Altcoin moves were mixed, with Cardano rallying into double-digit gains while Dogecoin and XRP posted declines, with Ethereum trading at the flatline.
The crypto market paused for breath in early morning trade on Thursday after Bitcoin’s (BTC) record-setting run, as investors shifted focus to the upcoming U.S. producer price index and jobless claims reports.
Bitcoin’s price crossed $124,000 on Wednesday, surpassing its previous peak of more than $122,000 and setting a new all-time high. The apex cryptocurrency was trading at around $121,000 at the time of writing, 2.1% below the fresh peak. On Stocktwits, retail sentiment around Bitcoin improved to ‘neutral’ from ‘bearish’ territory over the past day, with chatter increasing to ‘normal’ from ‘low’ levels.
Cardano (ADA) led altcoin advances with its price crossing the $1 mark for the first time since March. In early morning trade, Cardano’s price had pared some gains, trading at $0.97, still up as much as 11%. Retail sentiment on Stocktwits jumped to ‘extremely bullish’ from the ‘neutral’ zone over the past day, accompanied by an uptick in chatter to ‘high’ from ‘normal’ levels.
Ethereum’s price was around $4,700, having edged only 0.1% higher in the last 24 hours, with the market weighing whether the cryptocurrency will finally clock a new all-time high after nearly four years. On Stocktwits, retail sentiment around Ethereum surged to ‘extremely bullish’ from ‘bullish’ territory over the past day amid ‘high’ levels of chatter. On Stocktwits, retail sentiment around the token remained in the ‘extremely bullish’ zone amid ‘high’ levels of chatter.
Shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were in the red during pre-market trade. BMNR’s stock edged 0.5% lower, while FGNX’s stock dipped more than 5%.
Other major altcoins were mixed in early morning trade. Solana’s (SOL) price rose 0.9% in the last 24 hours, while meme token Dogecoin’s (DOGE) price fell more than 3% and Ripple’s native token (XRP) slid 2.5%.
Bitcoin-linked stocks were in the red during pre-market trading amid broader weakness in the market. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, dipped 1.26%. Bitcoin miner Riot Platforms (RIOT) stock dropped 1.38%, and shares of its peer, Mara Holdings (MARA), fell 0.95%. Meanwhile, crypto exchange Coinbase Global’s (COIN) stock moved 0.34% lower.
The volatility in the crypto market led to $480 million in liquidations over the past 24 hours, according to Coinglass data. Bitcoin experienced the largest liquidations of $137 million, followed by Ethereum at $134 million.
Read also: BMNR Chair Tom Lee Says $7,500 Ethereum Price Prediction At The ‘Low End,’ Eyes Bigger Gains
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