The global cryptocurrency market opened the week with cautious optimism as Bitcoin (BTC) and Ethereum (ETH) led a rebound following a quiet weekend. Bitcoin’s price reclaimed crucial resistance near $106,000, while Ethereum surged past $3,600, sparking renewed interest among investors. This upswing comes as trading volumes rise across major exchanges, backed by positive exchange-traded fund (ETF) inflow data and stable macroeconomic sentiment. In contrast, the performance of altcoins remains uneven, with notable gains in some assets like Solana (SOL) and Avalanche (AVAX), while others continue to lag.
Bitcoin and Ethereum Extend Their Gains
Bitcoin experienced a 4.1% increase over the last 24 hours, trading around $106,034. This marks a steady recovery following a week of sideways movement. Trading volumes have surged by over 35%, although ETF inflows have remained relatively passive. Ethereum outperformed Bitcoin with a remarkable rise of over 7%, reaching approximately $3,643. This uptick in Ethereum’s price is driven by increased on-chain activity and a consistent trend of staking inflows. The ETH/BTC ratio has slightly improved, indicating a potential shift towards smart-contract-based assets.
The altcoin market displayed a mixed sentiment, with Solana’s price advancing 6.6% to around $167, bolstered by rising decentralized finance (DeFi) volumes and active wallet growth. Both Avalanche (AVAX) and Toncoin (TON) recorded modest gains, while Cardano (ADA) and Polygon (MATIC) remained largely stable. Notably, XRP and Hyperliquid saw significant jumps, each increasing by over 7%, while Binance Coin (BNB) managed to reclaim levels above $1,000. Despite these successes, the market breadth remains limited, indicating that capital rotation is still concentrated within larger assets.
Market Overview: Gainers, Losers, and Volume Leaders
In the ongoing market fluctuations, some tokens have emerged as top gainers. Decred (DCR) surged by 62.35%, followed by Starknet (STRK) at 29.98% and World Liberty Financial (WLFI) with 28.92%. Conversely, the top losers included Internet Computer (ICP), which fell by 10.70%, Monero (XMR) declining 5.31%, and Pancakeswap (CAKE) slipping marginally by 0.23%. The most traded tokens for the past 24 hours included Bitcoin, Ethereum, Binance Coin, and XRP, with high-volume altcoins like Solana, Avalanche, and Dogecoin showing renewed activity across exchanges.
Market sentiment indicators remain in a state of fear, despite the overall crypto market capitalization rising above $3.5 trillion with a notable increase in volume. Bitcoin’s dominance currently sits at approximately 59%, reflecting the concentration of investor capital in major cryptocurrencies. The altcoin season index has slightly recovered to reach 33, suggesting a modest shift away from Bitcoin dominance. However, the decline in future open interest indicates a reduction in trading momentum, as traders opt for closing existing positions rather than opening new ones.
While the overall health of the cryptocurrency market shows tentative improvement, market participants are keenly observing whether the rising trading volumes will lead to a sustained rally. Presently, the market maintains a cautiously bullish sentiment, driven by Bitcoin’s stability and the strength of selected altcoins, rather than a comprehensive market breakout.
Looking ahead, if Bitcoin can hold support above $105,000 and Ethereum maintains its momentum above $3,600, analysts suggest that a short-term push towards higher resistance levels is plausible. With midweek macroeconomic data and potential ETF inflow updates on the horizon, market volatility is expected to remain contained. Enhanced participation from mid-cap assets could signal a more robust recovery trend as November progresses.
