Cryptocurrency Market Sees Mixed Performance: Bitcoin Rallies While Ethereum Struggles

Cryptocurrency Market Sees Mixed Performance: Bitcoin Rallies While Ethereum Struggles

The cryptocurrency market displayed mixed results on Tuesday, with some major tokens experiencing significant gains while others saw declines. Among the top performers were Bitcoin, Solana, Toncoin, Cardano, and Avalanche, each posting gains of up to 7%. Conversely, Ethereum, XRP, Dogecoin, Shiba Inu, and Polygon encountered downward pressure, with losses of up to 2%.

During the past 24 hours, the overall global cryptocurrency market capitalization increased by 1.25%, reaching approximately $2.01 trillion. This rise reflects a broader market recovery following recent volatility.

As of 12:23 p.m. IST, Bitcoin was trading 1.8% higher at $56,829, continuing its upward trend and nearing the critical $57,000 mark. On the other hand, Ethereum remained under pressure, trading below the $2,500 level.

Market experts attribute Bitcoin’s recent strength to improving market sentiment. Vikram Subburaj, CEO of Giottus, noted, “The crypto market is showing signs of recovery, with Bitcoin having another positive day and surpassing the crucial $56,500 resistance level.” He added, “Bitcoin whales have accumulated 30,000 BTC during the recent market correction. The Crypto Fear and Greed Index has also improved, rising from an extreme fear level of 17 to 29 within the last 24 hours.”

However, some analysts urge caution despite the optimism. Avinash Shekhar, Co-Founder & CEO of Pi42, remarked, “While Bitcoin’s price is gradually climbing towards $57K, the low trading volume and ongoing bearish market suggest that investors remain cautious.”

The total stablecoin volume over the past 24 hours was $97.52 billion, accounting for 94.12% of the total cryptocurrency market volume, according to CoinMarketCap.

In the last 24 hours, Bitcoin’s market cap fell to $1.123 trillion, with its dominance currently standing at 55.87%, as per CoinMarketCap. Additionally, Bitcoin’s trading volume dropped by 40.7% to $46.9 billion.

Altcoins also experienced mixed outcomes, with Solana leading the pack, surging nearly 7% to $151. Toncoin followed with a 3.5% increase to $5.75, while Polkadot added over 3% to its value. Commenting on Solana’s performance, Vikram Subburaj stated, “Solana continues to show relative strength, up 7% today and trading above $150. The altcoin market remains in a catch-up phase compared to Bitcoin.”