While short-term positioning remains cautious, analysts believe institutional demand through spot ETFs is lending support to the upside
Despite the modest gains, sentiment around the short-term outlook, analysts said, remains cautious
BTC dominance has slipped to 57.3 per cent, while the CMC Altcoin Season Index has climbed to 62/100, which analysts suggest are early signs of capital rotation into altcoins
Analysts suggest the muted price action reflects investor caution ahead of the upcoming US CPI release, which could influence the Fed's next policy decision
Market analysts attribute the the cautious optimism to a balance between consolidating price action and renewed corporate activity
Ethereum, on the other hand, is lagging slightly but sits at a key breakout point, holding $4,300 support and now retesting its descending trendline
This bullish momentum comes on the heels of US President Donald Trump signing an executive order to expand 401(k) access to alternative assets, aiming to improve returns and diversification
For BTC to regain bullish momentum, analysts believe that a confirmed breakout above $116,000 is necessary.
Bitcoin (BTC) retained its position as the most preferred crypto asset among Indian investors, capturing 6.5 per cent of overall investor interest
So far this month, Ethereum has surged nearly 59 per cent. Despite the recent rally, ETH remains 19 per cent below its all-time high of $4,891, reached in November 2021
Ethereum has found its footing above $3,600, though it couldn't quite hold onto the gains that pushed it near $3,800 earlier this week
At last check, Bitcoin was trading around $118,071.31, down 0.41 per cent, with a 24-hour trading volume of $71.07 billion
Bitcoin has fluctuated in the range of $116,550 - $119,239 in the last 24 hours, with a trading volume of $62.97 billion
Bitcoin has fluctuated between $117,751 and $120,065 over the past 24 hours. Ethereum, on other hand, is currently outperforming after confidently breaching the $3,000 level
The flagship cryptocurrency's market cap has soared to $2.43 trillion, cementing its position as the largest cryptocurrency by market capitalisation and making it the fifth-largest asset globally
The flagship cryptocurrency touched a fresh high of $112,009, gaining nearly 14 per cent from its June 22 low of around $98,000
Alongside Bitcoin and Ethereum, other altcoins within the top 10 displayed strength and were trading above their respective support levels
The availability of institutional-grade tools and improving regulatory clarity is encouraging a more sophisticated, professional investor base to participate in this evolving asset class
Market analysts, however, remain optimistic about the long run and expect the impact on the crypto market to be negative only in the short term
With the US Dollar Index hitting a multi-year low, analysts believe Bitcoin is increasingly being viewed as a resilient high-growth asset in times of macroeconomic uncertainty.