Crypto Bounces Back as Traders Shrug Off Fear—For Now
After weeks of sideways action, digital assets finally show signs of life. Bitcoin claws back above $70K while altcoins post double-digit gains—just in time for another round of ’this time it’s different’ from crypto bros.
### The Hopium Pipeline Kicks In
Market sentiment flipped faster than a DeFi rug pull. Traders are piling back in, betting the Fed’s next rate cut will send prices soaring. Never mind that institutional money still treats crypto like a casino.
### Green Candles, Red Flags
Sure, the charts look bullish. But let’s not pretend this isn’t the same pump-and-dance we’ve seen a dozen times before. Remember: in crypto, ’recovery’ just means the greater fools have arrived.
The worldwide crypto market is now expressing signals of a renewal in investor optimism. Hence, the total crypto market capitalization has touched the $3.44T following a 0.60% increase over the past 24 hours, while 24-hour crypto volume has seen a 20.14% rise to reach $128.5B. In addition to this, the crypto Fear & Greed index also shows “greed” at 68 points.
Bitcoin Sees 0.19% Surge and Ethereum Shows 2.92% Increase
Bitcoin ($BTC) has witnessed a 0.19% increase in its price which has reached the $109,021.69 mark. Additionally, its market dominance currently stands at 63.0%. Apart from that, ethereum ($ETH) has also recorded a 2.92% surge that has led its price to $2,640.51 while its market dominance accounts for 9.3%.
$FTW, $SPOT, and $CAT Dominate Daily Crypto Gainers
Concurrently, Black Agnus ($FTW), Defispot ($SPOT), and NOT ($CAT) are atop the crypto gainers of the day. In this respect, $FTW has witnessed a stunning 1212.01% price upsurge to reach $0.00000005512. Subsequently, $SPOT’s current price is $0.000005051 after an 852.85% increase. Following that, $CAT has seen a 556.72% rise to touch $0.00002545.
DeFi TVL Jumps by 2.52% whereas NFT Volume Slumps by 13.21%
Similarly, the DeFi TVL has also attained a 2.52% jump, reaching $119.515B. Particularly, with the largest TVL of $25.484B, AAVE leads the DeFi platforms. However, when it comes to a 1-day TVL increase, HipPowSwap is the top platform accounting for a 19036273% rise.
On the other hand, the NFT landscape has gone through a 13.21% dip in the sales volume to reach $13,750,890. The top NFT collection is DMarket as its sales volume is atop others, comprising $1,226,536.
IMF Demands El Salvador Freeze $BTC as Vegas Event Fuels Optimism
Overall, while the crypto sector is making continuous progress, several crucial developments are unfolding. Specifically, the IMF has again persuaded El Salvador, the first country to make Bitcoin its legal tender, to freeze the $BTC holdings amid the latest loan deal. Moreover, the ongoing Bitcoin Conference in Las Vegas is also raising expectations of a likely rebound over the next days.
