2 November 2024
These Five Cryptocurrencies You Should Look After
Bitcoin has yet not reached $40,000 again and this has let down the traders who were expecting a quick resumption of the uptrend may have been caught off guard by the recent pullback. As a result, it led to the liquidation of about $500 million worth of cryptocurrency futures positions in the past 24 hours.
The leveraged positions provide the necessary ammunition during the uptrend, but when the trend reaches an inflection point it becomes a liability.
The data showing a reduction in leveraged Bitcoin positions from the past few days states a positive sign as it decreases the risk of cascading liquidation.
Mostly, a sharp fall is avoided when the markets are not overleveraged, and sustained buying is needed to maintain the higher levels. If this doesn’t happen, the price continues to correct gradually.
In the list of bitcoin buyers, Grayscale has been one of the major buyers in the past few months. However, Osprey Funds has become a new competitor. Osprey Funds is offering a competitive management fee structure compared to Grayscale.
The above-mentioned details are a positive sign for crypto markets because if both these firms attract institutional investors, buying may start again and Bitcoin can reverse course to pursue new highs.
There are five cryptocurrencies that you should check out this week and that may be favored by the bulls in the next few days. Bitcoin (BTC), Chainlink (LINK), Uniswap (UNI), Tezos (XTZ), and Cosmos (ATOM) are suggested cryptocurrencies to look after this week.
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