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Celestia and Helium led the top gaining altcoins among the top 100 cryptocurrencies by market cap as the price of Bitcoin rebounded to test the $55k mark.
After crypto prices tanked hard during the Asian trading session on Aug. 5, the market saw some relief during the U.S. session.
Bitcoin (BTC) has narrowed 24-hour losses after rebounding from its intraday lows under $50k, with the recovery aiding some altcoins. Notable among the gainers are Celestia (TIA) and Helium (HNT), both of which posted double-digit gains before paring these slightly amid potential profit taking.
Crypto market intelligence platform Santiment says the gains are seeing crowd sentiment shift to other coins rather than Bitcoin and Ethereum, which were the focus of the market amid the sharp sell-off.
🗣️📊 Bitcoin and Ethereum have unsurprisingly been the crowd's primary focus. But as crypto price rebounds have taken place, it's the more speculative assets that are surging while the crowd ignores them.
— Santiment (@santimentfeed) August 5, 2024
Trading 101: Buy the dip in times and sectors where the crowd isn't. 👍 pic.twitter.com/CXGTI6GsrJ
Across the market, liquidations remained above $1 billion after a staggering amount of bullish bets got wiped out amid the crypto and stocks crash. Coinglass shows crypto liquidations are still more than 199% up in 24 hours.
Aug. 5 has also seen the most trading volume since March when BTC led crypto higher with its spike to a new all-time high.
With over $244 billion traded in the past 24 hours representing a 230% surge, the increase in daily volume for crypto mirrored such an increase across stocks. Bloomberg shared an early picture of how U.S. stocks were shaping up in terms of volume.
Today is shaping up to be one of the heaviest trading days for S&P 500 members that we’ve seen since the global financial crisis.
— Bloomberg (@business) August 5, 2024
Four hours into the session and more than 2.3 billion shares have already changed hands https://t.co/0kEInPE1ZL pic.twitter.com/94qlOjPJX7
Celestia, Helium top gainers in top 100 coins
TIA, which traded to lows of $4.04 earlier in the day, was up 11.9% to above $5.16 at the time of writing. Meanwhile, Helium traded to above $4.7 with a 10% rebound before retreating. Both tokens were seeing 24-hour volumes of over 120% as market weakness suggested there could be more ‘buy the dip’ opportunities in the coming hours.
Ondo Finance, and Mantra were also experiencing some upward push. Meanwhile, Lido DAO, Arbitrum and Near Protocol were among the top losers on the day with more than 12% in 24-hour declines respectively.