Ether (ETH) posted stronger gains than Bitcoin (BTC) in daily trading, following the conclusion of two of the largest cryptocurrency conferences—Token 2049 and Solana’s Breakpoint—in Singapore. However, despite the excitement from these events, the broader market remains relatively stagnant.
ETH saw a 2.6% increase, trading above $2,600, while BTC is up 1.2%, trading at over $63,700, according to CoinDesk Indices. In contrast, the CoinDesk 20 (CD20), which measures the performance of the largest digital assets, barely moved, rising less than 1%. The sluggish market performance suggests a cooling period after a week of significant gains for the two leading cryptocurrencies.
Market Sentiment And Trading Activity
In the past 12 hours, liquidation data from CoinGlass reveals that slightly more short positions were wiped out than long positions, with $64.23 million in shorts and $54.42 million in longs liquidated. The increased liquidation of short positions reflects a more positive market sentiment, but trading activity remains light, likely due to last week’s 50 basis points (bps) interest rate cut by major central banks. BTC has risen 9.5% over the last week, while ETH surged by over 16%, further solidifying Ethereum’s strong performance amid stagnant market conditions.
Polymarket bettors are anticipating another rate cut, but opinions are divided—47% of traders expect a 50 bps cut, while another 47% predict a 25 bps reduction. The broader market appears to be waiting for additional economic signals, leading to a lack of significant price movement in most digital assets.
Solana’s Flat Performance After Breakpoint
Solana (SOL), which was the center of attention at the Breakpoint conference, is trading flat at around $145. Despite the lack of price action, the conference generated substantial buzz, with announcements like the launch of Jump Crypto’s validator on the Solana network. Attendees were impressed by the protocol’s advancements, but this has yet to translate into a meaningful price increase.
Meanwhile, Pendle, a portfolio company backed by Arthur Hayes’ fund Maelstrom, experienced a 6.5% drop after Maelstrom reduced its position in the project. Hayes, who promoted Pendle extensively during the Singapore event, explained that the fund needed liquidity for what he called a “special situation.” He hinted that details would be revealed soon, adding intrigue to Pendle’s future. Despite the recent decline, Pendle is up over 24% on a weekly basis, according to CoinGecko.
In the world of memecoins, MOTHER, a token promoted by music star Iggy Azalea, climbed 4.5% following her announcement of a companion online casino named “Motherland.” The token’s rise marks a rare success story for celebrity-endorsed cryptocurrencies, as many such projects struggle to maintain value over time. MOTHER primarily trades on decentralized exchanges (DEX), and the addition of a casino could complicate future listings on centralized platforms due to regulatory challenges.
Also Read: Ethereum Soars 16% In A Week – Whales Move $21.9M As Market Recovers
The Road Ahead
While Ethereum and Bitcoin continue to show strong weekly gains, the overall market remains in a holding pattern. The outcome of potential further interest rate cuts, along with regulatory developments, will likely determine the next significant moves for major cryptocurrencies. In the meantime, traders are closely monitoring smaller projects like Pendle and MOTHER, which offer unique stories in an otherwise flat market.
As the crypto landscape navigates a period of uncertainty, eyes remain on the broader economic picture to provide the next major market catalysts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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