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Market sentiment in the cryptocurrency space shifted back to “Neutral” on Wednesday, although strong accumulation added momentum for some large-cap coins.
Bitcoin hovered between $111,400 and $112,500 during the day, while trading volume plunged 23% over the last 24 hours.
Ethereum, meanwhile, crept up to an intraday high of $4,489.20, following news that a Jack Ma-backed firm has invested $44 million as part of its strategic ETH reserve. Solana slipped 1.18% in the 24-hour period.
Ethereum's dominance rose to 13.9%, while Bitcoin's market share narrowed to 57.7%.
Bearish cryptocurrency traders were impacted again, with over $100 million in shorts getting wiped out in the last 24 hours.
Bitcoin's open interest fell 1.33% in the last 24 hours. A fall in open interest with a rise in price typically indicated that shorts were closing their positions. About 58% of Binance traders with open BTC positions were betting on an price increase, according to the Long/Shorts Ratio.
The market sentiment switched back to "Neutral" from "Greed," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.87 trillion, increasing 1.29% in the last 24 hours.
Stocks were a mixed bag on Wednesday. The S&P 500 rose 0.51% to finish at 6,448.26. The tech-heavy Nasdaq Composite lifted 1.03% to end the session at 21,497.73. The Dow Jones Industrial Average was the outlier, dropping 24.58 points, or 0.05%, to close at 45,271.23.
Alphabet, Inc. GOOGL GOOG led the tech rally, rising more than 9% during the session on positive sentiment following a favorable ruling in the Google online search monopoly case.
Widely followed cryptocurrency analyst Altcoin Sherpa said Bitcoin is experiencing "plenty of volatility" around $112,000
"Coins are going to continue chopping until we see a break strongly up or down," the analyst added.
On-chain analytics firm Santiment highlighted a 14% jump in Ethereum accumulation by ‘millionaire’ and ‘small billionaire’ whales over five months.
Additionally, ETH supply on exchanges dropped to its lowest level in nine years, popular cryptocurrency influencer Lark Davis said, citing a graph from analytics firm Glassnode.
Photo Courtesy: Diego Thomazini on Shutterstock.com
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Bitcoin, Ethereum, Dogecoin Gain; Solana Slides — Analytics Firm Notes Strong ETH Accumulation By 'Millionaire' and 'Small Billionaire' Investors – Benzinga
