The cryptocurrency market has seen an enormous increase in volatility in the past couple of days. This has caused over $600 million in liquidations and leveraged trading. This upheaval is being led by the industry giants, Bitcoin (BTC) and Ethereum (ETH).
Recent trends that have been observed include Bitcoin’s price taking a substantial hit, causing widespread concern among traders about further declines. Despite the fear of missing out, the less liquid altcoins market has remained resilient. This combination of factors will continue to drive volatility in the coming weeks.
Certain altcoins, like Binance Coin (BNB), Avalanche (AVAX), Immutable (IMX), Injective (INJ), Optimism (OP) and VeChain (KCS), have shown remarkable growth despite the turbulent market conditions. This shift in crypto cash flow towards lower-capacity altcoins hints at a much-anticipated altseason.
The crypto market is also looking forward to several upcoming events, such as the fourth Bitcoin ETF. However, some analysts are warning against the current hype surrounding these developments, as it could lead to an immediate correction when investors rush to grab their profits. Additionally, miners have been taking advantage of the situation by increasing their profits.