Bitcoin Holding 57.6% Dominance as ApeCoin Sees $5.53M in Liquidations

As of October 20, 2024, the cryptocurrency market continues to show mixed movements across various coins, with Bitcoin (BTC) maintaining a solid dominance and certain altcoins experiencing notable volatility. Here’s a breakdown of key statistics and events from the day, along with insights into market sentiment and liquidations.

The total cryptocurrency market cap is $2.35 trillion, with over 30,646 currencies actively traded. Over the last 24 hours, the market saw a trading volume of $42.15 billion, signalling continued interest in crypto assets despite fluctuations in individual coin prices.

According to PHOENIX, Bitcoin remains the frontrunner, with its price at $68,391 and a dominance of 57.6%. Ethereum (ETH), on the other hand, is priced at $2,649 and holds a dominance of 13.6%. The ETH gas fees are relatively low, at 10 GWEI, which continues to support decentralized finance (DeFi) activity, as the total value locked (TVL) in DeFi protocols is $142.91 billion.

Market Sentiment in “Greed” Territory

The Fear and Greed Index reflects that investor sentiment scores 73, indicating that the market is currently in the “Greed” phase. This is a considerable shift from the score of 49% thirty days ago, suggesting increasing bullish confidence among traders. This sentiment is also reflected in the balance between BTC longs (49.27%) and shorts (50.73%).

Several cryptocurrencies experienced notable bounces and dips in the last 24 hours. ApeCoin (APE) led the dip, which dropped by 6.09% but made an impressive bounce back of 70.12%. Jupiter (JUP) experienced a slight dip of 1.28%but rebounded by 9.54%. Other altcoins like Immutable X (IMX) and Beam (BEAM) showed minimal movement, dipping by 0.36% and 1.22%, respectively, and bouncing back by small margins.

Regarding liquidations, APE led the list with total liquidations amounting to $5.53 million, followed closely by BTC with $5.52 million. Other notable liquidations included DOGE at $4.80 million, SOL at $3.89 million, and DIA at $2.22 million. These figures highlight the continued volatility in the market as traders face margin calls on highly leveraged positions.

The crypto market remains dynamic and volatile, with major assets like Bitcoin and Ethereum maintaining their positions while altcoins like APE and JUP experience significant price swings. With the market sentiment currently in the “Greed” zone, investors should remain cautious, particularly in light of the high liquidation figures, which signal potential over-leverage in the market.