The cryptocurrency market witnessed substantial growth today, with the total market volume for cryptocurrency rising to $101.54 billion, showing higher trading activity within 24 hours. Bitcoin ($BTC) dominated the list with a constant market price of $67,014, accounting for a share of 58.2% of the market.
Daily Summary on October 26, 2024$GOAT $KAS $TAO $WLD $SPX $BTC $ETH $SOL $SUI $DOGE#dailysummary #DeFi #Crypto pic.twitter.com/8OcMTprWB6
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 26, 2024
Besides, BTC’s leading role underpins the overall market movement and liquidity across exchanges, particularly as decentralized finance (DeFi) platforms also recorded high engagement. Phoenix, a crypto analytical platform, shared the details of the crypto market through its official social media platform, X.
Ethereum Shows Steady Performance Amid High Liquidations
Ethereum ($ETH), following closely with a price of $2,465, held a market dominance of 13.0%, underscoring its robust presence. However, $ETH also faced notable liquidations, totaling $65.04 million in the past 24 hours. This liquidation level indicates sustained volatility, affecting traders on both centralized and decentralized platforms. The Ethereum gas fee remained at 5 Gwei, showing stable transaction costs despite fluctuating market conditions.
Beyond $ETH, other prominent tokens like $BTC and $SUI also experienced significant liquidations. $BTC registered a liquidation amount of $54.03 million, whereas $SUI followed with $10.01 million. Consequently, these liquidation figures emphasize heightened risk for leveraged traders as they respond to sudden price movements in the crypto landscape.
Crypto Market Sees Dynamic Price Swings
Some cryptocurrencies experienced notable price movements over the past 24 hours. $GOAT tokens surged by 41.43% and dipped by -0.82%, showcasing a notable gain, while $KAS increased by 13.02% and dipped by -8.27%. Conversely, $TAO and $WLD saw declines of 4.52% and 3.11%, respectively. Such fluctuations reflect the crypto market’s dynamic nature, where rapid investor sentiment changes influence short-term gains and losses.
The market sentiment index reported a “Greed” score of 72, indicating an optimistic outlook among traders. Significantly, the current sentiment reflects increased confidence, potentially driving further trading volume. The crypto market’s capitalization stabilized at $2.28 trillion and presented more than 30700 tokens, proving the sector’s presence and versatility.
