Crypto Market Witnesses Enormous Selling Pressure in the Last 24 Hours
According to the report, according to the data of Coinglas, the whole network has sold out US $304 million in the past 24 hours, of which Bitcoin sold out US $115 million, Ethereum sold out US $970802 million and OP sold out US $57101 million.
Data: US $304 million in the last 24 hours
Analysis based on this information:
The message highlights the data released by Coinglas regarding the recent cryptocurrency market trends, which reveals an enormous selling pressure over the past 24 hours. The overall network witnessed a selling out of $304 million. The most traded cryptocurrencies of the time were Bitcoin, Ethereum, and OP that altogether accounted for $116 million worth of selling.
The news comes as a shock to the crypto traders as the market was showing signs of stability after the recent sudden dip. However, the current situation does not seem to be in favor of crypto enthusiasts, and the selling pressure could further drive the prices down.
It is essential to note that the Coinglas report does not reflect the selling pressure of the complete cryptocurrency market. However, it gives us a vital insight into the recent trends and behavior of the crypto traders.
Bitcoin, the most popular cryptocurrency, witnessed a sellout of $115 million, making up the majority of the operating volume. Its price has dropped more than 8% in the past week alone, breaking through various support levels that were tested in the previous weeks. Ethereum, another significant cryptocurrency, has also significantly dipped by 13%, causing considerable selling pressure in the market, with a net sale of $970 million.
Alternative cryptocurrencies, like OP, have also faced significant selling pressure, accounting for $57 million worth of sell-offs. With the selling pressure mounting, investors and traders need to keep a close eye on the movements and be more vigilant about their investments.
In conclusion, the recent data released by Coinglas reveals an enormous selling pressure in the cryptocurrency market, with major currencies like Bitcoin and Ethereum taking a significant hit. The volatile nature of the crypto market calls for extra precautions and analysis before making investment decisions. It remains to be seen how the selling pressure will reflect in the market trends in the coming weeks.
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