The crypto market continues to show robustness, with Bitcoin maintaining its position just above the $95,000 mark. Meanwhile, Ethereum and Cardano are recording notable price gains, indicating increasing risk appetite among investors.
The crypto market remains stable, with a market capitalization of USD 3.1 trillion, while liquidity is increasingly concentrated in altcoins. Bitcoin remains just above the USD 95,000 mark, while Ethereum and Cardano have posted above-average gains over the past 24 hours. This development is supported by the USD 1 billion inflow into BlackRock’s IBIT ETF on Monday, which outpaced large withdrawals from Fidelity and Ark Invest.
The consolidation of the market capitalization above the USD 3 trillion mark is supported by the US JOLTs data, which raises hopes of imminent interest rate cuts. As investors’ risk appetite grows, the altcoin market is attracting more liquidity, while the Bitcoin price remains stagnant at USD 95,000, despite record-breaking inflows into BlackRock’s IBIT ETF.
On Tuesday, Bitcoin’s price rose another 1%, approaching the $95,500 mark before hitting a sell-off wall. BlackRock’s IBIT ETF saw a record single-day inflow of $970 million, reflecting the buying mood for Bitcoin ETFs over the past eight trading days since April 14.
Demand from BlackRock, a leading market participant, could also spur other players into a buying mood in the coming days. The altcoin market is showing momentum, with Ethereum and Cardano rising above key resistance zones after a week of consolidation. Both cryptocurrencies recorded a 2% increase each, outpacing Bitcoin’s 0.6% gain at press time.
Among the top 20 cryptocurrencies, Bitcoin Cash (BCH) led the gainers with a 6% increase, as continued interest in privacy coins such as Monero (XMR) draws market attention. Prominent real-world asset protocol Hyperliquid also saw a significant increase of 18.4%, indicating increased demand for tokenized instruments.
In crypto industry news, Circle has received approval from Abu Dhabi to expand its stablecoin operations in the Middle East and Africa. This approval allows Circle to operate as a regulated money provider in the region and expand access to its USDC stablecoin and digital asset services.
1inch has launched its Fusion protocol on Solana, enabling MEV-protected token swaps for over one million Solana-based assets. This launch includes six developer APIs and a Dutch auction-based system aimed at reducing slippage and improving liquidity for traders in the Solana ecosystem.
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