Major coins drop due to profit selling ── Bitcoin and Ethereum are strong | coindesk JAPAN | Coindesk Japan

Major cryptocurrencies fell as traders sold their token holdings to lock in profits over the past few days. Dogecoin (DOGE) and Polygon MATIC, in particular, lost more than 8%.

The two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), stabilized at support levels, with Bitcoin trading just above $24,500 and Ethereum barely moving near $1,650. XRP (XRP) and Cardano (ADA) are down 4%, while Shiba Inu Coin (SHIB) is down 12% on the morning of March 16 after the drama surrounding the upcoming blockchain code.

Binance Coin (BNB) rose after Uniswap, the decentralized exchange (DEX) that handles the highest trading volume, expanded into the network. The move is expected to bring several significant benefits for both the exchange and the network, including more users, lower fees, and entry into new geographic markets.

Analysts at exchange Bitfinex said the long-term bullish trend remains intact in indicators tracking wallet data, while the short-term view represents the late stage of the bear market. rice field.

“Long-term indicators still point to crypto market strength and therefore the current pullback may form the high lows expected over the past three weeks,” Bitfinex said in an email. commented to CoinDesk.

“Bitcoin’s net realized P&L indicator suggests that the market has returned to a regime of large realized losses. So we must remember that we are still in the late stage of a bear market, not the beginning of a bull market. ” said Bitfinex.

This measure calculates the net profit or loss of a particular asset over a particular period in dollars. This indicator reflects trends in overall market sentiment, capital inflows and outflows, and network profitability.

“It is too early to say the market has turned completely bullish, but the current increase in net realized losses is still small compared to the peaks seen during the LUNA crash and FTX collapse. This is a testament to the intrinsic strength of the market compared to 2022,” added the Bitfinex analyst.

Crypto-assets have been trading normally this week as investors brushed off the long-term effects of a tightening of regulations on crypto-focused banks and U.S. Consumer Price Index (CPI) data pointed to a slowdown in inflation in the coming months. showed a higher volatility than

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜ Original: Bitcoin Holds Steady; Dogecoin Leads Slide in Major Cryptocurrencies as Traders Lock In Gains