- Bitcoin surges past $87,865, with a market cap of $1.74T and dominance at 58.98%, driven by rising institutional interest.
- Ethereum hits $3,330 with a $401B market cap, fueled by strong derivatives activity and growing market engagement.
- Dogecoin spikes 21.42%, reaching $0.33 as trading volume soars, while Shiba Inu faces mixed performance with bearish signals.
The global crypto market cap surged, led by Bitcoin (BTC), Ethereum (ETH), and memecoins (MEME). Trading volumes and investor sentiment also show an uptick. Market participants watch key metrics to predict potential next moves.
Bitcoin Hits New Highs Amidst Growing Dominance
Bitcoin rose to $88,339, an almost 10% increase in the last 24 hours. Its market cap is $1.74 trillion, which solidifies Bitcoin’s dominance at 58.98%. Trading volume increased by 17.46% to $109 billion.
Moreover, Bitcoin’s Relative Strength Index (RSI) stands at 82.79, indicating overbought conditions. However, the bullish trend persists as institutional interest drives futures volumes and open interest. Furthermore, Bitcoin exchange balances continue to shrink, hinting at reduced selling pressure.
Ethereum Gains Momentum as Market Engagement Rises
Ethereum followed suit, with its price climbing 4.66% to $3,330.46. Its market cap now stands at $401 billion. Daily trading volumes increased notably, hitting $53.49 billion. Additionally, Ethereum’s RSI sits at 77.15, signaling overbought conditions. Despite this, bullish momentum remains strong, supported by growing derivatives activity.
Futures trading volume increased 11.07%, and open interest rose to $17.91 billion. Options volume also increased by 45.59%, which shows that traders expect heightened volatility.
Memecoins See Mixed Performance
Dogecoin has emerged as a standout, surging 21.42% in the last 24 hours to $0.331448. Its market cap reached $48.64 billion, with a trading volume of $18.67 billion.
Dogecoin also saw an increase in derivatives activity, with futures trading volume growing by 28.58%. However, liquidations reached $53.1 million, which were primarily short positions. As a result, traders are optimistic because long positions are more common.
In contrast, Shiba Inu (SHIB) saw a modest 2.14% rise, trading at $0.000027. However, its derivatives market shows bearish signs, with trading volume dropping 26% to $1.26 billion. Liquidations totaled $4.48 million, with a majority of the losses coming from long positions. However, OKX traders show a bullish stance, which may suggest a possible recovery.
Market Sentiment and Future Outlook
The Crypto Fear & Greed Index currently stands at 76, reflecting high optimism among traders. Besides, institutional interest continues to grow, with CME BTC Futures open interest up 10.17%.
However, funding rates on platforms like OKX indicate potential overheating. Despite this, the reduction in exchange balances for Bitcoin and Ethereum hints at a possible continuation of the bullish trend.
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