Crypto Economy Surges Almost 2%, Reaches $1.48 Trillion Valuation
This Saturday, the cryptocurrency market experienced a significant increase, with a nearly 2% rise in overall value. Bitcoin (BTC) saw a 1.59% boost against the U.S. dollar, while ethereum (ETH) climbed 3.58% in the same 24-hour period. Solana (SOL) witnessed a 7% uptick, and dogecoin (DOGE) escalated by 9.11% compared to the dollar.
Key Cryptocurrencies Reach New Peaks
Bitcoin reached a peak of $39,705, marking its highest value since late April 2022. Ethereum soared to $2,195 per token. SOL advanced to $63.31, and DOGE ascended to $0.08612 per coin. Other cryptocurrencies like BLUR, RUNE, TIA, IOTA, and ORDI also experienced substantial growth, securing significant double-digit gains over the weekend. PYTH, THETA, XRD, and WEMIX reported noteworthy increases as well.
Global Trading Volume Drops, Tether and BTC Dominate
The 24-hour global trading volume on Saturday decreased by 7% compared to Friday’s figures, amounting to approximately $49.94 billion. Tether dominated with a trade volume of $29.42 billion, while BTC’s trade volume reached $14.52 billion. BTC’s market dominance hovered around 52% this weekend, with ETH following at 17.5%.
Sentiment Remains “Greedy” as Liquidations Continue
The crypto fear and greed index (CFGI) on Saturday indicated a sentiment of “greed” with a score of 74. This sentiment has remained consistent throughout the past week. Following BTC’s surge, a significant portion of the day’s liquidations occurred in the past four hours, totaling $71 million of the $101 million in liquidated shorts. Within the last 24 hours, a total of $122.48 million in both long and short positions have been wiped out.
Hot Take: The Crypto Market Shows Promise with a Positive Weekend Performance
The cryptocurrency market exhibited a positive trajectory on Saturday, with significant gains in overall valuation. Bitcoin reached its highest value in several months, while other key cryptocurrencies also experienced notable growth. Although the global trading volume decreased, the market remained dominated by Tether and BTC. The sentiment in the market leaned towards “greed,” indicating optimism among investors. However, the recent liquidations serve as a reminder of the volatile nature of cryptocurrencies. Overall, this weekend’s performance indicates promise for the crypto market, highlighting its potential for investors and enthusiasts alike.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.