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SOL, ADA Lead Crypto Majors' Gains as Bitcoin Traders Move Past $1B Liquidation Event
Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.
Updated Aug 24, 2023, 5:26 p.m. Published Aug 24, 2023, 8:44 a.m.
Solana and led gains among major crypto tokens in the past 24 hours as the bitcoin price gradually recovered from last week's liquidation event.
Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem. The CoinDesk Markets Index, a weighed collection of the largest tokens, rose 1.6%.
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Among alternative currencies, rose 6% as its boosted savings product found favor among investors, while AI-focused jumped 9% after Nvidia (NVDA) topped second-quarter earnings estimates, proving the bullish AI trend is here to stay.
Last week, some $1 billion worth of crypto futures were liquidated after a sudden sell-off that hit trading volumes and the broader market recovery. Mentions of “buy the dip” echoed, and then fizzled out, among traders as the large move likely impacted traders and funds.
Now it seems large holders are returning to the market, aiding a recovery.
“Bitcoin jumped back as high as $26,800 Wednesday as key whale & shark addresses are now collectively adding to their stacks once again,” on-chain analytics firm Santiment said in a tweet. “There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th.”
🐳🦈 #Bitcoin jumped back as high as $26.8K Wednesday as key whale & shark addresses are now collectively adding to their stacks once again. There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th. https://t.co/6vuJpHRTvD pic.twitter.com/vuNgEER2fZ
— Santiment (@santimentfeed) August 23, 2023
Gains in bitcoin came as European stocks and U.S. equity futures climbed in a broad-based rally fueled by surging tech shares, as per MarketWatch.
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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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