Bitcoin Flash Crashes, Ethereum, Dogecoin Gain As Overheated Crypto Market Takes A Breather: Top Analyst Asks Traders To Hold Positions And Buy Dips
Bitcoin sharply fell on Thursday after its $100,000 milestone, even as other leading cryptocurrencies edged higher.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.64% | $97,587.81 |
| Ethereum (CRYPTO: ETH) |
+2.13% | $3,852.73 |
| Dogecoin (CRYPTO: DOGE) | +2.42% | $0.4372 |
What Happened: The world’s largest cryptocurrency plunged to $91,990 in a flash fall, a day after reaching a historic high of $100,000, before recovering to $97,000 overnight.
Ethereum rose beyond $3,950 for the first time since mid-March, before falling into the $3,800 zone later in the day.
The crash triggered cryptocurrency liquidations worth $969 million in the last 24 hours, with $774 million in leveraged longs getting wiped out.
The liquidation of overleveraged longs cooled down the market as funding rates dropped considerably.
Traders interpreted this as a bullish signal, as accounts on Binance placing long positions for Bitcoin surged sharply in comparison to those betting against the asset, per the Long/Shorts Ratio.
The market sentiment dropped from “Extreme Greed” to “Greed,” per the Cryptocurrency Fear & Greed Index, alleviating fears of more correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| JasmyCoin (JASMY) | +41.93% | $0.05756 |
| Peanut the Squirrel (PNUT) | +16.03% | $1.46 |
| Render … |
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