The crypto market is red this week, with altcoins taking the biggest hits.
XRP is down 5% since yesterday, and Ethereum has dropped 6%, dipping below $3,300.
But even with altcoins struggling, Crypto All-Stars is still performing well – raising over $6 million from investors who believe it could be the next big thing.
Altcoin Market Struggles as XRP & ETH Experience Selloffs
This week has been difficult for investors, with red numbers all over the altcoin space.
XRP is getting hit especially hard, dropping to $1.34 and on track to post its fourth bearish close in a row.
Still, when zooming out, XRP holders can’t complain too much – the token is still up 171% since November 3.
Ethereum isn’t looking too good, either.
It broke below some key price levels that traders watch closely, including the 50-period EMA on the 4-hour chart.
Breaking out of an ascending wedge on the same timeframe also indicates that further bearishness might be ahead.
This pain is spreading across other big altcoins, too – Solana and BNB are down 7%, while Cardano has dropped 12%.
However, veteran traders have seen conditions like this before.
For many, these dips aren’t panic moments – they’re opportunities to load up on coins and tokens at a discount.
Behind the Market Dump – Liquidations & the Fear & Greed Index
The big question is: what’s behind this market dump?
It looks like a mix of traders cashing out their gains and others getting their positions liquidated.
The last 24 hours have been brutal.
More than $643 million was wiped out of the crypto market, leaving around 209,000 traders feeling the pain.
Most of the damage hit bulls betting on prices continuing to rise, with long positions taking a $520 million hit.
But even with the total crypto market cap falling to $3.1 trillion, people aren’t exactly running scared.
The Crypto Fear & Greed Index remains at 79, meaning it’s still in “Extreme Greed” territory.
That suggests traders are confident that the market will bounce back.
While some analysts might tell you that’s something to worry about, it could also be a sign that this dip is just a blip in a much bigger bull run.
Time will tell, but for now, most traders are staying put and trying to weather the storm.
Crypto All-Stars Impresses Despite Market Chaos & Raises $6.1M Ahead of Highly-Anticipated Exchange Launch
While most of the market is taking a beating, Crypto All-Stars is still crushing it.
The project’s ICO just topped $6.1 million, pulling in hundreds of thousands daily while the market looks shaky.
There are only 24 days left before the ICO wraps up, and people are piling in at $0.0016189 per token before Crypto All-Stars’ exchange debut.
So, why is everyone so excited?
It’s mainly because of the MemeVault, a place where users can stake 11 different meme coins, such as PEPE, DOGE, and SHIB.
Users will earn STARS tokens as a reward for staking.
And for those who already hold STARS, they’ll receive triple the staking yields.
Crucially, the Crypto All-Stars team isn’t cutting corners on the tech side, with security audits from Coinsult and SolidProof already in the bag.
The buzz around the project is spreading fast.
Crypto All-Stars’ Twitter and Telegram channels are blowing up as more people catch wind of what the team is doing with meme coin staking.
Even big-name crypto YouTubers, like Austin Hilton, are bullish on STARS.
However, time is ticking for those thinking about getting involved in the ICO.
The current price might be a distant memory once STARS hits exchanges – since many expect the token to rocket on launch day.
