The cryptocurrency market has suffered a big reversal this week, making experts wonder which is the best crypto to buy now. While Bitcoin price has experienced a slight pullback, other major cryptos have also seen corrections.
Tota crypto market cap chart. Source: Coingecko
The correction is driven by numerous factors, including the unwinding of leveraged bullish positions, institutional liquidations, and broader macroeconomic uncertainties that have led traders and investors to adopt risk-averse behavior.
With cascading liquidations, the massive exit queue of validators from Ethereum’s staking system has created fear among investors. Approximately, $2.34 billion worth of ETH is currently awaiting unstaking through the validator and investors’ exit queue, which hit an 18-month high on Wednesday.
Earlier in January 2024, a similar spike in the exit queue occurred, resulting in a 15% drop in the ETH price during the second half of the month.
