The overall crypto market showed signs of stability on Tuesday with fluctuations going down for more altcoins over the last 24 hours. Bitcoin reflected a price dip of under one percent to trade at $68,712. The asset’s seven-day average price is still down by nearly 13 percent, as per CoinMarketCap, despite the current stability.
Ether roped-in losses of under one percent over the last day to retail at $2,014 at press time.
Market analysts, in conversation with Coin Headlines said, this week’s CPI data along with a weakening dollar could influence the price action for assets like BTC and ETH.
“Bitcoin is holding strong above the $70,000 level as whales and institutional investors step in to buy the dip. Since Friday, large holders have accumulated over 40,000 BTC, helping stabilise prices, while Strategy added 1,142 BTC worth about $90 million, showing long-term institutional confidence,” said Akshat Siddhant, Lead Quant Analyst, Mudrex.
XRP, BNB, Solana, Dogecoin, Cardano, Hyperliquid, Canton, Chainlink, and Stellar are among tokens that logged losses of under three percent on Tuesday.
On the other hand, Litecoin, Zcash, Hedera, Cronos, and Mantle managed to fetch miniscule gains on the otherwise red price charts.
The overall crypto market cap dropped by 0.53 percent over the last day. At present, the valuation of the sector stands at $2.34 trillion, as per CoinMarketCap.
The score of 10 on the fear and green index indicates at the sentiment of extreme fear among investors amid the volatile market conditions.
Many, during this ongoing market crash, have pointed out the dependency of altcoins on BTC to keep up a market momentum. Now that this is the case, analysts are primarily tracing Bitcoin’s potential market trajectory to predict the next market bull run.
“Bitcoin ETFs also recorded net inflows of over $371 million, adding to the stability. If this momentum continues, BTC could reclaim $75,000 and potentially extend the rally toward $93,000. On the downside, $65,000 remains a strong support for the asset,” Siddhant added.
Over 97,500 traders were liquidated in the last 24 hours with the total liquidations hitting $261.66 million, data by CoinGlass showed.