- Bitcoin falls to $93K, pushing traders toward altcoins.
- $409M liquidated, though a short squeeze could spark a recovery.
- Sandbox ($SAND) gains as interest in GameFi resurges.
- Ethereum remains a top choice with strong bullish sentiment.
According to Santiment data, the cryptocurrency market is abuzz with activity despite Bitcoin’s recent stumble back to $93,000 on Monday. While this kind of crypto struggles to get on its feet, traders start shifting their focus toward altcoins, exploring under-the-radar opportunities that could yield promising returns.
Bearish Sentiment in the Derivatives Market
Crypto analyst Ali Martinez pointed to a striking trend in the derivatives market. More than $409 million in longs were liquidated over the past 24 hours, underlining the bearish feeling that is currently engulfing the market.
In any case, Martinez warns of the possibility of a short squeeze as $772 million short positions would get liquidated in case Bitcoin goes back to $98,000. Such a strong rally could restart the bullish momentum on the board.
Metaverse Revival: Sandbox Gains Traction
The Sandbox ($SAND) is once again capturing attention as metaverse-related investments see a resurgence. A growing number of investors are showing confidence in GameFi and metaverse projects, signaling a potential shift in market sentiment. SAND’s renewed appeal suggests that the sector may regain prominence in the broader crypto ecosystem.
Stellar ($XLM) is experiencing a surge in interest, particularly from Korean investors. This uptick follows a key political event that seems to have bolstered confidence in the asset. On social media, XLM is increasingly associated with discussions about price rallies and its growing importance in the current market landscape.
Ethereum Retains Bullish Momentum
Ethereum continues to hog most of the market talk as traders feel upbeat over the coin’s potential to outperform large-cap cryptocurrencies like Bitcoin and XRP. The deepening belief in Ethereum’s better use of favorable market conditions drives a wave of bullish sentiment, with ETH keeping it firmly in the spotlight.
While investors are also paying attention to coins experiencing the highest spikes in social volume in the last 24 hours. Pleasure Token, Tornado Cash, and Axie Infinity have registered an increase in a discussion that can often precede notable price action.
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