Best Crypto to Buy Now June 24 – Near Protocol, Bitget, Polkadot
As major cryptocurrencies continue to grapple with bearish market conditions, traders and investors are actively seeking the best assets to buy right now to capitalize on potential rebounds.
A brief analysis of the crypto market reveals a 4.07% loss in market capitalization over the last 24 hours.
According to CoinMarketCap data, leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and BNB (BNB) have experienced major declines of 4.64%, 5.23%, 3.90%, 2.52%, and 3.84%, respectively, in the past day.
New data from FactSet revealed that Bitcoin withdrawals on crypto exchanges outnumbered deposits by $522 million last week. This indicates that many retail traders are cashing out their profits or moving funds away from the exchanges.
Making matters worse, German authorities have been offloading Bitcoin holdings, recently selling $325 million worth of the cryptocurrency from a seized batch of 50,000 BTC, originally confiscated from the notorious movie piracy site Movie2k.
The Bitcoin Dominance Index (BTC.D) has started falling since last week and dropped another 0.55% to 54.78% today.
As the dominance reduces, it signals a shift in investment from investors who are considering altcoins, particularly in the wake of the U.S. Securities and Exchange Commission’s decision to end its investigation into Ether’s status.
CryptoQuant CEO Ki Young Ju also shared insights into the bearish sentiment surrounding Bitcoin, noting that whale traders seem to be in a “risk-off” mode, minimizing their exposure to Bitcoin derivatives.
#Bitcoin IFP indicator turned red. Whale traders on derivatives exchanges are in risk-off mode. pic.twitter.com/wv1XK78FoN
— Ki Young Ju (@ki_young_ju) June 22, 2024
In light of ongoing
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