Over the last 24 hours, the global cryptocurrency market has declined by 1.80%, with the market cap now at $2.29 trillion. Despite a significant 32.89% drop in trading volume to $75 billion, market sentiment remains positive, as indicated by the Greed Index reading of 60.
Current Situation in the Cryptocurrency Market
The prevailing optimism in the market is partly attributed to the upcoming U.S. elections, fostering positive expectations among industry participants. Bitcoin's open interest has surged to a record-breaking $39.41 billion, indicating growing investor engagement.
Bitcoin Price Surge and Whale Activity
Bitcoin is currently priced at $66,944.21, experiencing a 1.41% dip over the past 24 hours. Whale transactions have spiked to their highest levels in over 10 weeks, with whale investors now holding approximately 1.97 million BTC, marking a year-to-date increase of over 800%. Additionally, U.S.-based spot Bitcoin ETFs have purchased $1.5 billion worth of Bitcoin in just four days.
Analysis of Altcoin Prices
Currently, Ethereum (ETH) has slipped 1.32%, trading at $2,602.32, while Solana (SOL) has seen a more significant drop of 2.83%, priced at $151.61. XRP is bucking the trend with a 1.69% rise, currently valued at $0.5536. Top Gainers: FTX Token (FTT) leads with a 13.72% gain, priced at $2.11. XRP follows with a 1.62% increase, while Injective (INJ) has risen by 1.07%, hitting $21.30 ahead of its Bitfinex listing. Top Losers: Worldcoin (WLD) dropped 8.48% to $2.17. Kaspa (KAS) followed with an 8.40% loss to $0.1224, while Starknet (STRK) is down 8.16% to $0.3942.
Overall, despite current market fluctuations, positive expectations linked to upcoming events maintain investor optimism, and active large-scale investor actions indicate continued interest in crypto assets.