Things may look grim, but there’s still time for altcoins to turn things around in 2024

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" rel="nofollow">subscribe</a>.<hr>Brutal week so far for altcoins. In the stock market, you generally look for a Santa Claus rally at the end of December into early January as a nice, green way to close out the year and welcome a new chapter. Whether we could see a similar thing in crypto is still up in the air. Right now it’s looking iffy.On the upside, altcoin leverage managed to hold through Dec. 5, but Monday saw the biggest daily long liquidation event since May 2021, as K33 analysts noted. Ouch. “Ever since the election, long bets have been rewarded. This dynamic allowed open interest to accumulate with a steadily growing long concentration. This growth is evident by looking at total open interest in altcoins relative to the total altcoin market cap,” they wrote. “This metric grew from 3.57% to 4.42% from the election until December 9, amidst a very high funding rate environment in December. [Monday’s] liquidation cascade saw altcoin leverage plunge by $12.8bn, reducing the relative altcoin leverage to 3.96%.”<figure><img alt="" src="https://static.fwimg.io/img/feed/1be7a22a052f94caa8829f57821b9ddd.jpg"><figcaption>A look at open interest in altcoins</figcaption></figure>To put those metrics into perspective, altcoin open interest marked the “biggest relative decline in altcoin leverage since the FTX collapse.”BitOoda analysts, following Monday’s sell-off, said that they expect more “sideways trading through year-end marked by periods of low liquidity and choppy price action.” And we very well may see that given the highly leveraged products and “exaggerated” price action moves. The good news, however, is that while this is a decently sized bump in the road, it doesn’t sound like it’s impacting the bullish 2025 outlook shared lately by many. Perhaps there’s still hope for a Santa rally.<hr>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire" rel="nofollow">Subscribe to the Empire newsletter</a>.Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin" rel="nofollow">Subscribe to the Forward Guidance newsletter</a>.Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research" rel="nofollow">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed" rel="nofollow">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Santa rally? Altcoins could use a Christmas miracle

상황이 어려워 보일 수 있지만, 2024년에 라이트코인(LTC)과 알위브(AR)를 비롯한 대체 코인들이 반전할 시간은 아직 남아 있습니다.

GM(Good Morning) 이더리움(ETH), 라이트코인(LTC), 솔라나(SOL), 크립토닷컴 코인(CRO), 후오비 토큰(HT), 옵티미즘(OP), 알위브(AR), 온톨로지(ONT), 앱토스(APT), Ronin(RON), 온톨로지가스(ONG), 디젠(Degen), 팔로인(Followin), 신고가, 솔라나(Solana), 트론(TRON), 다이(Dai), 덴트(Dent), 킨(Kin), 비트(Bit), 블록, 불, 청산, 초당 거래 수(TPS), 초기 토큰 제공(ITO), 인터컨티넨탈 거래소, 자산 수익률(ROA), 유동성 공급자(LP)

산타 랠리? Altcoins는 크리스마스 기적을 사용할 수 있습니다

시바 이누(Shiba Inu)의 가격은 지난 주 11% 하락했으며, 이는 전반적인 시장 하락을 반영하고 있습니다. 다른 토큰과 달리, 이번 하락은 시바이누(SHIB) 홀더들 사이에서 대량 매도로 이어지지 않았습니다.
불 ...

시바 이누(Shiba Inu) (시바이누(SHIB)) 보유자, 11% 가격 하락 에도 흔들림 저항

GM(Good Morning) 체인링크(Chainlink) 실험실은 아부다비 글로벌 마켓(ADGM)에 공식적으로 법인을 설립했습니다. 이는 중동 및 북아프리카(MENA) 지역에 진출하는 것을 의미합니다. 이 발전은 블록체인 i...

체인링크(Chainlink) Labs, 아부다비 사무실로 MENA 지역 영향력 강화

오늘 12월 11일, 비인크립토(BeInCrypto)는 암호화폐가 여전히 변동성이 큰 상태라고 관찰했습니다. 몇몇 토큰들은 횡보하고 있지만, 상위 토큰 중 소수만이 주목할 만한 상승세를 보이고 있습니다.