Bitcoin [BTC] ended the US market day above the $27,000 mark as markets generally remain unaffected by the war in Gaza.
The cryptocurrency lost 0.73% in the last 24 hours and was changing hands at $27,395 by close of business on the US East Coast. ether [ETH] fell 0.96% to trade at $1,546. The CoinDesk Market Index (CMI) fell 0.9%. CoinDesk Indices’ Bitcoin trend indicator shows a clear uptrend for Bitcoin price, while the Ether trend indicator predicts a clear downtrend.
In stock markets, the S&P 500 and Nasdaq rose just over 0.5%, ignoring for a second day the potential negative impact of the Israel-Hamas conflict.
Speaking to CNBC on Tuesday, Fundstrat’s Mark Newton anticipates a buying opportunity and said there is a “good chance” that stocks have bottomed out. Newton believes that a short-term market decline due to geopolitical events will be followed by a recovery.
Big week for unlocks
Apartments [APT]and Ape Coin [APE] Large token unlocks are scheduled to take place next week.
Unlocking tokens can temporarily depress crypto prices, but if the unlocked liquidity accounts for more than 100% of daily volume, prices briefly rebound before falling further within two weeks, according to The Tie research previously reported by CoinDesk emerges.
Aptos is expected to unlock 4.54 million [APT] on Wednesday worth about $22.2 million based on current market prices. The APT is down 2.2% on the day and 9% on the week.
Meanwhile, Ape Coin will unlock 15.6 million [APE] $15.88 million later this week, and its token is down 1% on the day and 11.3% on the week.
Rising BTC dominance
Meanwhile, Bitcoin’s influence on the entire cryptocurrency market has been growing inexorably. The [BTC] The market cap dominance metric rose to over 51%, the highest since July, according to TradingView data.
“Despite the recent global turmoil, Bitcoin has demonstrated exceptional strength, securing its position as the best-performing asset against the U.S. dollar over the past 30 days,” noted Joel Kruger, market strategist at LMAX Group, in an email. He attributed BTC’s increasing dominance to the second largest crypto asset [ETH’s] A stronger correlation with risk sentiment and increasing token supply following the return of inflation makes Bitcoin more attractive to investors.
The story goes on
[ETH] This week it fell to a new 15-month low against BTC as blockchain activity on Ethereum slows and investor interest in newly listed futures-based ETFs in the US is low
K33 Research noted in a market report on Wednesday that traders in the derivatives market expect ETH to continue to underperform.
“The explanation may simply be that BTC, as digital gold, is more enticing than ETH associated with DeFi and NFTs in a risk-averse environment brimming with the potential of soon-to-be spot Bitcoin ETFs,” K33 analysts wrote. “Staying with BTC until there is clear evidence of a spark in ETH is probably the safest risk right now.”
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