Ether Outpaces Bitcoin: ETH Surges 14% in a Week, Outperforming BTC Amid Post-Conference Market Slump
As two of the biggest cryptocurrency conferences, Token 2049 and Solana’s Breakpoint, concluded in Singapore, Ether outpaced Bitcoin in daily advances. However, both of these tokens are essentially flat as the market remains sluggish. Based on statistics from CoinMarketCap, ETH is up 2.23%, trading at $2,651, and BTC is up 0.84%, trading at $63,538, respectively.
According to CoinGlass data, $64.23 million worth of short positions and $54.42 million worth of long positions were liquidated during the course of the previous 12 hours, with a small preference for short holdings over long ones. Following the 50 basis point (bps) interest rate drop last week, trading is probably minimal. In nearly the past week, ETH has increased by nearly 14%, while BTC has increased by 7.70%. On the other hand, although they disagree on the precise amount, Polymarket bettors are certain that there will be another rate cut: While 49% predict it will be 25 bps, 43% predict it will be 50 bps.
Solana Price Holds Steady as Breakpoint Unveils Key Protocol Developments
At $144.11, Solana’s (SOL), the main subject of the Breakpoint conference that followed Token 2049, is flat. On the other hand, many participants at Breakpoint expressed admiration for the announcements made by the protocol, like the activation of Jump Crypto’s validator.
Arthur Hayes’ Maelstrom fund has Pendle, one of its portfolio companies, down more than 6.5 percent. Maelstrom’s reduction in its stake in the project, following Hayes’ extensive on-stage promotion of it in Singapore, has probably alarmed traders. Regarding their involvement with Pendle, Hayes stated that they sold their shares in order to obtain cash for a special situation.
Those who monitor our wallets will get a glimpse as to what that is in the very near future,
Hayes
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