Bitcoin and most altcoins surged today, June 24, after Donald Trump brokered a ceasefire between Iran and Israel, ending a 12-day conflict that led to substantial volatility. BTC price jumped to $106,000, while the market cap of all coins jumped to over $3.39 trillion.
Crypto Liquidations Plunge
The ongoing crypto bull run led to a sharp decline in liquidations. CoinGlass data shows that 24-hour liquidations plummeted by over 60% to more than $172 million. Over 77,200 traders were liquidated, with the largest one resulting in a loss of approximately $2.63 million.
Crypto liquidations happen when leveraged trades are closed by exchanges due to traders being unable to meet their margin requirements. This occurs when the value of a trader’s collateral falls below a certain amount.
There are signs that the crypto market rally will continue now that the crisis in the Middle East has eased. Additionally, there are signs that the Federal Reserve will soon begin cutting interest rates, which is expected to support riskier assets, such as cryptocurrencies.
Michele Bowman and Christopher Waller have come out in support of interest rate cuts in the July meeting. However, Jerome Powell maintained a hawkish tone, but hinted that the first cut would happen in September this year.
Best Crypto to Buy Ahead of the Next Rally
The best crypto to buy as liquidations fall are Maple Finance (SYRUP), Polygon (POL), and Bitcoin Pepe (BPEP).
Maple Finance (SYRUP)
Maple Finance is one of the best altcoins to buy because of its growing assets under management (AUM). Data shows that the network’s AUM has surged to over $2.47 billion, a trend that may continue this year. Based on the recent trajectory, there is a likelihood that the AUM will reach $5 billion this year.
SYRUP price has strong technicals, which may help push it higher in the coming months. It has remained above the 50-day and 25-day Exponential Moving Averages (EMA). Maple has also formed an ascending channel, while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the SYRUP price will likely continue surging this year as buyers target the psychological point of $1.
Polygon (POL)
Polygon is another top crypto to buy the dip in as its price remains significantly lower than the year-to-date high. This plunge occurred due to the crypto market crash, which pushed most tokens lower.
Polygon also slumped as it lost market share in the layer-2 industry. Popular chains like Base and Arbitrum passed it. The main bullish case for Polygon’s price is its growing stablecoin adoption.
Data shows that Polygon has over 4.3 million stablecoin addresses, making it one of the top players. Its stablecoin supply has increased by 10% over the last 30 days to exceed $2.3 billion, while the number of transactions has risen by 50% to 82.7 million. The adjusted transaction volume rose by 41% to nearly $50 million.
Bitcoin Pepe (BPEP)
Bitcoin Pepe is one of the best crypto to buy today because of its growing popularity among investors. It has raised nearly $16 million in its presale as investors seek to benefit from its strategy and upcoming token listing.
Bitcoin Pepe plans to list on several tier-1 exchanges in the next few weeks. It has already revealed BitMart as one of the top exchanges that will list it, with the next reveal happening on Monday next week. It is common for a newly listed token to jump initially after launch.
Bitcoin Pepe aims to become the next big thing in the meme coin space by letting users create tokens on Bitcoin. Analysts believe that this industry could become a game-changer, possibly surpassing Solana. You can buy Bitcoin Pepe here.
