Bitcoin Slides Amid Uncertainty On Crypto Bills; Ethereum, Dogecoin Gain: ETH Dominance Needs To 'Convincingly Break' 10% For Bullish Bias, Says Analyst
Bitcoin dipped, but other major cryptocurrencies spiked Tuesday as capital rotated away from the apex cryptocurrency.
What Happened: The world's leading cryptocurrency dipped to an intraday low of $115,765.69 before recovering to $117,000 overnight. The sharp retreat from recent highs coincided with high profitability, with nearly 99% of Bitcoin's supply now in profit, a historically rare event.
Ethereum, on the other hand, crossed the key resistance at $3,000, with trading volume slightly increasing in the last 24 hours.
Bitcoin's market dominance fell from 63.6% to 62.9% in the last 24 hours, as capital rotated into Ethereum, whose share increased to 10.2%.
The so-called ‘Crypto Week' was off to a bumpy start as the House suspended votes on key cryptocurrency bills.
About $465 million was liquidated from the market in the last 24 hours, with long positions accounting for more than 50%.
Bitcoin's open interest fell 1.15% in the last 24 hours, while Ethereum recorded a 6.33% spike. The "Greed" sentiment weakened in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 10:05 p.m. ET)
Ethereum Name Service (ENS)
+16.63%
$26.01
Curve DAO Token (CRV)
+12.48%
$0.7852
Pump.fun (PUMP)
+12.29%
$0.006531
The global cryptocurrency market capitalization stood at $3.74 trillion, following a modest increase of 0.55% in the last 24 hours.
Major stock averages dropped in Tuesday's trading. The Dow Jones Industrial Average lost 436.36 points, or 0.98%, to end at 44,023.29. The S&P 500 fell 0.40% to end at 6,243.76. The tech-heavy Nasdaq Composite was the silver lining, gaining 0.18% to post a record close of 20,640.33.
The June inflation report was released Tuesday, with the headline Consumer Price Index matching forecasts, while core inflation came in slightly cooler-than-expected.
Meanwhile, the odds of a 25 basis point rate cut at the Federal Reserve’s September meeting fell to 53.25% from 59% the day before, according to the CME FedWatch tool.
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Analyst Notes: Widely followed cryptocurrency trader Mercury compared Bitcoin's recent breakout above a key resistance level to similar occurrences in 2023 and 2024.
"Those breakouts saw us trade ~50% higher within the next ~2 months. This rally likely still has more legs to it," the analyst said.
Rekt Capital, another cryptocurrency market researcher, said Ethereum needs a clear break above 10% market dominance to enter a historically bullish phase.
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Posted-In: Cryptocurrency
