Cryptocurrency market sharply corrects, only 1 coin is still “flying”

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2021-10-29 02:52:08

The cryptocurrency market on the afternoon of October 27 recorded a large dump, causing the price of Bitcoin to drop to $ 58,000.

Cryptocurrency market sharply corrects, only 1 coin is still “flying”

At around 03:00 PM on October 27, the cryptocurrency market recorded its first sharp drop after a massive October rally.

Many of the top coins recorded a drop of 5-10%. Bitcoin (BTC) decreased from 60,700 USD to 58,000 USD. Ethereum (ETH) broken from 4,300 USD to 3,930 USD.

15m graph of BTC/USDT pair on Binance exchange at 03:30 PM on October 27, 2021
15m chart of ETH/USDT pair on Binance exchange at 03:30 PM on October 27, 2021

The hardest hit are probably the coins that have just set up ATH in the past time, typically SOL, ONE, FTM, NEAR,…

15m chart of SOL/USDT, NEAR/USDT, ONE/USDT, FTM/USDT pairs on Binance at 03:30 PM on October 27, 2021

Shiba Inu (SHIB) then sold off from today’s all-time high of $0.00005959 to just $0.00004650, before recovering at press time.

15m chart of SHIB/USDT pair on Binance exchange at 03:30 PM on October 27, 2021

The reason for this correction is still unknown, so this is likely another example of positions being liquidated suddenly, creating a “snowball” effect on the derivatives market. Several experts this week have warned that the ratio of longs is overwhelming short on futures exchanges, inevitably leading to a correction to rebalance the market.

According to statistics, in the last 1 hour, there were nearly 544 million USD of cryptocurrency futures orders liquidated, with 95.5% of long orders.

Even so, the market right now still has a cryptocurrency “flying against the storm” as 1inch (1INCH). While other coins were corrected, 1INCH maintained today’s 70% gain to reach $7.73, close to the record high of $7.8 set on May 8.

15m chart of 1INCH/USDT pair on Binance exchange at 03:30 PM on October 27, 2021

Besides 1INCH, another DeFi coin is Aave (AAVE) is also growing 23% at press time. The reason these two coins are growing strongly is because they are listed on the Korean Upbit exchange.

15m chart of AAVE/USDT pair on Binance at 04:00 PM on October 27, 2021
The volatility compared to 24 hours ago of the top 100 cryptocurrencies at 04:00 PM on October 27, 2021

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