Crypto Assets Mid-Week Recovery: Will It Sustain?
The market has posted slight gains coming after losses at the start of the week with several crypto assets showing strength. After the market capitalization slumped below the $2.5 trillion mark, it has ticked upwards to $2.49 trillion, a 1.43% increase in the last 24 hours. This is a narrow rise when compared with individual assets but it goes to show that assets can retest lost resistance levels.
At press time, all the top 20 crypto assets flipped green over the past day although still at wider weekly losses due to sharp outflows recorded yesterday. Market leader Bitcoin (BTC) is up 0.85% in the last 24 hours to shake off some losses. The asset remains down 6.12% this week leaving it at a mere 1.36% gain last month.
Crypto Assets Posts Slight Gains
Bitcoin trades at $65,931 with liquidations taking the asset’s price down from $70,000 last week. These sharp outflows came as bulls projected higher gains for the asset. Despite the slight increase in BTC price, its volume stands at $41.5 billion, an 8% slip from the previous day.
Ethereum (ETH) is up 0.32% today after recording slight gains before losses this week. The asset’s form in recent weeks can be seen as it stands at a 7% exit in the last seven days and 2.92% last month. Ethereum’s monthly losses come as a result of slowing inflows compared to BTC and other assets that recorded higher sentiments from institutional investors.
BNB, Dogecoin, and Cardano also show a 0.3%, 0.7%, and 1.15% gain respectively today. Community dubbed ETH killer Solana (SOL) is up 5.3% and has outpaced the larger cryptocurrency market. Solana’s gains come as its memecoin frenzy gains steam amid the wider downturn. Top assets like dogwifhat and BOME are up 1% and 6.7% respectively in the last 24 hours.
Will it Sustain?
The fall of the market was sparked by macroeconomic factors and industry flows caused by whale activity. Crypto assets continue to trade in correlation to stocks making further strength linked to factors like inflation and interest rate cuts.
Some analysts opine that the upcoming Bitcoin halving could see renewed institutional drive to crypto assets. However, bears have shorted crypto stocks hinting that the upcoming halving will not have a sharp impact like previous events.
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