Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) and the broader crypto market experienced a pullback on Monday, posting a record $1.5 billion in futures liquidations. Bitcoin slumped by -2.27% in the last 24 hours, while ETH and SOL both experienced price corrections before settling down to their current prices at $3,666.47 and $214.57, respectively. Meanwhile, the young altcoin JetBolt (JBOLT) continues to rise in popularity, thanks to its zero-gas technology and other Web3 innovations. JetBolt’s presale has impressively soared to over 150 million tokens sold.
So why is the crypto market down today? How is it that new entrant JetBolt keeps rising amid the seemingly sluggish movements of established players like BTC, ETH, and SOL? Read on to find out.
Bitcoin: Is this the start of a second flash crash after hitting $100K?
Whether one is a Bitcoin, ETH or SOL maxi—everyone agrees that the price movement of Bitcoin, the first and most-traded cryptocurrency, has a ripple effect across the broad crypto market. After successfully breaking through the psychological and technical barrier of $100K, analysts note that crypto whales and maxis seem to be showing signs of exhaustion. This highlights the fact that Bitcoin’s dominance still outweighs speculations of an alt season.
According to CryptoSlate, Bitcoin dropped sharply to an intraday low of $94,129 before partially recovering to currently trade at $96,522.52 as of writing. The abrupt drop led to nearly $84 million in BTC position liquidations over the past four hours alone, primarily affecting long traders. The liquidation of leveraged positions intensified the downward pressure, worsening losses throughout the broader market.
This marks the second week of intense market volatility, pushing Bitcoin to what seems like a second “flash crash” even after being hailed as the “digital gold” by the U.S. Treasury. The political unrest following the South Korean President’s declaration of martial law has driven heightened activity in crypto exchanges, leading to emotionally-driven trading and widespread panic-selling.
Ethereum: Bearing the brunt of weak market performance with over 5% losses
Ethereum (ETH) appears to be more severely affected by the market downturn, posting losses above 5% in the last 24 hours, and declining 10% on Monday as investors opted for profit-taking, resulting in $2.5 billion in liquidations. This triggered a two-year high of liquidations for ETH.
Currently trading at $3,689.93, ETH could try to bounce off the support level near $3,550 and attempt a retest to its yearly resistance of $4,039. Despite the liquidations, ETH ETFs continue to surge, posting a net inflow record of nearly $840 million last week after recording positive flows for ten consecutive days, according to Coinglass data.
Price chart of Ethereum for the last 7 days showing the sharp drops courtesy of CoinGecko
Solana: Is SOL consolidating to soon hit $300?
Solana (SOL) seems to be consolidating after nearly three weeks of rallying. SOL’s consolidation began in November, on the heels of hitting its all-time high of $264.39 on November 22.
As of Monday, SOL was trading 15% below its all-time high. According to analysts, SOL is currently trading within the support/imbalance zone between $215.27 and $229.60. After completing its consolidation, the altcoin is poised to target its all-time high and the key psychological level of $300 in this cycle.
Solana’s consolidation may continue throughout the week. To break from the sideways trend, SOL would need a daily candlestick closed above $256.
Meanwhile, Santiment data reveals that the funding rate for Solana on derivatives exchanges has stayed positive throughout December 2024, indicating a bullish sentiment among derivatives traders. Solana's total open interest peaked at $4.198 billion on November 7, and since then, despite price consolidation, SOL’s open interest has remained above average levels.
JetBolt: Rising Star in the Web3 space with zero-gas technology
While the market grapples with uncertainties these days, a new altcoin is making waves in the Web3 space ahead of the potential alt season: JetBolt (JBOLT).
JetBolt’s zero-gas technology, which eliminates gas fees, is an innovative breakthrough that offers practical benefits for both everyday users and developers. This feature enables users to make blockchain transactions less the frustration over hefty gas costs, while empowering developers to undertake decentralized applications (dApps) in a more cost-efficient way.
JetBolt also offers an intuitive Web3 wallet with advanced integrations like the WebAuthN protocol and face ID recognition, enabling easy access to and management of JetBolt tokens for both new and experienced crypto enthusiasts. .
With a social twist in its staking system, JetBolt offers stakers the chance to earn more by connecting with friends on the platform. This feature enhances the staking activity, turning it into a fun, collaborative experience.
Early adopters are also rewarded with presale incentives of up to 25% extra tokens when they avail of JetBolt’s special Alpha Boxes or token batch packages.
It’s no wonder JetBolt’s presale has already sold over 150 million tokens. With impressive, innovative blockchain features propelling its momentum, JetBolt is swiftly establishing itself as a fast-rising revolutionary altcoin to watch in the crypto space.
Final Thoughts on Why Bitcoin, ETH, and SOL are Down as JetBolt Rises
The crypto market is down today, with Bitcoin, Ethereum, and Solana experiencing price drops and corrections. Partly triggered by the political unrest in South Korea, the crypto market has seen widespread panic-selling and emotionally-driven trading, with the crypto week pushed to begin with a $1.5 billion in futures liquidations. However, analysts predict that this flash crash could be short-lived and will soon give way to a crypto market rebound and a new price equilibrium.
Meanwhile, amid the downturn, the young altcoin JetBolt continues to rise in popularity and adoption—its presale has skyrocketed to over 150 million tokens sold already. Thanks to its zero-gas technology and other blockchain solutions that deliver practical benefits, JetBolt is emerging as one of the next-gen altcoins to watch in the exciting days ahead.
Learn more about JetBolt’s dynamic features and ongoing presale by visiting the official JetBolt website today.
This article is not financial advice. Digital assets, coins, and tokens can all be risky and unpredictable so it is best to conduct research before acquiring any cryptocurrency.
