Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits
Aniket Verma 1 year ago
CryptocurrencyNewsMarkets
Leading cryptocurrencies traded flat Tuesday even as the stock market closed at new records.
Leading cryptocurrencies traded flat Tuesday even as the stock market closed at new records.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.35% | $95,699.46 |
| Ethereum (CRYPTO: ETH) | -0.27% | $3,627.03 |
| Dogecoin (CRYPTO: DOGE) | -1.50% | $0.4143 |
What Happened: Bitcoin had a rocky journey, falling to $93,645 in the morning before recovering to $96,000.
The volatility came amid huge political drama in South Korea, as President Yoon Suk Yeol revoked a martial law decree just hours after it was announced.
Bitcoin's market dominance fell by more than 6%, while altcoins recorded a significant jump in share.
The volatile movement led to more than $621 million in cryptocurrency liquidations in the last 24 hours, with bullish leveraged bets accounting for $389 million.
Bitcoin's Open Interest (OI) fell by 2.26% in the last 24 hours. Interestingly, most top traders, i.e., those with the highest margin balance, continue to be bullish on Bitcoin, as per the Long/Shorts Ratio.
The "Extreme Greed" strengthened from 76 to 78 in the last 24 hours, per the Cryptocurrency Fear & Greed Index, indicating expectations of future upsides.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Reserve Rights (RSR) | +162.63% | $0.02651 |
| Tron (TRX) | +90.37% | $0.4195 |
| Neo (NEO) | +39.77% | $25.08 |
The global cryptocurrency market capitalization stood at $3.52 trillion, following an increase of 1.70% in the last 24 hours.
Major stock indexes closed at new records on Tuesday. The S&P 500 gained 0.05% to end at 6,049.88, while the tech-focused Nasdaq Composite closed 0.40% higher to 19,480.91, setting a new intraday record of 19,486.14.
The Dow Jones Industrial Average, meanwhile, dropped 0.17% to close at 44,705.53.
Exchange-traded funds tracking the South Korean market fell amid political drama surrounding martial law. The iShares MSCI South Korea ETF (NYSE:EWY) closed down 1.59% to $55.81, while the Franklin FTSE South Korea ETF (NYSE:FLKR) declined 0.84% to $18.78.
Investors parsed labor market data that revealed a higher-than-expected jump in job openings for October compared to September.
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Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett made a bold prediction about Ethereum's future price moves.
"If I’m right about ETH, it trades back to $1,000 from current levels. If I’m wrong, Ethereum breaks $3,700 to target $4,000," he said. "I’ve placed my bet. I’ll be here to call out levels to watch if I’m right or admit if I’m wrong."
If I'm right about $ETH, it trades back to $1k from current levels.
— Justin Bennett (@JustinBennettFX) December 3, 2024
If I'm wrong, #Ethereum breaks $3,700 to target $4k+.
No ego or emotions, just sharing what I see.
I've placed my bet. I'll be here to call out levels to watch if I'm right or admit if I'm wrong. pic.twitter.com/sb5ST5Xu5z
Influential cryptocurrency market observer Michaël van de Poppe noted how the altcoins were logging double-digit gains on a daily basis.
"The good thing: we’re just getting started. The bad thing: people will lose a lot, too," he remarked.
Van De Poppe advised his followers not to chase FOMO and "take profits of the table."
The #Altcoins are extremely heating up at this point.
— Michaël van de Poppe (@CryptoMichNL) December 3, 2024
Double-digit returns day after day; it's great.
The good thing: we're just getting started.
The bad thing:people will lose a lot, too.
Make sure to avoid chasing FOMO in those positions and take profits of the table.
Photo by Igor Faun on Shutterstock
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