Bitcoin Hits $98.5K and Leads Crypto Market with 58% Market Dominance

The movement of various cryptocurrencies demonstrated both bullish and bearish tendencies. Bitcoin ($BTC) and Ethereum ($ETH) held strong dominant positions with relative volatility across other significant tracks. However, this was enough to display that digital asset users have stable interest with a market cap of $3.35 trillion.

Bitcoin ($BTC) Leads with Stability Amid Market Volatility

Bitcoin maintained its leadership with a trading price of $98,515, capturing a dominance of 58.1% in the market. Its Total Value Locked (TVL) was recorded at $189.51 billion, reflecting its strong position within decentralized finance. The 24-hour market volume surged to $224.27 billion, indicating active trading despite broader fluctuations in asset prices.

Ethereum’s price reached $3,371, with a dominance level of 12.1%. Its gas fees recorded a low of 9 gwei, demonstrating improved network efficiency. This development positions Ethereum ($ETH) as a cost-effective option for decentralized applications and smart contract deployment. The network’s appeal remains consistent due to its robust infrastructure.

Altcoins Show Diverse Trends in Daily Movement

Several altcoins displayed varied performances. Stellar ($XLM) gained 54.35%, highlighting renewed interest in blockchain-based payment systems. VeChain ($VET) experienced a 37.26% increase, showcasing resilience in supply chain-based blockchain projects. However, some ALGO increased by 28.6%, DOT surged by 27.18%, and FTM by 26.76 %, indicating mixed investor sentiment across the altcoin space.

The top liquidations within the last 24 hours signified active market participation. Bitcoin accounted for the largest liquidation at $77.9 million, followed by Ethereum at $51.8 million. $DOGE, $XRP, and $SOL also witnessed liquidations worth $40.26, $37.81 million, and $21.88 million, respectively. These liquidations underscore the current market environment’s high volatility and leverage-driven nature.

The fear and greed index pointed to extreme greed, reaching a score of 84. This suggests that optimistic investors drive increased market activity and price movements. Such sentiment often aligns with heightened volatility, as in sharp price fluctuations.