Ether Surges Past BTC in Daily Gains, Crypto Market Stays Flat

Coinspeaker
Ether Surpasses BTC in Daily Gains, while the Overall Crypto Market Stays Unchanged

Ether

ETH
$2,659



24h volatility:
3.7%


Market cap:
$320.55 B



Vol. 24h:
$18.26 B

outperformed Bitcoin

BTC
$63,477



24h volatility:
1.4%


Market cap:
$1.26 T



Vol. 24h:
$30.43 B

in daily gains as two significant cryptocurrency events, Token 2049 and Solana’s Breakpoint, wrapped up in Singapore on September 22, 2024. While both digital assets saw slight increases, the overall market remained largely flat, indicating ongoing uncertainty.

Source: CoinMarketCap

Ethereum appreciated by 3.10%, crossing the $2,650 mark, while Bitcoin experienced a 1.46% increase, reaching $63,630 in the past 24 hours according to CoinMarketCap. Impressively, Ether surged 15.80% over the past week, marking a robust recovery from its previous bearish trend where it had dipped to $21.70 on September 6th, reflecting a decline of over 18% as of September 23.

Liquidations Rise as Speculation of Rate Cuts Intensifies

In the 12 hours leading up to September 23, data from CoinGlass indicated a higher number of short positions being liquidated compared to long positions, amounting to $64.89 million in short liquidations versus $31.61 million in long liquidations. This suggests a volatile trading environment, likely influenced by last week’s 50 basis points (bps) interest rate cut that spurred enhanced trading activity.

Source: CoinGlass

Many in the market are anticipating further rate cuts, with Polymarket showing a nearly equal division: 43% predicting a 50 bps cut and 48% expecting a 25 bps decrease.

Source: Polymarket

Solana

SOL
$144.4



24h volatility:
0.9%


Market cap:
$67.72 B



Vol. 24h:
$2.89 B

, which garnered attention at the Breakpoint conference after Token 2049, remained steady, trading above $145. Despite SOL’s price stability, the conference generated enthusiasm, particularly regarding new advancements such as Jump Crypto’s validator going live. However, SOL has yet to experience the price momentum similar to Ether’s ascent.

Crypto Trading Remains Cautious Following Rate Cuts

Pendle, linked to Arthur Hayes’ Maelstrom fund, saw its value decline by over 6.25% as traders became wary after the fund reduced its exposure. Hayes suggested this move was intended to increase liquidity for a “special situation,” though specifics remain unclear. In spite of the immediate downturn, Pendle has seen a 21.81% rise over the past week.

Source: CoinMarketCap

Conversely, MOTHER, a meme coin endorsed by Iggy Azalea, increased by 4% after her announcement regarding plans to launch an online casino dubbed Motherland. Though the meme coin’s valuation has remained relatively stable, it encounters challenges in gaining listings on major exchanges due to regulatory hurdles related to gambling activities.

Overall, the cryptocurrency market appears subdued, with minor advancements seen in Bitcoin and Ether but no significant shifts in overall sentiment. As interest rate cuts continue to influence market dynamics and projects like Solana and Pendle gear up for new developments, traders maintain a cautious stance in this sluggish atmosphere.

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Ether Surpasses BTC in Daily Gains, while the Overall Crypto Market Stays Unchanged