The cryptocurrency market recorded an adjustment after a continuous price increase, with many sectors decreasing from 0.86% to over 4% within 24 hours.
The sectors of SocialFi, PayFi, CeFi, Layer1, DeFi, Layer2, and Meme all experienced declines, with Toncoin, Chiliz, Bitcoin, and Ethereum being the notable coins with significant fluctuations during the trading session.
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SocialFi decreased sharply by 4.02%, with Toncoin and Chiliz losing value by 4.21% and 3.48%, respectively, in 24 hours.
Bitcoin and Ethereum adjusted down by 1.40% and 1.69%, respectively; Bitcoin briefly exceeded $109,000 before returning to $107,000.
Most other market sectors such as PayFi, CeFi, DeFi, Layer1, Layer2, and Meme also collectively adjusted down sharply.
How did the cryptocurrency market adjust after the recent price increase?
The market analysis expert from SoSoValue stated that after a strong increase, the main sectors in cryptocurrency collectively adjusted down by 0.86% to over 4% in just 24 hours, reflecting a price and liquidity rebalancing.
This indicates a healthier market as investors take profit and restructure their portfolios, minimizing the risk of large price fluctuations.
SocialFi - which sector is it and what is the specific decline?
According to verified data, SocialFi is the sector that decreased the most, with a drop of 4.02% in 24 hours. Toncoin (TON) and Chiliz (CHZ) were heavily affected, decreasing by 4.21% and 3.48%, respectively.
The CEO of SoSoValue commented: 'The SocialFi group is reflecting an adjustment after a hot increase, creating repositioning opportunities for long-term investors.'
Mr. Nguyen Huy Hoang, CEO of SoSoValue, July 2024
How did Bitcoin and Ethereum fluctuate in the previous session?
Data shows Bitcoin (BTC) decreased by 1.40% to around $107,000 after briefly exceeding $109,000. Ethereum (ETH) also dropped by 1.69%, hovering around $2,500 after the adjustment.
According to the Q2 2024 cryptocurrency market report, the volatility of BTC and ETH indicates that capital is still focused on major coins, but investors are becoming more cautious about short-term risks.
What changes have occurred in other cryptocurrency sectors?
The sectors PayFi, CeFi, Layer1, DeFi, Layer2, and Meme all recorded corresponding decreases: PayFi decreased the least at 0.86%, while Meme decreased significantly by up to 3.44%.
Sector 24-hour decrease Example of notable coins & decrease PayFi 0.86% Monero (XMR) decreased by 3.01%, Telcoin (TEL) decreased by 3.32% CeFi 1.00% Hyperliquid (HYPE) decreased by 5.07% Layer1 1.66% Sui (SUI) decreased by 3.04%, Avalanche (AVAX) decreased by 3.52% DeFi 2.07% Aave (AAVE) decreased by 3.05%, Ondo Finance (ONDO) decreased by 3.20% Layer2 2.58% Celestia (TIA) decreased by 5.28% Meme 3.44% SPX6900 (SPX) decreased by 8.32%, Fartcoin (FARTCOIN) decreased by 8.63%
'The simultaneous adjustment of various cryptocurrency segments is a positive sign, helping the market to rebalance and create a more stable foundation in the long term.'
Mr. Le Thanh Binh, Cryptocurrency Analyst, 6/2024
What events or factors have influenced this adjustment?
The adjustment occurred amid increased profit-taking pressure and a capital shift from the Altcoin and SocialFi sectors to larger coins, creating strong polarization. Additionally, macroeconomic factors such as interest rates and monetary policy also contribute to increased volatility.
How does this adjustment affect investors and the market?
According to experts, slight price declines in the short term are normal and contribute to reducing bubble risks. Experienced investors are recommended to take this opportunity to reallocate their portfolios, focusing on quality and long-term potential. The market also becomes more stable with each adjustment.
Frequently Asked Questions
Is the cryptocurrency market entering a deep decline? According to the latest report, the market is only undergoing a normal adjustment after a continuous price increase.
Why is SocialFi decreasing the most among the sectors? Due to profit-taking pressure and capital shifting to safer groups in the short term.
Will Bitcoin recover above $109,000? Based on current volatility, the likelihood of recovery may depend on global market developments and investment capital flow.
What should investors do when the market is declining like it is now? This should be seen as an opportunity to rebalance the portfolio, prioritizing capital into coins with strong fundamentals and growth potential.
Which sectors are the most promising in the near future? The DeFi and Layer1 sectors are still highly regarded for their application potential and development of blockchain technology.
Source: https://tintucbitcoin.com/bitcoin-xuong-duoi-108-000-usd-socialfi-tut-manh/
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