Bitcoin Surges to $87,000, Following Gains in XRP, Solana, and Ethereum
Bitcoin surged back to $87,000, with XRP, Solana, and Ethereum leading gains, as the cryptocurrency market showed signs of a possible trend reversal, according to CryptoQuant analyst Carmelo Alemán.
Alemán noted that despite the recent gains, ongoing selling among mid-sized BTC holders in the 1,000 to 10,000 range is hindering a definitive confirmation of the trend reversal. The market saw liquidations totaling $380 million in the last 24 hours, mainly driven by losses in short positions.
The Crypto Fear and Greed Index, often used as a gauge for market sentiment, rose to 20 but still reflects “extreme fear” among investors. Meanwhile, retail sentiment around Bitcoin remained “neutral” on Stocktwits, with increased chatter over the past day.
In addition to Bitcoin’s price increase, XRP saw a notable 7% gain, Solana surged by 5.5%, and Ethereum rose by 3.4% in the last 24 hours. Other major cryptocurrencies like Dogecoin, Cardano, and Binance Coin also posted gains in early trading.
Despite the volatility, ETF momentum in the crypto space continues to gain traction. The launch of the first-ever Dogecoin ETF on NYSE Arca saw $1.41 million in trades on its debut. Bitwise’s upcoming Dogecoin ETF and VanEck Digital Assets’ filing for the Vaneck BNB ETF further highlight the growing interest in crypto ETFs.
Looking ahead, traders are keeping an eye on economic data releases, including the September retail sales report, the Producer Price Index (PPI), consumer confidence, and pending home sales, which could impact monetary policy decisions in the coming months.
Tron Coin (TRX) was the only major token to experience a decline in early trading on Tuesday, with a 1.8% drop in price. Retail sentiment around TRX remained “bearish,” with moderate levels of chatter.
As the crypto market continues to show signs of recovery, investors are cautiously optimistic about the potential for a trend reversal. Despite the ongoing challenges posed by selling pressure from mid-sized BTC holders, the market’s resilience and the positive momentum in ETF listings are driving renewed interest and confidence among traders and investors alike.
