Market updates
Avalanche and Chainlink Lead Altcoin Rally Despite Bitcoin Drop
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2024-12-13 | 5m
Bitcoin briefly surged to $102,500 on Thursday after President-elect Donald Trump reaffirmed his pro-crypto stance, pledging to embrace digital assets and create a strategic Bitcoin reserve. This optimism coincided with the European Central Bank (ECB) cutting interest rates by 25 basis points and signaling potential further reductions. However, a bond market sell-off dampened risk appetite, causing Bitcoin to retreat below $100,000, settling at $99,800 by late afternoon.
While Bitcoin faced pressure, altcoins outperformed. Avalanche’s AVAX and Chainlink’s LINK gained 9% and 13%, respectively. AVAX’s rally followed a $250 million token investment led by major crypto firms, while LINK saw demand from Trump-associated DeFi project World Liberty Financial, which added $1 million worth of tokens. Ethereum (ETH) also edged higher, up 1.5% for the day, buoyed by strong spot ETF inflows and increased blockchain activity, positioning it to target a new high above $5,000.
Broader markets mirrored Bitcoin’s decline, with the Nasdaq and S&P 500 closing lower, and gold dropping 1.8% to $2,706 per ounce. The bond market turmoil contributed to these sell-offs, with rising yields in Germany and the U.S. amplifying investor caution.
Source:
CoinDesk
Futures Market Updates
In the past 24 hours, ETH futures experienced more significant growth in both open interest (+3.70%) and trading volume (+19.45%) compared to BTC futures, which saw smaller increases of +0.95% and +1.87%, respectively. BTC futures exhibited a slight preference for long positions (50.24%/49.76%), whereas ETH futures showed a marginal tilt toward short positions (49.80%/50.20%). Liquidations were higher for BTC longs ($42.46M) than ETH longs ($26.37M), though ETH short liquidations ($19.41M) surpassed BTC’s ($15.47M). The funding rate for BTC futures (0.0103%) remained marginally higher than ETH’s (0.0090%), reflecting greater bullish sentiment for BTC. Overall, ETH futures showed more dynamic activity, with increased volume and liquidations across both positions.
BTC Futures Updates
Total BTC Open Interest: $62.57B (+0.95%)
BTC Volume (24H): $89.58B (+1.87%)
BTC Liquidations (24H): $42.46M (Long)/$15.47M (Short)
Long/Short Ratio: 50.24%/49.76%
Funding Rate: 0.0103%
Ether Futures Updates
Total ETH Open Interest: $27.22B (+3.70%)
ETH Volume (24H): $53.74B (+19.45%)
ETH Liquidations (24H): $26.37M (Long)/$19.41M (Short)
Long/Short Ratio: 49.80%/50.20%
Funding Rate: 0.0090%
Top 3 OI Surges
COW: $46.74M (+178.84%)
FTN: $4.54M (+86.51%)
XVG: $61.79M (+79.29%)
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