Leading cryptocurrencies were range-bound on Wednesday, while stocks closed higher as investors weighed de-escalation prospects in the Middle East war.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.79% | $71,287.45 |
| Ethereum (CRYPTO: ETH) |
+0.25% | $2,165.50 |
| XRP (CRYPTO: XRP) | -0.35% | $1.41 |
| Solana (CRYPTO: SOL) | +0.87% | $91.85 |
| Dogecoin (CRYPTO: DOGE) | +0.91% | $0.09577 |
Crypto Market Consolidates
Bitcoin traded sideways between $70,380 and the mid-$71,000s, with trading volume down 13% over the past day.
Ethereum also meandered in the $2,100 region as bullish momentum stalled against strong resistance at $2,200. XRP and Dogecoin also consolidated.
Shares of Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 2.11% and 2.12%, respectively.
Over $150 million in crypto positions were liquidated in the past 24 hours, with $100 million in short positions alone wiped out, according to Coinglass data.
Open interest in Bitcoin futures rose a further 2.66% in the last 24 hours, while the majority of retail and whale traders on Binance staying long on the leading cryptocurrency.
“Extreme Fear” prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| MemeCore (M) | +39.21% | $2.40 |
| siren (SIREN) | +38.38% | $2.19 |
| Yooldo (ESPORTS) | +20.18% | $0.3306 |
The global cryptocurrency market capitalization stood at $2.44 trillion, following a slight increase of 0.50% from the previous day.
Stocks Rally On Ceasefire Hopes
Stocks bounced back on Wednesday. The Dow Jones Industrial Average rallied 305.43 points, or 0.66%, and closed at 46,429.49. The S&P 500 climbed 0.54% to 6,591.90, while the tech-focused Nasdaq Composite gained 0.77% to close at 21,929.83
Markets are pricing in a potential U.S.-Iran ceasefire, as Washington reportedly relayed a 15-point proposal to Tehran through intermediaries. Iran stated that any ceasefire is conditional on five non-negotiable demands, including “international recognition” of its sovereign control over the Strait of Hormuz and “full war reparations.”
Crude prices rose, with West Texas Intermediate futures trading up 1.03% to $91.23 per barrel as of 9 p.m. EDT.
Accumulation Phase Incoming?
Widely followed cryptocurrency analyst and trader Ali Martinez noted that Bitcoin’s % Realized Cap for new investors has plunged to a significant low, adding that “weak hands” have officially exited the market.
Bitcoin Realized Cap is an on-chain metric that values each BTC in circulation at the price it was last moved rather than the market price.
“When the speculative interest supply dries up, we are left with a market composed of high-conviction holders. This historically marks the transition from a cooling period to the next major accumulation phase,” Martinez added.
Michaël van de Poppe, another prominent market commentator, also highlighted “capitulation” of short-term holders.
They cited Glassnode’s Short-Term Holder Net Unrealized Profit/Loss metric, noting its alignment with the 2020 COVID crash and the June 2022 Terra Luna collapse.
“Historically, this has proven to be a great time to buy assets, as markets are always higher 12 months after such a capitulation event,” Van De Poppe projected.
Photo: KateStock / Shutterstock
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