Crypto Rollercoaster: The Highs and Lows of the Past 24 Hours

In the world of cryptocurrencies, highs and lows follow each other, leaving investors in a whirlwind of emotions. Just as we celebrated the peaks reached by Bitcoin, the cryptographic market plunges once again into the abyss of red.

Crypto market: volatility and fluctuations ahead

During the halcyon days of Bitcoin, with its new historical highs and its overwhelming domination of the stock market (e.g., outclassing the Swiss franc in terms of market capitalization), other cryptocurrencies also experienced remarkable growth. Altcoins and memecoins rose in tandem with the crypto star, offering a striking show for market watchers.

However, this euphoria was short-lived, smothered by the volatility inherent in the world of cryptocurrencies. NullTX offers an in-depth analysis of this recent setback.

According to Blur, due to the sharp rise in ETH price, Ethereum NFTs have experienced significant declines in ETH prices recently. Blue-chip NFTs such as BAYC, Pudgy Penguins, MAYC and Azuki have all fallen by more than 20% in the past week. More than 70 BAYCs are in liquidation…

— Wu Blockchain (@WuBlockchain) March 6, 2024

Within the sphere of cryptocurrency, roller coaster fluctuations are common currency, and the last 24 hours have been no exception, with a drop of more than 2% in the global cryptocurrency market.

Ethereum (ETH) has been particularly shaken, with a dizzying drop of over 15% in just five hours, plummeting to $3,220 before bouncing back spectacularly to reach a new peak at $3,901.

However, this surge did not spare Ethereum NFTs, which were hit hard. Giants like BAYC, Pudgy Penguins, MAYC, and Azuki have all undergone declines exceeding 20% over the last week. So much so that more than 70 BAYC are now in liquidation, available at auction on Blend.

Whale maneuvers: Volatility and accumulation

Following the recent market volatility, whales are making headlines with bold moves and massive accumulations.

A whale recently invested $3.22 million in 50.43 $WBTC at $63,828 and $1 million in 286 $ETH at $3,502. This same whale has already amassed an impressive total of $37.3 million in $WBTC at $45,903 and $28.06 million in $ETH at $2,509, reaping a latent profit exceeding $30 million.

In another episode, on-chain reports reveal the awakening of a gigantic whale, 0xd98, after three years of slumber. It has recently deposited $38.5 million in $ETH on Bitfinex at $3,850, while the market began a bounce back.

With these strategic movements, whales continue to shape the landscape of cryptocurrencies, highlighting the importance of monitoring their activity to grasp market dynamics and make informed decisions.