Ethereum Outpaces Bitcoin Amid Market Stability
Ethereum has recently outperformed Bitcoin in daily gains, following the conclusion of the Token 2049 and Breakpoint conferences in Singapore, two major events in the cryptocurrency sector. Despite this growth, both cryptocurrencies are experiencing relative stability amid ongoing market stagnation.
Price Performance
- Ethereum: Price rose by 2.6%, trading above $2,600.
- Bitcoin: Increased by 1.2%, hovering above $63,700.
- CoinDesk 20 (CD20) Index: Minimal movement, rising by less than 1%.
Market Liquidations
Data from CoinGlass indicates that over the last 12 hours, there were more short positions liquidated compared to long positions:
- $64.23 million in shorts liquidated
- $54.42 million in longs liquidated
Future Trading Trends
Trading volume is expected to decline following a 50 basis point rate cut last week. Over the past week, Bitcoin has seen an increase of 9.5%, while Ethereum has surged over 16%. On the Polymarket platform, traders are divided on expectations for future rate cuts:
- 47% anticipate another 50 basis point reduction
- 47% predict a 25 basis point cut
Solana’s Stability
Meanwhile, Solana, which garnered attention during the Breakpoint conference, has stabilized at over $145. Attendees positively received announcements made during the conference, including the launch of the Jump Crypto validator.
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