The crypto market faces challenges following the Bybit hack, but trading interest is on the rise.
Market Status and Bybit Hack
The crypto market saw its total value drop to $3.14 trillion after the Bybit hack, the largest recorded crypto exchange hack where $1.4 billion was stolen. Bitcoin holds steady around $95K, while altcoins struggle, with Ethereum falling to $2,715. Despite the overall downturn, trading volumes surged by 13% in one day, reaching $78 billion.
Investment Strategies During a Bear Market
Despite the current downturn, leading analysts see opportunities for investment. Altcoin Daily's host highlighted six altcoins as potential buys during this dip.
Cryptocurrencies Worth Watching
XRP benefits from the rising adoption of the RLUSD stablecoin. Ondo Finance draws attention with its tokenization of real-world assets. Ethereum is being acquired by major players, including Bybit and Liberty Financial. Solana shows potential for rapid growth, and Cardano offers interesting development through its Bitcoin DeFi connection. Meanwhile, Chainlink, BitTensor, and VeChain remain promising options for long-term investors.
While the crypto market faces current difficulties, investor interest in certain altcoins and the growth in trading volume indicate interest in further development and opportunities in this rapidly evolving industry.
