Bitcoin, Ethereum Drive Fresh Cryptocurrency Market Resurgence
The market value of all cryptocurrencies climbed by 69 basis points on Tuesday to $3.91 trillion as Bitcoin, Ethereum, and some other tokens resurged after sell pressures.
Bitcoin opened the trading session this week on a negative note, slipping under $112K and wiping out last week’s one-month high. Since then, the price has been stuck in a tight range between $112,000 and $113 000, leaving traders restless.
Other tokens, altcoins, are making an uptrend, and the crypto markets experienced an increase.d drive towards stablecoins, reflecting mixed sentiment post Fed rates cut.
At the press time, Bitcoin is climbing, up by 0.63% in the last 24 hours to $113,308. Ethereum is priced at $4,224, with a market cap of $509.104 billion. Its trading volume has jumped to $39 billion, reflecting renewed confidence in investors.
On Monday, neither the spot Bitcoin ETF nor the Ethereum ETFs recorded any inflows. Bitcoin ETFs saw a net outflow of $363 million, while Ethereum ETFs recorded $75.95 million, as reported by SoSoValue.
Market data from CoinMarketCap.com showed that Bitcoin market capitalisation inched higher to $2.257 trillion as more than $54 billion was traded in 24 hours.
Ethereum market cap rose to $509.104 billion as more than $39 billion worth of altcoin were traded on the day. Ethereum price dropped around 7% during the largest liquidation event of the year so far.
Notably, the crypto market saw more than $1.7 billion in leveraged positions liquidated over the past 24 hours, according to CoinGlass data.
ETH led the losses with nearly $500 million in liquidations, followed by Bitcoin’s $284 million. This dragged the King of Altcoin’s price to the crucial $4,100 support for the first time since August, hitting a one-month low of $4,077.
Following the market downturn, corporations continue to bet on the second-largest cryptocurrency for their Digital Asset Treasury (DAT) strategies.
BitMine, the second-largest crypto treasury, revealed that it has increased its ETH holdings to nearly 2.5 million tokens over the past week, as part of its goal to hold 5% of Ethereum’s total supply.
BitMine now owns over 2% of the supply with 2,416,054 ETH, solidifying its position as the largest ETH Treasury in the world.
The company now holds $11.4 billion in assets, including the 2.4 million ETH tokens, 192 Bitcoin (BTC), $175 million stake in Eightco Holdings for its “Moonshot” initiative, and unencumbered cash of $345 million.
Solana pull back after strong rally earlier in the month, now it is consolidating. The buyers are trying hard to defend the key support levels while the sellers are leaving no stone unturned in building the required pressure.
Analysts said Solana’s recent volatility is being amplified by surging trading activity, with 24-hour volumes climbing above $12 billion, signaling heavy participation from both buyers and sellers. This sharp increase often leads to rapid price swings as liquidity is tested. Rates Tighten, Banks’ Placements at Deposit Facility Rise
