The cryptocurrency market has risen by 1.73% in the past 24 hours, continuing a 7-day increase of 6.79%. The recent market has been, honestly, more thrilling than a roller coaster.
In the past 24 hours, a total of 101,914 people were liquidated across the network, amounting to $368 million in total liquidations. Long positions were liquidated for $81.8395 million, while short positions were liquidated for $288 million.
BTC
Despite Bitcoin's strong upward momentum, it failed to lift off successfully, with funds clearly leaning more towards Ethereum. Currently, Bitcoin's 4-hour chart remains within the current structure, and short positions are still profitable, so it is advised to hold on. If it breaks through $117,200, it will turn bullish; if it drops below $115,800, a slight pullback may occur. Both outcomes are within the expected range, although the volatility is small, the trend difference is very obvious.
Today's focus: Bitcoin's support levels are at $115,000 and $112,000, while resistance levels are at $119,200. The current BTC rebound actually provides space for Ethereum (ETH), and institutions have realized that simply buying and selling to pump Bitcoin cannot trigger the market's FOMO effect, making it difficult to attract more retail funds.
ETH
Ethereum has set a new historical high, breaking through to $4,200, successfully surpassing the resistance level that had failed to break for three weeks. If the closing price this week remains above $4,080, the next target will point to the range of $4,500 to $4,800.
Today's focus: support levels are $2,605-$3,725, $3,339-$3,486; currently, there are no clear resistance levels, with key points at $3,892 and $4,100.
Ethereum's performance in this round has clearly outperformed Bitcoin for the first time, becoming the leader of the market's rise. If Ethereum successfully stabilizes above $4,100, the anticipated rebound and explosion of altcoins could be realized, with new coins, hot coins, and institutional coins possibly rising in turn. However, it is crucial to note that only sector rotation can maintain the continuity of the market. If the market does not show obvious sector rotation but instead explodes comprehensively, it may indicate that the market is approaching its end.
Altcoins
TAG
Incredible! The price of $TAG reached a high of $0.0010, breaking the historical high with a 45% increase, yielding more than 4 times the profit.
FIO
Also publicly recommended, $FIO reached a maximum price of $0.025, with a 35% increase, yielding 3 times the profit.
In the previous market, DOGE led the decline, and in this rebound, it and ETH are leading the rise, reminiscent of the spring of 2021, when DOGE was unstoppable, and the ETH sector was formidable; there’s plenty of room for play in the current market.
At this stage, if you miss out, whether to chase up and how to chase:
1. First, focus on the fundamentals of the sector: determine whether the target meets market trends and hotspots, whether it has practical application scenarios and good development prospects; this will decide whether the sector has explosive potential.
2. Next, analyze the market stage: determine whether we are currently in the bottom area or have entered the later stages of a main upward wave, and assess the risk and return ratio. Even high-quality coins (like Bitcoin) may still face the risk of being stuck if bought at high levels.
ETH is expected to drive Ethereum-based altcoins to establish a trending market.
There are many Ethereum-based altcoins; there's no need to cover them all, just pick a few valuable ones to monitor, specifically focusing on the following categories:
1. ETH Layer2:
ARB, OP, ZK, STRK, METIS, IMX. As important support for ETH's goal of becoming a 'global computer', Layer2's core role is to promote the prosperity of the ETH ecosystem through high TPS and low gas fees. Among them, ARB, OP, and STRK are three of the 'Four Heavenly Kings,' with fully diluted market caps (FDV) exceeding $10 billion.
2. ETH staking/re-staking:
LDO, SSV, ETHFI, EIGENLSD. These protocols emerged after the ETH Shanghai upgrade transitioned from POW to POS, mainly providing node-related staking services. LDO is the largest service provider, with the highest total locked value (TVL) in the network, circulating market cap of $2 billion; SSV is also an important infrastructure in this field.
3. Established ETH DeFi:
UNI, SUSHI, AAVE, COMP, CRV, MKR. As the largest innovation sector in the last bull market, DeFi applications have permeated all aspects of on-chain daily life. However, due to industry maturity, DeFi projects in this cycle are mostly based on past upgrades, with limited innovation.
4. ETH meme coins:
PEPE, NEIRO. Meme coins have performed exceptionally well in this bull market and can be held in small amounts.
5. Others: PENDLE. This project's innovation lies in splitting tokens into principal and interest for trading future returns. Recently, it achieved simultaneous increases in locked value (TVL) and token price, making it a distinctive ETH ecosystem DeFi project.
On-chain
$SPARK welcomes the second wave of market today, approaching the previous high of $17 million; whether it can break through $20 million is the key.
Recently, the liquidity and activity of on-chain meme coins have increased, and the frequency of 'dog' harvesting has intensified. SPARK quickly broke through $18 million in a single day, then fell back to over $2 million. Today's second round of market needs to be cautious:
1. If it fails to break through the previous high and stabilize at $20 million, the probability of facing a second wave of decline is high (the pace may be slow, which could mislead retail investors into thinking there’s still opportunity in the market);
2. If it stabilizes at $20 million, it is not advisable to chase high prices; one should hold the original position and look for opportunities to sell in batches. In high market value ranges, the odds are low, so be sure to take profits. (If the goal is stability or to cut losses, it is recommended to gradually reduce positions.)
