Market updates
Avalanche and Chainlink Lead Altcoin Rally Despite Bitcoin Drop
Beginner
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%)
Share
Paano magbenta ng PIInililista ng Bitget ang PI – Buy or sell ng PI nang mabilis sa Bitget!
Trade na ngayonIniaalok namin ang lahat ng iyong mga paboritong coin!
Buy, hold, at sell ng mga sikat na cryptocurrencies tulad ng BTC, ETH, SOL, DOGE, SHIB, PEPE, nagpapatuloy ang list. Mag-register at mag-trade para makatanggap ng 6200 USDT na bagong user gift package!
Trade na ngayon