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Key Takeaways:
- Bitcoin bounced back above $118K after a brief dip, showing market resilience.
- Ethena led altcoin gains, jumping 15% on a surge in trading activity.
- $384 million liquidated in the last 24 hours, mostly from long positions on Bitcoin.
The cryptocurrency market has entered a holding pattern, with major assets like Bitcoin and Ethereum trading sideways despite increased trading volume. Triggered by macroeconomic news—including the ADP Non-Farm Payroll data—the market has shown resilience but little directional movement, reflecting investor caution.
Bitcoin Recovers After Brief Dip
Bitcoin briefly fell from $118,771 to $115,798 following the release of employment data but quickly recovered. As of writing, BTC is trading at $118,304, reflecting a modest 0.51% daily increase. Daily trading volume climbed 6.65% to $68.8 billion, with a total market capitalization of $2.35 trillion.
Despite the uptick in volume, price movement remains narrow, suggesting indecision among traders. This sideways action aligns with historical patterns during macroeconomic uncertainty.
Ethereum Slides Below $3,800
Ethereum has given up some gains, dropping 0.2% on the day and slipping below the $3,800 level. ETH is currently priced at $3,774, trading within a tight range of $3,716 to $3,832. Trading activity rose 8% to $34.65 billion, signaling heightened engagement even amid lackluster price action.
Ethena and Meme Tokens Buck the Trend
Among the day’s outperformers is Ethena (ENA), surging 15% to $0.6277 after a 78% spike in trading activity. The London session appears to have fueled the rally, offering a sharp contrast to the broader market’s flatness.
Trending tokens like Pump.fun (PUMP), Sonic (S), and Story (IP) also saw strong gains. PUMP led the day’s top gainers at +15.27%, while Ethena followed closely at +9.61%. On the downside, Fartcoin (FARTCOIN) and Uniswap (UNI) posted losses of -5.35% and -4.54%, respectively.
The total crypto market cap stands at $3.86 trillion, with 24-hour trading volume up 5.62% to $168.78 billion. Notably, the Altcoin Market Index has slipped to 36 out of 100, indicating a pivot back toward Bitcoin dominance.
Also Read: Peter Schiff Tells Investors to Dump Ethereum for Bitcoin Despite ETH’s $3,800 Rally
However, the market has not been kind to leveraged traders. Data from Coinglass shows $384 million in total liquidations in the past 24 hours—$297.65 million from long positions, with the majority tied to Bitcoin.
While trading activity has increased, the crypto market is largely range-bound, with Bitcoin reclaiming lost ground and altcoins delivering mixed results. Market participants appear to be positioning defensively ahead of more decisive economic signals.
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
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
