Completely shaking off the pressure from the dump on the evening of 12/03, many top altcoins continued to surge on 12/04, even setting new ATHs.
Price fluctuations of the top 100 capitalized cryptocurrencies at 08:25 AM on 12/04/2024. Source: CryptoBubbles
As reported by Coin68, the cryptocurrency market was in an uproar on the evening of 12/03 due to the news that the President of South Korea declared a state of emergency, causing many crypto pairs with the won to plummet sharply as South Korean exchanges were overloaded with traffic. The global cryptocurrency market was also slightly affected.
However, when the South Korean National Assembly lifted the state of emergency a few hours later, the situation returned to normal, with many altcoins "taking off".
The most notable one among them was TRX, the token of the TRON blockchain, which has increased by 100% in the past 24 hours to set a new ATH at $0.45, before being slightly adjusted.
4h chart of the TRX/USDT pair on the Binance exchange at 08:25 AM on 12/04/2024
The HTX token of the HTX exchange, a platform with the same owner as TRON, Justin Sun, also increased by nearly 50%.
The BNB of the BNB Chain also jumped more than 15% from the low on the evening of 12/03 to nearly $770, the highest historical value of this token in its 8 years of existence.
4h chart of the BNB/USDT pair on the Binance exchange at 08:25 AM on 12/04/2024
Other altcoins that have surged in the past 24 hours include IOTA, VIRTUAL, EOS, Neo, MKR, LDO,... with increases ranging from 10-30%.
With the Bitcoin Dominance index continuing to decline deeply, the market in the coming time will continue to witness a strong surge in altcoins.
1D chart of the BTC.D index at 08:25 AM on 12/04/2024. Source: TradingView
In the past day, there have been up to $620 million in derivative positions liquidated, with half coming from the dump on the evening of 12/03, and the rest being the losses of the Short side in the altcoin pump on the morning of 12/04.
Liquidation data in the derivatives market, screenshot from CoinGlass at 08:30 AM on 12/04/2024
Compiled by Coin68
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