Bitcoin 
$94,136‘s price recently dipped to $92,500 but was recovering above $94,000 at the time of writing. With the release of Fed minutes looming, many are questioning which altcoins have entered buying territory. This article examines the aftermath of the recent cryptocurrency downturn and other significant details.
The Cost of the Crypto Decline
Alongside the drop in BTC, the cryptocurrency market experienced the liquidation of $567 million in long positions within 24 hours. Nearly 250,000 traders were liquidated, with the largest liquidation involving an investor holding a long position of $17.74 million in ETH.
Altcoins accounted for the majority of these liquidations. The total liquidation amount for most altcoins, excluding ETH, SOL, DOGE, and XRP Coin, surpassed $160 million, indicating a significant reduction in risk appetite among investors.
Open positions fell by nearly 5%, while liquidations increased by about 60% compared to the previous day. At the time of writing, short positions dominated the market.
Which Altcoins Should You Buy?
In light of the crypto downturn, which altcoins have reached buying levels? We should look at the RSI data for insights. The most affected altcoins from the recent drop are now easier to identify on a four-hour timeframe. BTCD has seen a significant increase, and most major cryptocurrencies, except ARK, GAS, and POWR, have declined to attractive buying levels.
The graph above illustrates the RSI statuses of major cryptocurrencies. Many popular cryptocurrencies, such as ETH, TIA, DYDX, STRK, and ZEC, have entered oversold territory within the four-hour period, suggesting their declines may be nearing an end. The average RSI for popular altcoins is below 30, emphasizing the severity of the downturn.
Cryptocurrencies like LSK, XRP, and FARTCOIN are among those that have resisted the decline and remained relatively strong.
If BTC can maintain its current recovery attempt and if there are no hawkish comments from the Fed minutes, opportunities for profitable altcoin purchases may present themselves in the coming hours. By the time this article is published, the market impact of the Fed minutes will likely be starting to settle.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
