Among the major tokens in the cryptocurrency industry, XRP and ADA are experiencing declines.
While there are decreases in XRP and ADA, Bitcoin and Ethereum continue their horizontal course. While the drop in XRP can be explained by the SEC lawsuit, analysts for other major tokens made comments.
Horizontal cruise in Bitcoin is annoying in the industry
According to data from CoinGecko, it seems that there has been no significant change in Bitcoin and Ethereum prices in the last 24 hours, and there are some fundamental effects that will move the markets. However, crypto assets such as XRP and Cardano have suffered as interest in alternative cryptocurrencies has waned. In particular, the decline in Cardano negatively affected the price of this asset, despite the increase in development activities.
In addition, there was a 1.2 percent drop in the price of Binance Coin (BNB). This drop is associated with concerns that there could be a massive liquidation of Venus Protocol built on BNB Chain.
According to the data, there appears to be no significant price action in Bitcoin and Ethereum. Nasdaq futures are reported to be giving a bullish signal in tech stocks, with broader equity markets adding to their gains. However, the waning rise on social media platforms regarding “buy at the bottom” rhetoric reflects market uncertainty amid the sideways price action.
According to data from data analytics tool Santiment, there has been a large increase in “buy at the bottom” rhetoric among traders, but this optimism has waned in recent days. This indicates that uncertainty about the recovery in the market has increased and pessimism may prevail again.
According to the explanations of analysts at crypto exchange Bitfinex, professional traders can try to generate returns using volatility strategies. It is observed that long volatility strategies are applied more intensely, especially during price decreases. Analysts also note that traders can try to profit from volatility using options strategies.
