Ether Outpaces BTC in Daily Gains, while Overall Crypto Market Remains Flat

Coinspeaker
Ether Outpaces BTC in Daily Gains, while Overall Crypto Market Remains Flat

Ether ETH $2 648 24h volatility: 0.3% Market cap: $318.72 B Vol. 24h: $16.40 B outperformed Bitcoin BTC $63 657 24h volatility: 0.4% Market cap: $1.26 T Vol. 24h: $25.68 B in daily gains as two key cryptocurrency events, Token 2049 and Solana’s Breakpoint, concluded in Singapore on September 22, 2024. Although both digital currencies experienced modest increases, the broader market stayed largely stagnant, highlighting persistent uncertainty.

Source: CoinMarketCap

Ethereum climbed 3.10%, surpassing $2,650, while Bitcoin rose 1.46%, hitting $63,630 in the last 24 hours according to the CoinMarketCap. Notably, Ether surges 15.80% in the last week showing a significant recovery from its bearish trend in the last month, touching the $21,70 mark on September 6th with a decline of over 18% as of September 23.

Liquidations Surge as Rate Cut Speculation Grows

In the last 12 hours leading up to September 23, data from CoinGlass revealed a greater number of short positions were liquidated compared to long ones, with $64.89 million in short liquidations and $31.61 million in long liquidations. This points to a volatile trading environment, likely impacted by last week’s 50 basis point (bps) interest rate cut, which triggered increased trading activity. 

Source: CoinGlass

Many market participants are speculating about another rate cut, with Polymarket showing a near-even split: 43% expecting a 50 bps cut and another 48% anticipating a 25 bps reduction.

Source: Polymarket

Solana SOL $147.4 24h volatility: 2.0% Market cap: $69.06 B Vol. 24h: $3.00 B , which took center stage at the Breakpoint conference following Token 2049, remained flat, trading above $145. Although SOL’s price was stagnant, the conference generated excitement, particularly around new developments like Jump Crypto’s validator going live. However, SOL has yet to see the kind of price movement that followed ETH’s rise.

Crypto Trading Remains Cautious Post Rate Cut

Pendle, a project tied to Arthur Hayes’ Maelstrom fund, saw its value drop over 6.25% as traders grew cautious after the fund reduced its holdings. Hayes indicated that the move aimed to free up liquidity for a “special situation,” though details remain unclear. Despite the short-term dip, Pendle has gained 21.81% over the past week.

Source: CoinMarketCap

In contrast, MOTHER, a meme coin backed by Iggy Azalea, rose 4% following her announcement of plans to launch an online casino named Motherland. Although the meme coin’s value has been relatively steady, it faces difficulties securing listings on major exchanges due to regulatory challenges tied to gambling ventures. 

Overall, the cryptocurrency market remains quiet, with minor gains in Bitcoin and Ether but no significant shifts in sentiment. As interest rate cuts continue to affect the market and projects like Solana and Pendle prepare for new developments, traders stay cautious in this sluggish environment.

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Ether Outpaces BTC in Daily Gains, while Overall Crypto Market Remains Flat