The crypto market has seen increased volatility recently, with high-risk trader James Wynn publicly urging investors to 'buy on dips', while mainstream coins like Bitcoin, ADA, and XRP weakened simultaneously, creating a mixed market sentiment.
James Wynn: 'Buy on dips, don't be a 'sad individual' who panics and sells.'
As a well-known aggressive leveraged trader in the crypto circle, James Wynn recently expressed a distinct optimistic attitude towards the current market on social media. He bluntly stated, 'I hope you buy on dips. If you sell at this time, you are a sad individual who does not deserve to achieve financial success.'
Wynn, known for taking on high leverage, recently returned to the market with a 25x leveraged Ethereum position, setting the liquidation price for his long position at $4152.8. As of press time, the price of Ethereum was reported at $4228.91 (down 0.1% in 24 hours), still above the liquidation line, indicating that his bet on the market has not faced danger. He believes the current market downturn presents a buying opportunity, and subsequent prices are expected to rebound; panic selling will only lead to missed future gains.
The community recognizes 'increasing holdings on dips,' but mainstream coins are weakening simultaneously.
Wynn's views have sparked heated discussions in the crypto community, with many investors agreeing with the idea of 'increasing holdings during downturns.' However, from the market performance, most coins are still in adjustment: Hyperliquid (the trading platform token where Wynn is active) fell 0.44% in 24 hours to $41.88, but trading volume increased against the trend by 18% to $240 million, indicating that short-term trading activity has not diminished.
Meanwhile, prices of major cryptocurrencies are collectively under pressure, adding some controversy to the call for 'buying on dips.'
Bitcoin fell below 113,000, hitting a low for the first time in three weeks.
Bitcoin's volatility has increased this week: it previously hovered around $117,500 for several days, but on Monday, influenced by macro news, it fell to $115,000 (the lowest in 11 days); after a brief rebound to $117,000 on Tuesday, it weakened again and fell below $113,000 in the early hours of Wednesday, hitting a new low in three weeks.
As of press time, Bitcoin rebounded slightly to around $114,000, but still incurred a daily loss, with the market cap dropping to $2.265 trillion, and the dominance over altcoins falling below 58%, indicating an increase in risk-averse sentiment.
ADA fell over 8%, and XRP slipped below $3, with altcoins collectively under pressure.
Except for Bitcoin, the decline of altcoins is more pronounced:
• Cardano (#ADA) has become the mainstream altcoin with the largest decline, with a market cap evaporating over 8% in 24 hours, and the price dropping to around $0.85, clearly retreating from recent highs.
• #XRP fell below the key support level of $3, declining 4% in 24 hours to $2.90, a price point viewed by the market as crucial for its bullish trend, and breaking this level has short-term confidence shaken.
Ethereum also did not escape, dipping 1% during the day to fluctuate around $4200; coins like #BNB and #DOGE weakened simultaneously, while only #LINK rose against the trend by 3%, and #SOL and #TRX saw slight increases, failing to reverse the overall gloomy atmosphere.
The total market cap evaporated over $70 billion overnight, with intensified long-short battles.
Affected by the collective weakness of mainstream coins, the total market cap of cryptocurrencies evaporated over $70 billion overnight, dropping to $3.92 trillion as of press time. The current market faces both the optimistic call from aggressive traders to 'buy on dips' and the realistic pressure of continuous price adjustments, with intensified long-short battles likely leading to further short-term volatility.
