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Bitcoin, which broke records over the weekend, shook the market!
Leading cryptocurrency Bitcoin (BTC) approached $81,850 on Sunday evening, setting a new record.
The bull run continues at full speed in the crypto market. The upward cycle that began with Donald Trump's happy ending in the US presidential election on November 6 gained momentum over the weekend with BTC breaking a new record.
During the weekend when price volatility in BTC increased, 215,504 traders were exposed to liquidation notices. In the past 24 hours, $645 million was liquidated in the crypto market. Out of these liquidations, $363 million were from long (upward) positions.
Although Bitcoin remains strong, price volatility has begun in altcoins.
Bitcoin (BTC) recorded a trading volume of over 100 billion dollars over the weekend. BTC saw a nearly 5% increase over the weekend.
The performance of BTC over the weekend opened the way for many altcoins. While there were outflows in altcoins that marked the previous week, major altcoins like Cardano (ADA) and Cosmos (ATOM) saw increases.
Ethereum (ETH), the pioneer of altcoins, had a volatile performance over the weekend. The price of ETH lost 3 percent over the weekend.
The cryptocurrency market started the new week with a downward trend. Many altcoins, affected by BTC's 1.25% pullback, recorded a decline of nearly 10%. Cryptocurrency analyst Michael van de Poppe interpreted these declines as bull corrections.
Poppe argued that price volatility and pullbacks are normal in uptrends. The famous analyst stated that investors should avoid taking quick trades despite the price volatility in the market.
Poppe, who stated that a 20 to 30 percent correction in altcoins would provide a great opportunity, used the following expressions;
"Altcoins will show much more rise than expected, and the new crowd is not here yet."
This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.