $42,700 price mark from $46,500. This move of the BTC has impacted the whole market. The top ten coins of the crypto market turned red. Polkadot and Solana are the biggest losers in the last 24 hours among these top ten tokens.
Among Ethereum rivals like Avalanche (AVAX), Terra (LUNA), and Solana (SOL) have seen bigger losses than whole other market assets. Polkadot is slightly recovering but it dropped 14% in a day timeframe. Solana also plunged by 12%. These Ethereum rivals are up by several hundred percent in the past year because investors saw another investing opportunity outside the second largest currency.
The price drop was caused by the over $800 million in crypto liquidations, as reported. Slightly over 87% of these liquidations were on short positions, or from traders who bet on falling prices. At the time of writing, the crypto market is moving towards recovery. Over $317 million worth of liquidations occurred on BTC-tracked futures products in the past 24 hours alone.
The RSI indicator of top digital assets including Polkadot and Solana went below 30 suggesting that most of these assets are oversold. An upward rally or recovery of the whole market is expected in the case of oversold.
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