Bitcoin Holds Above $64K as Macro Sentiment Improves, Ethereum Recovery Lags

Bitcoin has stabilized above $64K after improving macro sentiment, while Ethereum's recovery remains weaker. In the past 24 hours, Bitcoin was up 0.89% and traded at $64,129, while Ethereum was up 0.41% at $1,867.

The global crypto market capitalization has gone up 0.38% to $2.19 trillion, according to CoinMarketCap. Riya Sehgal, Research Analyst at Delta Exchange, believes the current move is driven more by improving global macro conditions than a major crypto-specific catalyst.

Several analysts have weighed in on the situation, with Vikram Subburaj, CEO of Giottus, stating that lower oil prices and falling US Treasury yields are contributing to improved risk appetite. Akshat Siddhant, Lead quant analyst at Mudrex, notes that Bitcoin futures open interest has declined.

However, Nischal Shetty, Founder of WazirX, cautions that the recovery is still externally led and that a stronger directional trigger is needed for Ethereum to catch up with Bitcoin. Avinash Shekhar, Co-Founder & CEO of Pi42, sees Bitcoin as being at an 'inflection point' and notes that it's holding above a key support zone.