Crypto Market Sees Slight Increase, Bitcoin and Ethereum Prices Rise
The cryptocurrency market has experienced a minor increase, with the market capitalization rising by 0.7% to $3.26 trillion. This growth is reflected in the prices of top coins, with 75 of the top 100 coins seeing an increase over the past 24 hours. The total crypto trading volume currently stands at $162 billion. Bitcoin (BTC) has appreciated by 0.4% to $93,351, while Ethereum (ETH) has seen a more significant increase of 4.6% to $3,194.
According to Bitfinex, the market is showing “seller exhaustion” after a period of heavy deleveraging and panic-driven exits by short-term holders. This has created the conditions for a stabilization phase and a relief bounce. However, analysts at Bitunix note that the market remains in a “structurally volatile, range-bound regime” in the short term. The market’s current late-cycle fragility is not a pricing problem, but an architectural one, according to Alexis Sirkia, Chairman of Yellow Network.
Crypto Winners and Losers
Among the top 10 coins, all have seen their prices rise over the past 24 hours, with two recording double-digit increases. Binance Coin (BNB) has increased by 1.4% to $910, while Tron (TRX) has seen the smallest increase of 0.1% to $0.2803. On the other hand, XRP is down 0.7% to $2.17, and Dogecoin (DOGE) has fallen 0.1% to $0.15. In the top 100 coins, 75 have appreciated over the past day, with Bittensor (TAO) seeing an 8.3% increase to $310.
Market Sentiment and ETFs
The crypto market sentiment has increased for the second day straight, with the fear and greed index standing at 27, up from 22 yesterday. The US BTC spot exchange-traded funds (ETFs) saw $14.9 million in outflows on Wednesday, while the US ETH ETFs recorded $140.16 million in inflows. The US Securities and Exchange Commission (SEC) has blocked the launch of 3-5x leveraged crypto ETFs, citing concerns over leverage rules.
Bitcoin Price Chart. Source: TradingView
Levels and Events to Watch Next
Bitcoin’s price is currently at $93,351, with a potential move above $96,000 leaving the door open for the price to surpass $100,000 and $112,000. On the other hand, a drop below $90,000 may lead to another drop to the $80,000 level. Ethereum is currently changing hands at $3,194, with a potential reclaim of the $3,500 level enabling it to rise further towards $3,650 and $3,820.
Source: CoinMarketCap
ETFs Post Another Mixed Day
On Wednesday, the US BTC spot ETFs saw $14.9 million in outflows, while the US ETH ETFs recorded $140.16 million in inflows. The total net inflow for US BTC ETFs now stands at $57.76 billion, while the total net inflow for US ETH ETFs stands at $13 billion.
Source: SoSoValue
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