Huge liquidation in crypto market ✍️

Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Today i am going to talk about last two days which saw a correction in crypto market. In the last 24 hours, over 100 billion USD has been wiped out from the entire crypto market, with a significant flash crash affecting altcoins. This has raised concerns among investors about whether the market will continue to decline or if altcoins will recover from their current levels. Bitcoin dominance is currently above 56.8%. In the last week of November, it broke below its 500-day support line, and after a bearish retest, it dropped to 54%. Recently, Bitcoin dominance has been fluctuating between 54% and 58%, with a 6% pump. This has caused altcoins to decline. Bitcoin dominance is facing resistance and rejection, and until it breaks through, this could indicate overall market weakness.

In addition, USD dominance has been rising. As USD dominance increases, it suggests that investors are selling crypto and converting into stablecoins, causing a rise in stablecoin dominance. At the same time, altcoin dominance is decreasing, signaling that the recent sell-off has mainly affected altcoins, not Bitcoin. Ethereum, on the other hand, has broken through its resistance levels and is showing bullish movement. However, there was a 15% drop recently, but it’s still holding support from the past seven months. This indicates that Ethereum is relatively stronger than many other altcoins. Looking at funding rates, both Bitcoin and Ethereum have seen a drop, suggesting that long positions have been liquidated. This indicates a market reset, which typically leads to recovery after a funding rate reset. Guys, Bitcoin dominance is currently weak, which could be a positive sign for the overall market. On the other hand, USD dominance signals more funds shifting towards stablecoins. The market is likely to recover, but the liquidated positions will not come back. Keep an eye on these trends for future market movements. That's it for today. Thanks & have a good day!!

@abfarhan