image using Ai.
Sadly I became a victim of this cascade not in a way that I got liquidated but they convinced me to ape back into memecoins just before this collapse happened.
And unfortunately I had no fuel left to deploy in the market. About couple days ago I myself wrote a piece of blog where I said something like this can happen so I'll keep stablecoins and I kept stables until I got fomo seeing memecoins running up again but as long as I'm in spot, it's fine.
Majority of Degens Got Rekt except Hivers
As of now about $800million worth of longs have been liquidated from crypto market, every single Altcoin went down about -25-30%
And total of $-7b OI (open interest) is gone from the altcoins.
the miracle happens and we've witnessed it as someone who holds Hive, it didn't even flinched in this cascade.
It went down to $0.38 in the last 5 minutes when most of Altcoins crashed -10% and swept liquidity, now back over $0.4 again.
At this point whoever is behind hive order books can easily send us to $1 in coming weeks. It can't be Korean whales, something else is going on and whatever it is I hope it'll last.
-25-30% Pullbacks on Altcoins in Bull Run is a blessing
Lucky are those who had stablecoins in portfolio to buy back Altcoins lower. There was literally no news, no nothing but a totally random nuke and now when it happened
People are going to long again after getting liquidated or wiped out.
Some people don't learn from mistakes and conditions like this humbles everyone.
The only reason why this pullback was inevitable is an upcoming alt rally brewing when Trump will comeback in office.
His inauguration is in January, so last two weeks of December is when we'll enter in super bull run.
Some coins almost saw death
Here's a wild example of how leverage can ruin your life, imagine being long $TAO and thinking you're safe even if It goes down -20%
But Market makers are built different and did run those liquidations till they got em all.
The kind of dump most people miss out because it retrace it within next minute, that's why people have stink bids so whenever such thing happens they've those buy orders filled.
Long the strongest Horse in this market
I'm avoiding futures but when I see there's a coin that is showing strength, I call it a horse with strength that is definitely going to win the race
As of now Hive is that horse, if there's any other coin with same strength as hive: hold it.
BCH also showed that strength, compared to other Altcoins it's only -11% down and I'm watching it closely, looks too interesting and I think some institutions are loading it up because of index etf.
Rest of Altcoins list remains same: ONDO, SEI, ENA, FTM, PNUT as only memecoin.
Wrapping Up...
In the end I hope you've bought the dip and haven't got liquidated in this market. The good thing is today's daily close is still remaining and it'll be good if most of market climbs back up again.
The quicker the recovery, the stronger rally we're going to see in coming days. I hope everyone's prepared and would love to know what's your thoughts and sentiments now in the comments.
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