Meanwhile, roughly $300 million in crypto positions were liquidated over the past 24 hours, led by Ethereum at $97 million and Bitcoin at $54 million
Activity in the DeFi space also remained robust, with year-to-date lending volumes rising sharply, signaling deeper integration between traditional and blockchain-based finance, said analysts
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
Caution dominated trading activity, amplified by Wall Street's closure for the Labor Day holiday and concerns over a BTC whale potentially divesting another billion-dollar tranche of BTC
Analysts suggest the market may be gradually moving past recent sell-side pressure
Historical trends suggest September tends to be bearish during bull market years, prompting analysts to urge caution
The surge was further fuelled by strong inflows into US spot Ethereum ETFs and strategic buying by corporate treasuries
While bulls are attempting to trigger a recovery, analysts believe that bearish sentiment still dominates the broader crypto market
Ethereum (ETH) is showing early signs of short-term bullish momentum on the 1-hour timeframe, supported by a 20/50 EMA bullish crossover
Sixty per cent of respondents expressed positive sentiment towards crypto investments, while 20 per cent felt negative and another 20 per cent remained neutral
Bitcoin price today: The world's largest crypto-asset by market capitalisation rose as much as 1.27 per cent to $124,514.57 on Thursday
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
Bitcoin's market dominance declined to approximately 60 per cent, while Ethereum's share surpassed 11.8 per cent, indicating a notable shift in asset allocation within the cryptocurrency market
For BTC to regain bullish momentum, analysts believe that a confirmed breakout above $116,000 is necessary.
Those holding crypto keys in a cold wallet must store seed phrases offline in a secure location
Bitcoin (BTC) retained its position as the most preferred crypto asset among Indian investors, capturing 6.5 per cent of overall investor interest
This feature enables merchants to connect to a crypto market worth over $3 trillion by allowing instant crypto-to-stablecoin or fiat currency conversion
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
WazirX's parent company Zettai will allow users in India to revote on an amended scheme of arrangement from July 30 to August 6 after the Singapore High Court rejected the previous plan
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