The crypto market has shown remarkable stability over the past day, with a minimal fluctuation of just 0.7%. The total market capitalization stood at $2.80 trillion at the start of active trading in Europe, slightly down from $2.81 trillion the previous day. Traders appear to be adopting a cautious approach, hesitating to capitalize on the dollar’s pullback and the strengthening of bond buying, which signals a recovery in risk appetite. The earnings season for big tech stocks has also dampened crypto enthusiasm, with the Nasdaq declining for four of the last five days.
Among altcoins, the ratio of rising to falling coins is 1:9. The top performers were Basic Attention Token (BAT) with a 4.7% gain, Bitcoin Cash with a 1.2% increase, and Tron with a 0.4% rise. The biggest losers included Polkadot (-5.2%), Near Protocol (-4.5%), and Internet Computer (-4.3%).
Bitcoin (BTC) has remained relatively stable, hovering around $83.4K, avoiding sharp drops or surges. It has stayed above its 50-day moving average near $81K but has yet to break above $84K. Institutional investors view BTC as similar to the Nasdaq-100 in terms of risk, and the caution in the tech sector is limiting Bitcoin’s potential. The market may be waiting for the release of US inflation data for clearer direction.
Basic Attention Token (BAT) has seen a remarkable rally, doubling in price over the past five days. It has been the best-performing altcoin among the most liquid coins over the last seven days (+87%) and over 30 days (+150%). Trading near $0.20, BAT has nearly recovered to its level at the start of the year. A 'golden cross' has formed on the daily timeframe, a bullish signal that could attract new buyers. However, the rapid rally has led to overbought conditions, with the RSI on the daily charts nearing 90, a level last seen in 2018. At that time, the rally continued for about another week before a correction. The bulls may push BAT up to $0.26, $0.29 before taking a breather.