Apathy Ahead of Bitcoin's All-Time High
Bitcoin is barely moving on Wednesday and hovers around the 109,000-dollar mark, with virtually no price change on a daily basis.
Bitcoin is barely moving on Wednesday as well and stays near the 109,000-dollar mark; on a day-to-day basis, there’s hardly any price change. Still, something brews beneath the surface of the seemingly sleepy crypto market.
Ethereum (ETH) and Ripple (XRP) posted gains of over 2.5%, while Solana (SOL) rose about 2%. Ethereum benefits from a growing trend among companies holding strategic reserves in ETH, the so-called Ethereum Treasuries.
The biggest mover of the day, however, is Cronos (CRO). The Crypto.com token jumped more than 15%. The reason: CRO is part of the crypto-ETF recently filed by Trump’s Truth Social, with a 5% weight.
It’s notable that the overall market, despite rising prices and solid news, remains in a notably calm mood. And Bitcoin is trading just a few percent below its all-time high.
Sentiment indicators stay in neutral territory. Google searches and social media activity around Bitcoin also show no notable spikes. At the same time, funding rates on many perpetual exchanges are negative, meaning short positions pay interest while long positions earn interest.
In short: the market is in an unusually healthy state. The absence of hype could well be the solid foundation for a longer-lasting rise.
Today investors will focus on the minutes from the latest Federal Reserve rate decision (FOMC). Tomorrow, the latest US unemployment claims data will be released. Both moments could impact both stocks and crypto. But one thing is clear already: anyone fooled by the calm could miss the next bullish breakout.
