 was trading sideways on Dec. 18 after falling in the morning on a large liquidation in the futures market. According to data from the on-chain analysis platform CoinGlass, the amount liquidated in the futures market on Dec. 18 is about $1.3 billion. Bitcoin, which had been constantly rising as the report continued to break, plunged due to a series of liquidations due to the outstanding agreements accumulated in the futures market. A number of major altcoins fell on Bitcoin\'s decline. A handful of altcoins posted gains of more than 5%, suggesting that the ', 'https://img.blockstreet.co.kr/photo/2022/04/19/20220419000028_0640.jpg', 'https%3A%2F%2Fwww.blockstreet.co.kr%2Fnews%2Fview%3Fud%3D2024121816424218571'));){kind=link}
Futures Market BTC Liquidation Hits $1.3 billion
Major Altcoins Continue Weak as BTC Falls
Experts Point Out BTC Volume Accumulated At $9.8M
"BTC Bull Market Stillh Has Time to End"
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According to data from the on-chain analysis platform CoinGlass, the amount liquidated in the futures market on Dec. 18 is about $1.3 billion. Bitcoin, which had been constantly rising as the report continued to break, plunged due to a series of liquidations due to the outstanding agreements accumulated in the futures market.
A number of major altcoins fell on Bitcoin's decline. A handful of altcoins posted gains of more than 5%, suggesting that the bull market is still continuing.
◇Bitcoin = Bitcoin price is $104,026 at 4:30 p.m. on Dec. 18, 2024. The Bitcoin share(dominance) was 57.86%.
The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 47.93% and 52.07%, according to the on-chain analytics platform Sigbtc.
Despite Bitcoin's plunge, experts expressed optimism about Bitcoin's short-term market price.
According to data from the on-chain analysis platform WhaleApp on the 18th, more than 150,000 Bitcoin sales have been accumulated for $98,133. Analysts say that large-scale sales accumulate near $100,000, and it is not easy for Bitcoin to fall to the price before the rally. WhaleApp emphasized, "Even in the sharp decline, the sale accumulated at $98,133 will be a huge defense line."
Cryptocurrency trading company QCP Capital pointed out the short-term strength of the cryptocurrency market, including Bitcoin, in a customer letter on the 18th. "The market is healthy," QCP Capital said, "Prices will rise further over the next three to six months and we are predicting a strong market by the summer of 2025."
◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Dec. 18 was Bitcoin Gold(BTG), up about 11%.
Bitcoin Gold is a main net coin that was hard forked based on Bitcoin in 2017.
Bitcoin Gold is a free open-source software project. Its biggest feature is that it distributed mining operations by adopting Equihash BTG instead of the existing method in the PoW algorithm calculation method.
It was developed to give ordinary people an equitable opportunity to mine by making Bitcoin mining impossible on special equipment called ASIC miners, but only on GPU miners on ordinary computers.
◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative is 81 points, and it has entered an 'extremely greedy' phase. Extreme greed is an upward phase accompanied by high volume and strong volatility. It can be said that it is a selling section for institutions as it is highly likely to leave the market at its peak.
The cryptocurrency relative strength index(RSI) provided by Sigbtc was 72.2, which was 'overbought'. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of overbought and over-selling of a particular asset.
권승원 기자 ksw@blockstreet.co.kr