Analysis of Cryptocurrency Market Correction and Price Predictions Amid Geopolitical Tensions
Crypto Price Prediction: Geopolitical Tensions Trigger Crypto Market Correction
On April 13th, the cryptocurrency market experienced a prolonged correction as geopolitical tensions in the Middle East triggered selling pressure across finance markets. The Iranian attack on Israel initially caused panic among market participants, leading to a notable downturn in the crypto market.
In the last 24 hours, the price of Bitcoin plunged by 5% to trade at $64,234, while other top altcoins such as Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) fell by 7%. A total of 256,589 traders were liquidated, resulting in $962.4 million in losses. The largest single liquidation of $8.46 million occurred on Binance for a BTC/USDT trade.
Despite the market correction, Bitcoin is seen as a macro hedge, absorbing much of the aversion to risk. With the upcoming Bitcoin halving, crypto investors may find a suitable discount opportunity in top altcoins.
Ethereum (ETH) witnessed notable supply pressure this week, dropping from a high of $3,730 to $3,021, a 20% decrease. The market cap of Ethereum also fell to $363 million, but trading volume surged to $34 billion. The $2,800 level is seen as a crucial support zone for Ethereum.
Shiba Inu (SHIB), a decentralized cryptocurrency known for its large supply and vibrant community, experienced a 52% drop in price from $0.000045 to $0.00002175. With a market cap of $12.8 billion, Shiba Inu is the twelfth largest cryptocurrency asset.
Celestia (TIA), a blockchain project designed to simplify decentralized application creation, saw a 65% downfall in two months. However, the TIA price showed resilience during the market sell-off, with a 47% increase within two days.
Despite the current market correction, the upcoming Bitcoin halving remains a bullish factor in the broader trend of the cryptocurrency market. Traders are advised to monitor key support levels and market trends to navigate through the volatile market conditions.