Cryptocurrency markets are experiencing renewed weakness on Thursday, with Bitcoin trading near $79,600 after declining 1.52% over the past 24 hours. The broader crypto market has weakened by nearly 1.6% over the same period, with Bitcoin dominance remaining elevated at nearly 60%. Ethereum has fallen 1.38% to trade at around $2,266, showing weaker price action compared to recent recovery levels. Among major altcoins, BNB, XRP, Solana, Hyperliquid and Cardano dropped up to 4.31%, while Tron and Dogecoin gained 0.41% and 2.47%, respectively. As per CoinSwitch Markets Desk, stronger-than-expected US inflation data is weighing on market sentiment, with April's producer inflation rising 6% year-over-year, its highest level since 2022, raising concerns that interest rates could stay elevated for longer than expected.
Ethereum trades below $2,300, with the near-term tone seemingly capped as price holds below the 100-day and 200-day EMAs at roughly $2,341 and $2,532 respectively. The pair remains supported by the 50-day EMA at $2,276 and the SuperTrend line near $2,145, hinting at ongoing consolidation rather than a clean breakdown. XRP trades at $1.46, holding above the 50-day EMA at $1.42 and the SuperTrend support near $1.33, with the MACD histogram remaining slightly positive on the daily chart. Bitcoin consolidates above its short-term EMAs, supported by the 50-day EMA near $76,417 and the 100-day EMA around $76,755, with the RSI hovering just above 60 on the daily chart. The Altcoin Season Index has shown resilience with a 30% surge in a week, while the altcoin market's capitalization has returned to February levels, though analysts note this metric still needs to reach 50%-60% to signal a full altseason.
Bitcoin spot Exchange-Traded Funds (ETFs) saw outflows totaling $233 million on Tuesday, in line with softening risk appetite. Cumulative inflows remain relatively steady at $59.13 billion, while assets under management average $107.31 billion. Ethereum spot ETFs have posted two consecutive days of outflows, totaling $131 million on Tuesday and $17 million on Monday, according to SoSoValue data. This shows weakening sentiment weighing on investors, with cumulative inflows now standing at $11.94 billion and net assets at $13.39 billion. Meanwhile, US-listed spot ETFs beat broader market odds to post mild inflows of roughly $5 million on Tuesday, a significant drop from Monday's nearly $26 million. The Fear & Greed Index has declined to 42 on Wednesday in fear territory, from 49 in the neutral region the previous day, reflecting fading sentiment across the broader crypto market.
OKT experienced a dramatic 40.2% price decline in just 30 minutes, bringing its current price to $6.185081 and highlighting shifts in market sentiment amid broader crypto trends. The asset peaked at $10.345029 and fell to a low of $6.185081 during the same period, with no reported trading volume in the last 24 hours. The market capitalization stands at approximately $129,886,703, indicating a significant reduction in market activity. Analysts suggest this downturn may correlate with Bitcoin dominance fluctuations, as traders often react to Bitcoin's movements. The lack of trading volume indicates potential loss of interest among investors, further exacerbating price volatility. Key support is seen near the $6 mark, while resistance may emerge around the $7.50 area, with a break below these levels potentially indicating further downside.
