Leading cryptocurrencies held steady Thursday as the market warmed up to a Bitcoin re-accumulation trend.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +0.30% | $93,676.84 |
| Ethereum (CRYPTO: ETH) | -0.94% | $1,772.67 |
| Dogecoin (CRYPTO: DOGE) | +2.71% | $0.1823 |
What Happened: Bitcoin dived to $91,700 early morning on profit-taking but regained the $93,000 by the afternoon. Overnight momentum lifted it briefly past $94,000.
Ethereum remained confined to a narrow range below $1,780 throughout the day. Both market heavyweights recorded a sharp fall in trading volumes.
Bitcoin’s market dominance was 63.4%, up from 60.5% the previous month, indicating continued demand for the leading asset.
About $276 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more than those placing longs.
Bitcoin’s Open Interest increased by 0.95% in the last 24 hours, marking a second straight day of modest gains. Over the week, though, the leverage has surged by 18%.
The majority of Binance traders with an open Bitcoin position continued to bet against the cryptocurrency, according to the Long/Short Ratio.
The market mood was one of "Greed," according to the Crypto Fear and Greed Index, signaling optimism and growing demand.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Stacks (STX) | +14.70% | $0.877 |
| Sui (SUI) | +14.37% | $3.32 |
| Artificial Superintelligence Alliance (FET) | +12.86% | $0.7016 |
The global cryptocurrency market capitalization stood at $2.94 trillion, following a marginal increase of 0.40% in the last 24 hours.
Stocks moved northward for the third consecutive day. The Dow Jones Industrial Average popped 486.83 points, or 1.23%, to end at 40,093.40. The S&P 500 lifted 2.03% to close at 5,484.77. The tech-focused Nasdaq Composite spiked 2.74% to end at 17,166.04
The surge followed strong gains in tech heavyweights Nvidia Corp. (NASDAQ:NVDA) and Tesla Inc. (NASDAQ:TSLA), which closed 3.62% and 3.50% higher, respectively, on Thursday.
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Analyst Notes: Blockchain analytics firm CryptoQuant noticed a sharp spike in Bitcoin outflows from exchanges, indicating re-accumulation.
"The 100-day moving average of Bitcoin netflow from exchanges has dropped to its lowest level since February 2023. This essentially indicates the highest Bitcoin outflow from exchanges since that date," the firm added.
Widely followed cryptocurrency analyst Bitbull suggested two probable possibilities for Bitcoin: a breakout continuation or a pullback before the “real run” that may begin in September.
"Either way… the path to $120,000+ looks wide open," Bitbull added.
Photo Courtesy: Mc_Cloud on Shutterstock.com
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