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Even though Bitcoin's price has dropped to $55,000, the panic selling in the market for alternative cryptocurrencies has not subsided. Almost all of the top ten alternative cryptocurrencies, including Ethereum, have experienced a price drop of between 10 and 20 percent, with the price of ETH losing the critical support level of $3,000.
Crash in the Altcoin Market, with Ethereum Being the Most Liquid in the Market
The cryptocurrency market had a tremendous shakeup during the previous twenty-four hours, as evidenced by the fact that 221,704 traders were liquidated, as reported by Coinglass. The ETH/USDT trading pair on Binance was the subject of the highest single liquidation order, valued at $18.48 million.
On the hourly chart, the number of people liquidating Ethereum has surpassed the number of people liquidating Bitcoin. In the previous hour, the total amount of Ethereum liquidated increased to $44.5 million, while the amount of ETH liquidated in the past 24 hours was $107 million. Liquidations for other alternative cryptocurrencies have also seen a significant increase, as per Coingape.
Even though numerous events suggest a spot Ethereum ETF would be available by the end of July, the price of ETH has reacted unfavorably, mainly in line with the correction in the market as a whole.
Anthony Sassano, an Ethereum developer, has shared his thoughts on the current market overhang for ETH, pointing to the possibility of outflows from Grayscale's ETHE. Sassano observed that ETHE has been trading at a discount of less than 2% for several months, but it is currently trading at a premium. This raises doubts about the number of investors waiting for its conversion to an ETF before selling an investment in the company.
In addition, Sassano brought attention to the ambiguity surrounding ETHE's fee structure after the conversion. He recommended that the fees be significantly reduced from what was anticipated or even temporarily waived to attract investors to Grayscale's mini-trust.
FUD Achieves New Heights of Excitement
There is a significant amount of fear, uncertainty, and doubt (FUD) on various social media sites as the cryptocurrency market continues to collapse with increasing severity. According to the on-chain data provider Santiment, the number of "sell" remarks has continually surpassed the number of "buy" mentions with each passing hour.
This pattern has been seen on multiple occasions throughout the last twenty-four hours, with the proportion of negative to positive comments reaching its maximum point in 2024. Santiment says that this moment of increased negativity could create an opportunity for traders willing to take a contrarian approach and buy into the market despite the widespread anger and dissatisfaction currently prevalent.
Even more significantly, the memecoin industry has experienced a significant decline, with all of the leading memecoins experiencing a loss of between 17 and 25 percent. The question of whether or not these meme currencies will make a comeback or whether or not this will be the end of the hysteria surrounding meme coins will be curious to observe.
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