Cryptocurrencies maintained their position on Saturday as enthusiasm for riskier assets began to fade.
Bitcoin (BTC) dipped to $63,000 after reaching a peak of $64,000 this week, while the aggregate market capitalization of all cryptocurrencies held steady at $2.2 trillion.
Other risk assets showed mixed results, with the Dow Jones increasing by 27 points, while the S&P 500 and Nasdaq 100 indices decreased by 0.25% and 0.29%, respectively. As mentioned on Friday, this market behavior is likely attributed to the triple-witching event, where options totaling over $5.1 trillion expired.
Loom Network leads the way with rising open interest
Loom Network (LOOM), which was recently removed from Binance, emerged as one of the top-performing altcoins, surging to $0.0668—its highest level since July 22—marking a 61% increase from its lowest point this year.
Loom’s success was driven by a 24-hour trading volume surpassing $174 million, outpacing its market cap of $80 million. The open interest in its futures market rose to over $27 million, the highest figure since March 27, significantly up from this month’s low of $4.7 million.
Ontology Gas (ONG) also stood out among the leading tokens on Saturday, climbing for five straight days to hit its July peak of $0.387, with its market capitalization reaching $142 million. Similar to Loom Network, ONT’s open interest climbed to $15.7 million, marking the highest level since June 7.
From a fundamental perspective, Ontology’s ecosystem has struggled in recent years, with the total value locked in its DeFi ecosystem having plummeted to $7.1 million from an all-time high of $374 million in 2021.
Simon’s Cat reaches unprecedented heights
Simon’s Cat (CAT) was another standout token, soaring to a record high of $0.000040. According to Nansen, the market capitalization of the token has surged to over $297 million, while its exchange volume increased to $168 million, the highest since September 12.
Simon’s Cat also surged as the number of token holders grew to 217,680 in the past 24 hours, while the quantity of tokens available on exchanges fell to 1.85 trillion from 1.87 trillion last week. A reduction in the number of tokens on exchanges is considered positive, indicating more individuals are holding them in wallets.
Other notable cryptocurrencies included ARK, which increased by 23%; Powerledger, which rose by 20%; and Theta Fuel, which saw an 8% increase.
Conversely, Mother Iggy, Neiro on ETH, Billy, and Cat In A Dogs World were among the notable laggards.
