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Crypto market cap tops $2.24T as dip buying returns
The rebound followed a slight de-escalation between the US and Iran, lifting risk appetite and helping several major altcoins post weekly gains.
Crypto markets have recovered as total capitalisation climbed to about $2.24 trillion, recouping part of the losses from the prior two sessions. Action Forex attributes the turn to a slight de-escalation between the US and Iran, which has boosted risk appetite and contributed to “higher local lows” across the market.
Among major altcoins over the past seven days, Uniswap rose about 13%, Aave gained about 13.2%, and Aptos added about 7.5%. Declines included Zcash down about 4.8%, Cosmos off about 4.1%, and NEAR Protocol lower by about 2.6%.
Bitcoin dipped below the uptrend support line for the month on Friday, reaching a local low near $63.6K, as bears pushed toward the 50-day moving average. Ahead of Europe trading Monday, Bitcoin moved back above $65K and attempted to hold an upward trend, while Ethereum led the rebound by clearing around $1,950 and reaching two-month highs.
The recovery also showed early signs of improving sentiment in Bitcoin derivatives, with Binance perpetual funding rates returning to positive territory after a long stretch in negative territory, according to WIN Japan. Action Forex also cited broader selling pressure facing public companies, noting that VanEck said dozens of organizations have fully or partially liquidated crypto reserves, while CryptoQuant said on-chain signals suggest potential lows are forming but a definitive bottom is not yet confirmed.
Latest closeBitcoin $65,139.96 ▼0.3%|Ethereum $1,959.13 ▲0.3%